Gabelli Funds LLC Purchases New Shares in Avis Budget Group, Inc. (NASDAQ:CAR)

Gabelli Funds LLC purchased a new stake in Avis Budget Group, Inc. (NASDAQ:CAR) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 15,500 shares of the business services provider’s stock, valued at approximately $1,898,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. EntryPoint Capital LLC boosted its position in shares of Avis Budget Group by 119.2% in the 1st quarter. EntryPoint Capital LLC now owns 228 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 124 shares during the period. Denali Advisors LLC lifted its stake in Avis Budget Group by 94.1% in the 1st quarter. Denali Advisors LLC now owns 231 shares of the business services provider’s stock worth $28,000 after acquiring an additional 112 shares in the last quarter. TFO Wealth Partners LLC lifted its stake in Avis Budget Group by 15,550.0% in the 4th quarter. TFO Wealth Partners LLC now owns 313 shares of the business services provider’s stock worth $55,000 after acquiring an additional 311 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Avis Budget Group in the 4th quarter worth about $79,000. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its stake in Avis Budget Group by 55.8% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 905 shares of the business services provider’s stock worth $111,000 after acquiring an additional 324 shares in the last quarter. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Stock Up 3.1 %

Shares of CAR traded up $3.15 during midday trading on Friday, reaching $104.74. 340,049 shares of the stock were exchanged, compared to its average volume of 497,599. The company has a market cap of $3.73 billion, a price-to-earnings ratio of 3.31 and a beta of 2.21. The firm has a 50 day simple moving average of $107.74 and a 200-day simple moving average of $120.10. Avis Budget Group, Inc. has a 12-month low of $93.53 and a 12-month high of $235.64.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Wednesday, May 1st. The business services provider reported ($3.21) EPS for the quarter, missing analysts’ consensus estimates of ($2.65) by ($0.56). The company had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.41 billion. Avis Budget Group had a net margin of 10.05% and a negative return on equity of 480.48%. The business’s revenue was down .2% on a year-over-year basis. During the same period in the prior year, the company posted $7.72 EPS. Research analysts expect that Avis Budget Group, Inc. will post 12.4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. StockNews.com downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Saturday, July 6th. Susquehanna reduced their price objective on Avis Budget Group from $145.00 to $117.00 and set a “neutral” rating for the company in a research note on Tuesday, April 30th. Bank of America reduced their price objective on Avis Budget Group from $170.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, May 1st. The Goldman Sachs Group cut their price target on Avis Budget Group from $140.00 to $120.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on Avis Budget Group from $202.00 to $183.00 and set a “buy” rating for the company in a research note on Thursday, April 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $163.14.

Avis Budget Group Company 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.