Blueshift Asset Management LLC Makes New Investment in Avis Budget Group, Inc. $CAR

Blueshift Asset Management LLC acquired a new stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 11,086 shares of the business services provider’s stock, valued at approximately $1,874,000. Avis Budget Group comprises approximately 0.6% of Blueshift Asset Management LLC’s investment portfolio, making the stock its 25th biggest position.

Other large investors also recently modified their holdings of the company. Y Intercept Hong Kong Ltd purchased a new position in shares of Avis Budget Group in the second quarter worth about $1,297,000. Ballentine Partners LLC bought a new position in Avis Budget Group during the 2nd quarter worth approximately $308,000. Prescott Group Capital Management L.L.C. purchased a new position in Avis Budget Group in the 2nd quarter worth approximately $2,367,000. Teacher Retirement System of Texas bought a new stake in Avis Budget Group in the second quarter valued at approximately $452,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Avis Budget Group by 9.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,840 shares of the business services provider’s stock valued at $443,000 after purchasing an additional 519 shares during the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CAR. Susquehanna cut their target price on Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 29th. JPMorgan Chase & Co. lifted their price objective on Avis Budget Group from $155.00 to $157.00 and gave the stock a “neutral” rating in a research report on Monday, October 20th. Weiss Ratings reissued a “sell (d)” rating on shares of Avis Budget Group in a research note on Wednesday, October 8th. Barclays dropped their price target on Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating for the company in a research note on Monday, November 3rd. Finally, Bank of America reissued an “underperform” rating and set a $113.00 price objective (down from $120.00) on shares of Avis Budget Group in a research report on Wednesday, August 20th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Avis Budget Group presently has an average rating of “Reduce” and an average target price of $136.83.

Avis Budget Group Trading Down 4.2%

Shares of CAR stock opened at $130.19 on Tuesday. Avis Budget Group, Inc. has a 12-month low of $54.03 and a 12-month high of $212.81. The stock has a market capitalization of $4.58 billion, a P/E ratio of -2.18 and a beta of 2.12. The firm’s 50 day moving average is $145.20 and its 200 day moving average is $151.98.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Monday, October 27th. The business services provider reported $10.11 EPS for the quarter, beating the consensus estimate of $8.11 by $2.00. The business had revenue of $3.52 billion for the quarter, compared to analysts’ expectations of $3.47 billion. During the same period in the previous year, the company earned $6.65 EPS. Avis Budget Group’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, equities analysts predict that Avis Budget Group, Inc. will post 8.91 earnings per share for the current 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.