Think Investments LP Has $9.42 Million Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Think Investments LP trimmed its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 62.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 116,800 shares of the business services provider's stock after selling 190,500 shares during the quarter. Avis Budget Group comprises 2.1% of Think Investments LP's portfolio, making the stock its 15th biggest holding. Think Investments LP owned 0.33% of Avis Budget Group worth $9,415,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. StockNews.com upgraded shares of Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. 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, JPMorgan Chase & Co. increased their target price on shares of Avis Budget Group from $145.00 to $155.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $117.00.

Avis Budget Group Trading Down 2.7%

NASDAQ:CAR traded down $3.03 during mid-day trading on Wednesday, hitting $108.97. The company's stock had a trading volume of 1,085,786 shares, compared to its average volume of 879,215. Avis Budget Group, Inc. has a fifty-two week low of $54.03 and a fifty-two week high of $115.65. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of -2.10 and a beta of 2.10. The stock has a fifty day moving average of $82.64 and a 200-day moving average of $86.96.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted 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 return on equity of 14.74% and a negative net margin of 15.45%. The business had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.49 billion. During the same period last year, the company earned ($3.21) EPS. The business's revenue for the quarter was down 4.7% on a year-over-year basis. On average, equities analysts anticipate that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Lynn Krominga sold 1,405 shares of the firm's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $95.00, for a total transaction of $133,475.00. Following the completion of the sale, the director now owns 1,950 shares of the company's stock, valued at approximately $185,250. This trade represents a 41.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 52.80% of the company's stock.

Avis Budget Group 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.