Maverick Capital Ltd. Trims Holdings in Avis Budget Group Inc. (NASDAQ:CAR)

Maverick Capital Ltd. trimmed its position in Avis Budget Group Inc. (NASDAQ:CAR) by 56.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 267,689 shares of the business services provider’s stock after selling 351,651 shares during the quarter. Maverick Capital Ltd. owned about 0.38% of Avis Budget Group worth $3,721,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in CAR. Prentice Capital Management LP purchased a new position in shares of Avis Budget Group during the 1st quarter worth approximately $3,951,000. Saba Capital Management L.P. acquired a new position in Avis Budget Group in the first quarter valued at approximately $1,155,000. Voloridge Investment Management LLC acquired a new position in Avis Budget Group in the first quarter valued at approximately $1,864,000. AQR Capital Management LLC boosted its stake in Avis Budget Group by 551.9% in the first quarter. AQR Capital Management LLC now owns 2,432,401 shares of the business services provider’s stock valued at $33,810,000 after acquiring an additional 2,059,250 shares during the period. Finally, Two Sigma Investments LP boosted its stake in Avis Budget Group by 5,425.4% in the first quarter. Two Sigma Investments LP now owns 127,809 shares of the business services provider’s stock valued at $1,777,000 after acquiring an additional 130,209 shares during the period.

In related news, Director Srs Investment Management, Llc purchased 282,566 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were acquired at an average cost of $20.59 per share, with a total value of $5,818,033.94. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 23.20% of the stock is owned by corporate insiders.

Several brokerages have recently issued reports on CAR. JPMorgan Chase & Co. boosted their price objective on Avis Budget Group from $13.00 to $22.00 and gave the stock a “neutral” rating in a research report on Friday, June 19th. ValuEngine raised Avis Budget Group from a “hold” rating to a “buy” rating in a report on Monday, June 1st. Morgan Stanley upped their price target on Avis Budget Group from $15.00 to $25.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. TheStreet cut Avis Budget Group from a “b-” rating to a “c” rating in a report on Friday, March 13th. Finally, Deutsche Bank reiterated a “hold” rating and set a $24.00 price objective on shares of Avis Budget Group in a research report on Tuesday, June 9th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $24.80.

NASDAQ:CAR traded down $1.55 during mid-day trading on Wednesday, hitting $23.09. The company’s stock had a trading volume of 1,301,114 shares, compared to its average volume of 8,526,998. Avis Budget Group Inc. has a fifty-two week low of $6.35 and a fifty-two week high of $52.98. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 60.25. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of 8.08 and a beta of 2.32. The stock has a fifty day moving average of $20.55 and a 200-day moving average of $25.51.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Monday, May 4th. The business services provider reported ($1.40) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.91) by $0.51. Avis Budget Group had a net margin of 2.61% and a return on equity of 51.68%. The firm had revenue of $1.75 billion during the quarter, compared to analyst estimates of $770.53 million. During the same quarter in the prior year, the business posted $0.79 earnings per share. The company’s quarterly revenue was down 8.7% compared to the same quarter last year. On average, equities analysts anticipate that Avis Budget Group Inc. will post -6.01 earnings per share for the current fiscal year.

Avis Budget Group Company Profile

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,500 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.

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Institutional Ownership by Quarter for Avis Budget Group (NASDAQ:CAR)

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