Point72 DIFC Ltd Decreases Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

Point72 DIFC Ltd cut its stake in Avis Budget Group, Inc. (NASDAQ:CAR) by 83.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,388 shares of the business services provider’s stock after selling 7,229 shares during the quarter. Point72 DIFC Ltd’s holdings in Avis Budget Group were worth $122,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Point72 Asset Management L.P. grew its holdings in Avis Budget Group by 85.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 149,901 shares of the business services provider’s stock valued at $13,130,000 after purchasing an additional 69,155 shares in the last quarter. Holocene Advisors LP grew its stake in shares of Avis Budget Group by 106.8% during the third quarter. Holocene Advisors LP now owns 46,619 shares of the business services provider’s stock valued at $4,083,000 after acquiring an additional 24,080 shares in the last quarter. Centiva Capital LP increased its position in shares of Avis Budget Group by 101.1% during the third quarter. Centiva Capital LP now owns 20,025 shares of the business services provider’s stock worth $1,754,000 after acquiring an additional 10,068 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its stake in shares of Avis Budget Group by 553.8% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,668 shares of the business services provider’s stock worth $409,000 after acquiring an additional 3,954 shares in the last quarter. Finally, JAT Capital Mgmt LP boosted its holdings in Avis Budget Group by 24.5% in the third quarter. JAT Capital Mgmt LP now owns 398,170 shares of the business services provider’s stock valued at $34,876,000 after purchasing an additional 78,383 shares during the last quarter. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Analysts Set New Price Targets

CAR has been the topic of several analyst reports. Barclays assumed coverage on Avis Budget Group in a report on Thursday, September 19th. They set an “equal weight” rating and a $105.00 price objective on the stock. StockNews.com raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Northcoast Research lowered shares of Avis Budget Group from a “buy” rating to a “neutral” rating in a report on Monday, November 18th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Avis Budget Group from $145.00 to $143.00 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Finally, The Goldman Sachs Group decreased their price target on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Friday, October 11th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $133.13.

Avis Budget Group Stock Performance

NASDAQ CAR opened at $102.46 on Monday. The firm has a market capitalization of $3.60 billion, a PE ratio of 9.36 and a beta of 2.20. Avis Budget Group, Inc. has a one year low of $65.73 and a one year high of $204.77. The company has a 50-day simple moving average of $92.67 and a 200-day simple moving average of $94.74.

Avis Budget Group (NASDAQ:CAR) last posted its earnings results on Thursday, October 31st. The business services provider reported $6.65 EPS for the quarter, missing the consensus estimate of $8.55 by ($1.90). The company had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.53 billion. Avis Budget Group had a net margin of 3.34% and a negative return on equity of 101.41%. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period last year, the company posted $16.78 earnings per share. Equities analysts forecast that Avis Budget Group, Inc. will post 3.59 earnings per share for the current year.

Avis Budget Group Company Profile

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; and the Zipcar brand, a car sharing network, as well as the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers comprising Budget car rental, and Budget Truck, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of dealer-operated and company-operated locations that serve the light commercial and consumer sectors in the continental United States.