Twinbeech Capital LP Buys Shares of 4,797 Avis Budget Group, Inc. (NASDAQ:CAR)

Twinbeech Capital LP bought a new position in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,797 shares of the business services provider's stock, valued at approximately $387,000.

Other hedge funds have also added to or reduced their stakes in the company. Barclays PLC increased its holdings in Avis Budget Group by 30.5% in the third quarter. Barclays PLC now owns 200,576 shares of the business services provider's stock worth $17,571,000 after purchasing an additional 46,922 shares in the last quarter. Swiss National Bank grew its stake in Avis Budget Group by 0.9% in the fourth quarter. Swiss National Bank now owns 35,100 shares of the business services provider's stock valued at $2,829,000 after acquiring an additional 300 shares during the period. US Bancorp DE grew its stake in Avis Budget Group by 9.6% in the fourth quarter. US Bancorp DE now owns 2,984 shares of the business services provider's stock valued at $241,000 after acquiring an additional 261 shares during the period. Diversify Advisory Services LLC acquired a new stake in Avis Budget Group in the fourth quarter valued at approximately $254,000. Finally, Captrust Financial Advisors acquired a new stake in Avis Budget Group in the fourth quarter valued at approximately $460,000. 96.35% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. 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 note on Friday, May 9th. The Goldman Sachs Group cut their target price 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. Finally, Wall Street Zen raised Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Saturday, May 3rd. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Avis Budget Group currently has a consensus rating of "Hold" and an average target price of $117.00.

Avis Budget Group Stock Up 0.4%

CAR stock traded up $0.52 during midday trading on Wednesday, hitting $123.09. The company's stock had a trading volume of 181,196 shares, compared to its average volume of 1,284,441. The stock's 50-day moving average price is $87.51 and its 200 day moving average price is $87.68. Avis Budget Group, Inc. has a 1 year low of $54.03 and a 1 year high of $124.37. The stock has a market cap of $4.33 billion, a price-to-earnings ratio of -2.38 and a beta of 2.10.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its quarterly earnings data 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 analysts' expectations of $2.49 billion. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. The firm's revenue for the quarter was down 4.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($3.21) EPS. As a group, equities analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

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.