JAT Capital Mgmt LP Cuts Stock Position in Avis Budget Group, Inc. (NASDAQ:CAR)

JAT Capital Mgmt LP cut its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 49.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 200,876 shares of the business services provider's stock after selling 197,294 shares during the quarter. Avis Budget Group comprises approximately 2.6% of JAT Capital Mgmt LP's portfolio, making the stock its 12th biggest position. JAT Capital Mgmt LP owned approximately 0.57% of Avis Budget Group worth $16,193,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of CAR. Barclays PLC raised its holdings in shares of Avis Budget Group by 30.5% during the third quarter. Barclays PLC now owns 200,576 shares of the business services provider's stock valued at $17,571,000 after purchasing an additional 46,922 shares during the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in shares of Avis Budget Group during the 3rd quarter valued at $263,000. GAMMA Investing LLC boosted its stake in shares of Avis Budget Group by 118.8% in the fourth quarter. GAMMA Investing LLC now owns 337 shares of the business services provider's stock worth $27,000 after acquiring an additional 183 shares during the period. Assenagon Asset Management S.A. boosted its stake in Avis Budget Group by 139.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 379,805 shares of the business services provider's stock worth $30,616,000 after purchasing an additional 221,456 shares during the period. Finally, Diversify Advisory Services LLC purchased a new position in Avis Budget Group during the fourth quarter valued at $254,000. 96.35% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Avis Budget Group news, Director Lynn Krominga sold 1,405 shares of the company's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $95.00, for a total value of $133,475.00. Following the completion of the sale, the director now directly owns 1,950 shares in the company, valued at approximately $185,250. This represents a 41.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 52.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a report on Saturday. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Avis Budget Group has an average rating of "Hold" and an average price target of $117.60.

Avis Budget Group Trading Up 1.7 %

Shares of CAR stock traded up $1.61 during trading hours on Monday, reaching $97.78. 536,677 shares of the stock were exchanged, compared to its average volume of 842,188. Avis Budget Group, Inc. has a 12-month low of $54.03 and a 12-month high of $132.25. The firm has a market capitalization of $3.44 billion, a price-to-earnings ratio of -1.89 and a beta of 2.10. The company's 50-day moving average price is $73.99 and its 200-day moving average price is $85.06.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last released its earnings results on Tuesday, February 11th. The business services provider reported ($0.23) EPS for the quarter, beating analysts' consensus estimates of ($0.50) by $0.27. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. On average, sell-side analysts expect that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

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.