Renaissance Technologies LLC Invests $3.30 Million in Avis Budget Group, Inc. (NASDAQ:CAR)

Renaissance Technologies LLC purchased a new position 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 institutional investor purchased 40,980 shares of the business services provider's stock, valued at approximately $3,303,000. Renaissance Technologies LLC owned about 0.12% of Avis Budget Group at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CAR. Barclays PLC increased its stake in shares of 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 acquiring an additional 46,922 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in shares of Avis Budget Group in the third quarter worth $263,000. GAMMA Investing LLC increased 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 last quarter. Assenagon Asset Management S.A. increased its stake in shares of Avis Budget Group by 139.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 379,805 shares of the business services provider's stock worth $30,616,000 after acquiring an additional 221,456 shares during the last quarter. Finally, Diversify Advisory Services LLC acquired a new position in Avis Budget Group during the fourth quarter worth $254,000. 96.35% of the stock is owned by institutional investors and hedge funds.

Avis Budget Group Price Performance

Shares of NASDAQ CAR traded down $1.82 during trading hours on Tuesday, reaching $92.78. The stock had a trading volume of 98,791 shares, compared to its average volume of 842,536. The business's fifty day moving average is $73.54 and its two-hundred day moving average is $84.69. The company has a market cap of $3.27 billion, a price-to-earnings ratio of -1.79 and a beta of 2.05. Avis Budget Group, Inc. has a twelve month low of $54.03 and a twelve month high of $132.25.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued 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%. Sell-side analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, StockNews.com downgraded Avis Budget Group from a "hold" rating to a "sell" rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $121.33.

Insider Buying and Selling at Avis Budget Group

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 sale, the director now directly owns 1,950 shares in the company, valued at $185,250. This represents a 41.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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.