Neo Ivy Capital Management Invests $5.01 Million in Avis Budget Group, Inc. (NASDAQ:CAR)

Neo Ivy Capital Management acquired a new stake in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The fund acquired 62,091 shares of the business services provider's stock, valued at approximately $5,005,000. Avis Budget Group makes up 1.0% of Neo Ivy Capital Management's holdings, making the stock its 16th largest holding. Neo Ivy Capital Management owned approximately 0.18% of Avis Budget Group as of its most recent filing with the SEC.

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

Avis Budget Group Price Performance

Shares of NASDAQ CAR opened at $117.75 on Friday. Avis Budget Group, Inc. has a 1 year low of $54.03 and a 1 year high of $117.81. The company's 50-day moving average is $83.81 and its 200 day moving average is $87.15. The stock has a market capitalization of $4.14 billion, a P/E ratio of -2.27 and a beta of 2.10.

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

Analysts Set New Price Targets

A number of brokerages recently commented on CAR. The Goldman Sachs Group decreased their target price on shares of 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. Wall Street Zen upgraded shares of Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Saturday, May 3rd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of 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 research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Avis Budget Group has a consensus rating of "Hold" and a consensus target price 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.

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