Avis Budget Group, Inc. $CAR Stake Reduced by Prescott Group Capital Management L.L.C.

Prescott Group Capital Management L.L.C. decreased its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 57.1% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 6,000 shares of the business services provider’s stock after selling 8,000 shares during the period. Prescott Group Capital Management L.L.C.’s holdings in Avis Budget Group were worth $963,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in CAR. Mitsubishi UFJ Trust & Banking Corp grew its position in Avis Budget Group by 1,443.0% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 15,955 shares of the business services provider’s stock worth $2,562,000 after buying an additional 14,921 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Avis Budget Group during the 2nd quarter valued at $1,297,000. Retirement Systems of Alabama boosted its stake in shares of Avis Budget Group by 49.3% during the 3rd quarter. Retirement Systems of Alabama now owns 30,825 shares of the business services provider’s stock worth $4,950,000 after acquiring an additional 10,179 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Avis Budget Group in the 3rd quarter worth $2,726,000. Finally, Assenagon Asset Management S.A. raised its position in shares of Avis Budget Group by 62.7% during the third quarter. Assenagon Asset Management S.A. now owns 384,401 shares of the business services provider’s stock worth $61,725,000 after purchasing an additional 148,093 shares during the period. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Price Performance

NASDAQ:CAR opened at $116.50 on Friday. The stock has a market cap of $4.10 billion, a PE ratio of -1.95 and a beta of 2.33. Avis Budget Group, Inc. has a fifty-two week low of $54.03 and a fifty-two week high of $212.81. The stock’s 50-day moving average is $125.63 and its two-hundred day moving average is $142.29.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CAR. Zacks Research upgraded Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 18th. Barclays reduced their price objective on shares of 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. JPMorgan Chase & Co. lifted their target price on shares of Avis Budget Group from $155.00 to $157.00 and gave the stock a “neutral” rating in a research report on Monday, October 20th. Morgan Stanley restated an “equal weight” rating and issued a $142.00 price target (up previously from $115.00) on shares of Avis Budget Group in a research report on Monday, December 8th. Finally, Susquehanna decreased their price objective on shares of Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating for the company in a research note on Wednesday, October 29th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Avis Budget Group has an average rating of “Reduce” and a consensus target price of $137.57.

About Avis Budget Group

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.