State of Alaska Department of Revenue Sells 295 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

State of Alaska Department of Revenue reduced its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 12.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,048 shares of the business services provider’s stock after selling 295 shares during the period. State of Alaska Department of Revenue’s holdings in Avis Budget Group were worth $363,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. increased its holdings in shares of Avis Budget Group by 68.5% during the fourth quarter. Pacer Advisors Inc. now owns 2,772 shares of the business services provider’s stock worth $491,000 after buying an additional 1,127 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its holdings in shares of Avis Budget Group by 75.1% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 8,065 shares of the business services provider’s stock worth $1,449,000 after buying an additional 3,459 shares in the last quarter. Hudson Bay Capital Management LP acquired a new position in shares of Avis Budget Group during the third quarter worth $62,892,000. B. Riley Wealth Advisors Inc. increased its holdings in shares of Avis Budget Group by 14.2% during the third quarter. B. Riley Wealth Advisors Inc. now owns 4,759 shares of the business services provider’s stock worth $855,000 after buying an additional 591 shares in the last quarter. Finally, Graham Capital Management L.P. acquired a new position in shares of Avis Budget Group during the third quarter worth $988,000. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Bank of America assumed coverage on shares of Avis Budget Group in a report on Tuesday, March 19th. They set a “buy” rating and a $170.00 price target for the company. Deutsche Bank Aktiengesellschaft upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating and upped their price target for the stock from $234.00 to $248.00 in a report on Thursday, January 25th. Susquehanna decreased their price objective on Avis Budget Group from $195.00 to $145.00 and set a “neutral” rating for the company in a report on Wednesday, February 14th. StockNews.com upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a report on Monday, February 12th. Finally, JPMorgan Chase & Co. decreased their price objective on Avis Budget Group from $280.00 to $240.00 and set an “overweight” rating for the company in a report on Wednesday, February 14th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Avis Budget Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $182.14.

Avis Budget Group Trading Down 5.2 %

Shares of CAR opened at $114.73 on Friday. The stock has a market capitalization of $4.09 billion, a P/E ratio of 2.69 and a beta of 2.22. The firm’s fifty day simple moving average is $120.39 and its two-hundred day simple moving average is $158.00. Avis Budget Group, Inc. has a 12 month low of $99.60 and a 12 month high of $244.95.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Tuesday, February 13th. The business services provider reported $7.10 EPS for the quarter, beating analysts’ consensus estimates of $4.15 by $2.95. The business had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.81 billion. Avis Budget Group had a net margin of 13.59% and a negative return on equity of 696.69%. The business’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $10.46 earnings per share. As a group, research analysts predict that Avis Budget Group, Inc. will post 15.35 EPS for the current fiscal year.

Avis Budget Group 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.