Ritholtz Wealth Management bought a new position in Avis Budget Group, Inc. (NASDAQ:CAR – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,544 shares of the business services provider’s stock, valued at approximately $599,000.
Other hedge funds have also modified their holdings of the company. Crossmark Global Holdings Inc. acquired a new position in shares of Avis Budget Group in the 1st quarter worth approximately $274,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Avis Budget Group by 9.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,840 shares of the business services provider’s stock valued at $443,000 after purchasing an additional 519 shares in the last quarter. Ballentine Partners LLC acquired a new stake in Avis Budget Group during the 2nd quarter valued at $308,000. Victory Capital Management Inc. increased its holdings in Avis Budget Group by 166.0% during the 1st quarter. Victory Capital Management Inc. now owns 29,527 shares of the business services provider’s stock valued at $2,241,000 after purchasing an additional 18,425 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Avis Budget Group by 2,228.9% during the 1st quarter. Russell Investments Group Ltd. now owns 1,770 shares of the business services provider’s stock valued at $134,000 after purchasing an additional 1,694 shares in the last quarter. 96.35% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at Avis Budget Group
In other news, EVP Edward P. Linnen sold 10,000 shares of Avis Budget Group stock in a transaction on Friday, August 15th. The stock was sold at an average price of $156.83, for a total value of $1,568,300.00. Following the completion of the sale, the executive vice president directly owned 40,915 shares of the company’s stock, valued at approximately $6,416,699.45. This trade represents a 19.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bernardo Hees sold 402,200 shares of the firm’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $156.59, for a total value of $62,980,498.00. Following the completion of the transaction, the director owned 116,521 shares in the company, valued at $18,246,023.39. This represents a 77.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. 52.80% of the stock is currently owned by company insiders.
Avis Budget Group Stock Performance
Avis Budget Group (NASDAQ:CAR – Get Free Report) last released its earnings results on Tuesday, July 29th. The business services provider reported $0.10 EPS for the quarter, missing the consensus estimate of $2.02 by ($1.92). The firm had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.02 billion. The business’s revenue for the quarter was down .3% on a year-over-year basis. During the same period in the prior year, the business earned $0.41 earnings per share. Equities research analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of research firms recently weighed in on CAR. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, October 8th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $105.00 price target (up from $87.00) on shares of Avis Budget Group in a report on Friday, August 1st. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $155.00 price target on shares of Avis Budget Group in a report on Thursday, July 31st. Susquehanna dropped their price target on Avis Budget Group from $150.00 to $145.00 and set a “neutral” rating for the company in a report on Thursday, October 9th. Finally, Bank of America reaffirmed an “underperform” rating and set a $113.00 price target (down from $120.00) on shares of Avis Budget Group in a report on Wednesday, August 20th. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $144.00.
View Our Latest Research Report on CAR
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.
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