Lecap Asset Management Ltd. Buys Shares of 13,396 Avis Budget Group, Inc. (NASDAQ:CAR)

Lecap Asset Management Ltd. bought a new position in Avis Budget Group, Inc. (NASDAQ:CAR) in the 2nd quarter, Holdings Channel reports. The fund bought 13,396 shares of the business services provider’s stock, valued at approximately $1,400,000.

Several other hedge funds also recently bought and sold shares of CAR. Aigen Investment Management LP raised its holdings in shares of Avis Budget Group by 4.8% during the 4th quarter. Aigen Investment Management LP now owns 1,303 shares of the business services provider’s stock worth $231,000 after acquiring an additional 60 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in Avis Budget Group by 3.2% during the fourth quarter. Janney Montgomery Scott LLC now owns 2,540 shares of the business services provider’s stock valued at $450,000 after purchasing an additional 79 shares in the last quarter. New York Life Investment Management LLC lifted its position in Avis Budget Group by 4.0% during the fourth quarter. New York Life Investment Management LLC now owns 2,265 shares of the business services provider’s stock valued at $401,000 after purchasing an additional 87 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in shares of Avis Budget Group by 1.9% in the 1st quarter. Louisiana State Employees Retirement System now owns 5,300 shares of the business services provider’s stock worth $649,000 after buying an additional 100 shares in the last quarter. Finally, State of Michigan Retirement System lifted its holdings in shares of Avis Budget Group by 2.2% in the 1st quarter. State of Michigan Retirement System now owns 4,573 shares of the business services provider’s stock valued at $560,000 after acquiring an additional 100 shares during the last quarter. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group Stock Up 2.5 %

CAR traded up $2.26 on Wednesday, reaching $91.24. 278,744 shares of the company traded hands, compared to its average volume of 733,336. The company has a market cap of $3.25 billion, a P/E ratio of 2.88 and a beta of 2.21. Avis Budget Group, Inc. has a one year low of $79.03 and a one year high of $233.10. The firm has a fifty day simple moving average of $99.98 and a two-hundred day simple moving average of $110.44.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Monday, August 5th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.60 by ($2.19). The firm had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.13 billion. Avis Budget Group had a negative return on equity of 480.48% and a net margin of 10.05%. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period last year, the company earned $11.01 EPS. On average, equities analysts forecast that Avis Budget Group, Inc. will post 12.28 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on CAR shares. StockNews.com cut Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. The Goldman Sachs Group decreased their price target on Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. JPMorgan Chase & Co. reduced their target price on shares of Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Susquehanna cut their price target on shares of Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Finally, Bank of America decreased their price objective on shares of 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $148.57.

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.