Twinbeech Capital LP Acquires New Shares in Avis Budget Group, Inc. (NASDAQ:CAR)

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

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Aster Capital Management DIFC Ltd bought a new stake in Avis Budget Group in the 4th quarter worth about $25,000. Quadrant Capital Group LLC grew its holdings in shares of 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 valued at $55,000 after acquiring an additional 198 shares in the last quarter. Sterling Capital Management LLC increased its position in shares of 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 last quarter. Signaturefd LLC lifted 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 worth $75,000 after acquiring an additional 226 shares during the period. Finally, Covestor Ltd lifted 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 worth $109,000 after acquiring an additional 359 shares during the period. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Stock Up 1.7%

CAR traded up $1.98 during trading hours on Tuesday, hitting $121.69. The stock had a trading volume of 619,435 shares, compared to its average volume of 1,290,511. Avis Budget Group, Inc. has a 1 year low of $54.03 and a 1 year high of $123.24. The company's fifty day simple moving average is $86.22 and its 200 day simple moving average is $87.43. The stock has a market cap of $4.28 billion, a PE ratio of -2.35 and a beta of 2.10.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its earnings results on Wednesday, May 7th. The business services provider reported ($14.35) earnings per share 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 business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.49 billion. During the same quarter in the prior year, the business earned ($3.21) EPS. Avis Budget Group's revenue for the quarter was down 4.7% compared to the same quarter last year. As a group, equities analysts expect that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Wall Street Zen upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Saturday, May 3rd. JPMorgan Chase & Co. boosted their price target on shares of Avis Budget Group from $145.00 to $155.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Finally, The Goldman Sachs Group decreased their price objective on shares of Avis Budget Group from $100.00 to $87.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average 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.