Lighthouse Investment Partners LLC Increases Stock Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Lighthouse Investment Partners LLC raised its holdings in Avis Budget Group, Inc. (NASDAQ:CAR) by 209.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,336 shares of the business services provider’s stock after purchasing an additional 6,316 shares during the period. Lighthouse Investment Partners LLC’s holdings in Avis Budget Group were worth $753,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Aster Capital Management DIFC Ltd purchased a new position in shares of Avis Budget Group during the fourth quarter valued at approximately $25,000. GAMMA Investing LLC lifted its stake in shares of Avis Budget Group by 118.8% during the fourth quarter. GAMMA Investing LLC now owns 337 shares of the business services provider’s stock valued at $27,000 after buying an additional 183 shares during the period. Quadrant Capital Group LLC lifted its stake in shares of 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 buying an additional 198 shares during the period. Sterling Capital Management LLC lifted its stake 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 buying an additional 215 shares during the period. Finally, Signaturefd LLC lifted its stake in shares of 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 buying an additional 226 shares during the period. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Insider Transactions at Avis Budget Group

In other news, Director Lynn Krominga sold 1,405 shares of the stock in a transaction on Thursday, February 20th. The shares were 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 owns 1,950 shares of the company’s stock, valued at $185,250. This represents a 41.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 52.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CAR shares. The Goldman Sachs Group cut their price target on shares of Avis Budget Group from $100.00 to $87.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. JPMorgan Chase & Co. increased their price target on shares of Avis Budget Group from $145.00 to $155.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. Finally, StockNews.com raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 3rd. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $117.00.

Avis Budget Group Stock Down 0.5%

NASDAQ:CAR opened at $105.84 on Thursday. The company has a market cap of $3.72 billion, a P/E ratio of -2.04 and a beta of 2.10. Avis Budget Group, Inc. has a fifty-two week low of $54.03 and a fifty-two week high of $130.00. The firm’s 50 day moving average is $77.98 and its two-hundred day moving average is $86.17.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data 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 in the previous year, the company earned ($3.21) EPS. Avis Budget Group’s revenue was down 4.7% on a year-over-year basis. Research 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.