Neo Ivy Capital Management Sells 54,727 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Key Points

• Neo Ivy Capital Management significantly reduced its stake in Avis Budget Group by 88.1% in the first quarter, leaving it with holdings worth $559,000 after selling 54,727 shares.
• Avis Budget Group reported a loss of ($14.35) earnings per share for the last quarter, which was significantly worse than the consensus estimate of ($5.72).
• Brokerages have varying ratings on Avis Budget Group, with JPMorgan Chase upgrading its target price to $155 and Goldman Sachs reducing its target price to $87.

Neo Ivy Capital Management cut its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 88.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,364 shares of the business services provider's stock after selling 54,727 shares during the quarter. Neo Ivy Capital Management's holdings in Avis Budget Group were worth $559,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in CAR. Nomura Holdings Inc. grew its stake in Avis Budget Group by 93.2% during the 4th quarter. Nomura Holdings Inc. now owns 490,473 shares of the business services provider's stock valued at $39,537,000 after acquiring an additional 236,576 shares in the last quarter. National Bank of Canada FI grew its position in Avis Budget Group by 266.7% during the fourth quarter. National Bank of Canada FI now owns 330,000 shares of the business services provider's stock valued at $26,601,000 after purchasing an additional 240,000 shares in the last quarter. Steadfast Capital Management LP acquired a new position in Avis Budget Group in the 4th quarter valued at approximately $25,747,000. Jefferies Financial Group Inc. increased its stake in Avis Budget Group by 1,391.0% in the 4th quarter. Jefferies Financial Group Inc. now owns 253,200 shares of the business services provider's stock valued at $20,410,000 after buying an additional 236,218 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Avis Budget Group by 21.0% during the 4th quarter. Northern Trust Corp now owns 156,176 shares of the business services provider's stock valued at $12,589,000 after buying an additional 27,127 shares during the period. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Avis Budget Group Stock Down 13.8%

CAR stock traded down $28.05 during mid-day trading on Wednesday, reaching $175.83. 1,359,800 shares of the stock traded hands, compared to its average volume of 1,293,911. Avis Budget Group, Inc. has a 52 week low of $54.03 and a 52 week high of $212.81. The business has a 50-day moving average of $157.01 and a two-hundred day moving average of $108.80. The firm has a market capitalization of $6.19 billion, a PE ratio of -2.80 and a beta of 2.19.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $2.02 by ($1.92). The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.02 billion. Avis Budget Group had a negative net margin of 18.96% and a negative return on equity of 14.74%. The business's revenue was down .3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.41 EPS. On average, equities research analysts anticipate that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on CAR shares. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $196.00 price objective (up previously from $130.00) on shares of Avis Budget Group in a research report on Thursday, July 10th. 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 reduced their target price on shares of Avis Budget Group from $100.00 to $87.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Finally, Wall Street Zen upgraded shares of Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Saturday, May 3rd. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $127.60.

About Avis Budget Group

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.