GAMMA Investing LLC Acquires 33,590 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

GAMMA Investing LLC raised its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 9,967.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,927 shares of the business services provider's stock after buying an additional 33,590 shares during the quarter. GAMMA Investing LLC owned 0.10% of Avis Budget Group worth $2,575,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Aster Capital Management DIFC Ltd acquired a new position in shares of Avis Budget Group in the 4th quarter valued at about $25,000. Quadrant Capital Group LLC increased its holdings in Avis Budget Group by 41.0% in the fourth quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider's stock worth $55,000 after buying an additional 198 shares during the last quarter. Sterling Capital Management LLC increased its holdings in Avis Budget Group by 41.3% in the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider's stock worth $59,000 after buying an additional 215 shares during the last quarter. Signaturefd LLC increased its holdings in Avis Budget Group by 31.8% in the fourth quarter. Signaturefd LLC now owns 936 shares of the business services provider's stock worth $75,000 after buying an additional 226 shares during the last quarter. Finally, Covestor Ltd increased its holdings in Avis Budget Group by 36.1% in the fourth quarter. Covestor Ltd now owns 1,353 shares of the business services provider's stock worth $109,000 after buying an additional 359 shares during the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Trading Down 2.6%

Avis Budget Group stock traded down $3.30 during trading hours on Friday, reaching $121.91. 963,590 shares of the company were exchanged, compared to its average volume of 930,022. The firm has a market cap of $4.29 billion, a price-to-earnings ratio of -2.35 and a beta of 2.11. The stock has a 50-day moving average of $101.15 and a 200 day moving average of $89.33. Avis Budget Group, Inc. has a 12 month low of $54.03 and a 12 month high of $129.96.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its earnings results on Wednesday, May 7th. The business services provider reported ($14.35) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($5.72) by ($8.63). Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. The company had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.49 billion. During the same period in the previous year, the company earned ($3.21) EPS. The firm's revenue for the quarter was down 4.7% compared to the same quarter last year. As a group, research analysts forecast that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CAR shares. JPMorgan Chase & Co. increased their price objective on Avis Budget Group from $145.00 to $155.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. The Goldman Sachs Group dropped their price objective on Avis Budget Group from $100.00 to $87.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Finally, Wall Street Zen upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $117.00.

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.