Avis Budget Group, Inc. $CAR Shares Sold by Neo Ivy Capital Management

Neo Ivy Capital Management lowered its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 70.4% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 2,182 shares of the business services provider’s stock after selling 5,182 shares during the quarter. Neo Ivy Capital Management’s holdings in Avis Budget Group were worth $369,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CAR. Y Intercept Hong Kong Ltd acquired a new position in Avis Budget Group during the 2nd quarter valued at approximately $1,297,000. Ballentine Partners LLC acquired a new stake in shares of Avis Budget Group during the second quarter worth $308,000. Prescott Group Capital Management L.L.C. purchased a new stake in shares of Avis Budget Group during the second quarter valued at $2,367,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Avis Budget Group by 9.8% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,840 shares of the business services provider’s stock valued at $443,000 after acquiring an additional 519 shares during the period. Finally, Teacher Retirement System of Texas acquired a new position in shares of Avis Budget Group in the 2nd quarter valued at $452,000. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Stock Up 3.8%

Avis Budget Group stock opened at $131.42 on Friday. The business’s 50-day moving average price is $147.85 and its 200 day moving average price is $150.41. The firm has a market cap of $4.63 billion, a price-to-earnings ratio of -2.20 and a beta of 2.12. Avis Budget Group, Inc. has a 52 week low of $54.03 and a 52 week high of $212.81.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Monday, October 27th. The business services provider reported $10.11 EPS for the quarter, topping the consensus estimate of $8.11 by $2.00. The company had revenue of $3.52 billion during the quarter, compared to analysts’ expectations of $3.47 billion. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $6.65 EPS. Equities analysts expect that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CAR. Barclays lowered their price target on Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating for the company in a research report on Monday, November 3rd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, October 8th. Susquehanna cut their price target on shares of Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating on the stock in a report on Wednesday, October 29th. Zacks Research raised shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 18th. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and issued a $105.00 price objective (up from $87.00) on shares of Avis Budget Group in a report on Friday, August 1st. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $136.83.

About Avis Budget Group

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.