Assenagon Asset Management S.A. Has $46.02 Million Holdings in Avis Budget Group, Inc. $CAR

by · The Markets Daily

Assenagon Asset Management S.A. lessened its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR – Free Report) by 41.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 315,555 shares of the business services provider’s stock after selling 223,840 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Avis Budget Group were worth $46,024,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd lifted its position in shares of Avis Budget Group by 1,845.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock worth $27,000 after purchasing an additional 203 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Avis Budget Group by 138.3% during the fourth quarter. Pacer Advisors Inc. now owns 5,294 shares of the business services provider’s stock worth $679,000 after purchasing an additional 3,072 shares during the period. First Citizens Bank & Trust Co. grew its position in Avis Budget Group by 1.8% during the fourth quarter. First Citizens Bank & Trust Co. now owns 7,754 shares of the business services provider’s stock valued at $995,000 after purchasing an additional 137 shares in the last quarter. Empowered Funds LLC increased its stake in Avis Budget Group by 6.0% in the 4th quarter. Empowered Funds LLC now owns 3,417 shares of the business services provider’s stock valued at $438,000 after buying an additional 192 shares during the period. Finally, nVerses Capital LLC acquired a new position in Avis Budget Group in the 4th quarter valued at approximately $236,000. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Stock Performance

Shares of CAR opened at $165.20 on Friday. The firm has a market cap of $5.84 billion, a PE ratio of -8.67 and a beta of 1.87. The firm’s 50 day moving average price is $214.23 and its 200 day moving average price is $162.37. Avis Budget Group, Inc. has a twelve month low of $85.96 and a twelve month high of $847.70.

Avis Budget Group (NASDAQ:CAR – Get Free Report) last posted its earnings results on Wednesday, April 29th. The business services provider reported ($8.01) EPS for the quarter, missing the consensus estimate of ($6.82) by ($1.19). The business had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period last year, the company earned ($14.35) earnings per share. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. On average, sell-side analysts anticipate that Avis Budget Group, Inc. will post 2.93 earnings per share for the current fiscal year.

Insider Activity at Avis Budget Group

In related news, EVP Ravi Simhambhatla sold 3,469 shares of Avis Budget Group stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $184.09, for a total value of $638,608.21. Following the completion of the sale, the executive vice president owned 13,876 shares of the company’s stock, valued at approximately $2,554,432.84. The trade was a 20.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Edward P. Linnen sold 9,483 shares of the company’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $182.32, for a total transaction of $1,728,940.56. Following the completion of the sale, the executive vice president owned 37,932 shares of the company’s stock, valued at $6,915,762.24. This represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 16,299 shares of company stock valued at $3,836,012. Insiders own 50.48% of the company’s stock.

Wall Street Analyst Weigh In

CAR has been the subject of a number of research analyst reports. Barclays set a $160.00 target price on shares of Avis Budget Group and gave the stock an “equal weight” rating in a research report on Monday, June 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avis Budget Group in a research note on Wednesday, May 20th. JPMorgan Chase & Co. upped their price target on shares of Avis Budget Group from $155.00 to $170.00 and gave the stock an “underweight” rating in a research note on Tuesday. Morgan Stanley increased their price objective on Avis Budget Group from $97.00 to $99.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 20th. Finally, Jefferies Financial Group cut Avis Budget Group from a “buy” rating to a “hold” rating and lifted their price objective for the company from $112.00 to $160.00 in a research report on Friday, May 1st. Six investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, Avis Budget Group has a consensus rating of “Reduce” and an average target price of $131.50.

Check Out Our Latest Research Report on Avis Budget Group

Avis Budget Group Company Profile

(Free Report)

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.

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