Avis Budget Group, Inc. (NASDAQ:CAR) Shares Acquired by Edgestream Partners L.P.

Edgestream Partners L.P. grew its holdings in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 199.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,637 shares of the business services provider's stock after purchasing an additional 26,402 shares during the period. Edgestream Partners L.P. owned about 0.11% of Avis Budget Group worth $3,008,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Xponance Inc. grew its position in shares of Avis Budget Group by 7.8% during the 1st quarter. Xponance Inc. now owns 2,922 shares of the business services provider's stock worth $222,000 after buying an additional 211 shares in the last quarter. Crossmark Global Holdings Inc. bought a new position in shares of Avis Budget Group during the 1st quarter worth $274,000. Principal Financial Group Inc. grew its position in shares of Avis Budget Group by 0.8% during the 1st quarter. Principal Financial Group Inc. now owns 39,232 shares of the business services provider's stock worth $2,978,000 after buying an additional 293 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in shares of Avis Budget Group during the 1st quarter worth $221,000. Finally, SummerHaven Investment Management LLC grew its position in shares of Avis Budget Group by 2.1% during the 1st quarter. SummerHaven Investment Management LLC now owns 7,623 shares of the business services provider's stock worth $579,000 after buying an additional 160 shares in the last quarter. Hedge funds and other institutional investors own 96.35% of the company's stock.

Avis Budget Group Stock Performance

CAR stock traded down $3.61 during trading on Friday, reaching $192.48. 596,983 shares of the company traded hands, compared to its average volume of 1,000,929. Avis Budget Group, Inc. has a 12 month low of $54.03 and a 12 month high of $198.52. The business has a 50 day simple moving average of $141.91 and a 200 day simple moving average of $102.11. The company has a market capitalization of $6.77 billion, a price-to-earnings ratio of -3.06 and a beta of 2.19.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The business services provider reported ($14.35) earnings per share for the quarter, missing the consensus estimate of ($5.72) by ($8.63). The business had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.49 billion. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 18.96%. Avis Budget Group's revenue was down 4.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($3.21) EPS. As a group, research analysts forecast that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CAR. The Goldman Sachs Group dropped their price target on Avis Budget Group from $100.00 to $87.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $196.00 price target (up previously from $130.00) on shares of Avis Budget Group in a research report on Thursday, July 10th. Wall Street Zen raised Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Saturday, May 3rd. Finally, JPMorgan Chase & Co. raised their price objective on Avis Budget Group from $145.00 to $155.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $127.60.

Avis Budget Group Company Profile

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.