Srs Investment Management, Llc Buys 3,500,000 Shares of Avis Budget Group Inc. (CAR) Stock
Avis Budget Group Inc. (NASDAQ:CAR) major shareholder Srs Investment Management, Llc acquired 3,500,000 shares of the business’s stock in a transaction dated Friday, December 8th. The stock was purchased at an average price of $40.56 per share, with a total value of $141,960,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.
Shares of Avis Budget Group Inc. (CAR) traded up $0.40 during midday trading on Tuesday, hitting $41.56. 2,555,193 shares of the company traded hands, compared to its average volume of 2,843,811. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 35.24. Avis Budget Group Inc. has a 12 month low of $20.71 and a 12 month high of $42.40. The stock has a market capitalization of $3,302.46, a P/E ratio of 15.54 and a beta of 2.53.
Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Monday, November 6th. The business services provider reported $3.10 EPS for the quarter, topping the consensus estimate of $2.99 by $0.11. Avis Budget Group had a net margin of 1.26% and a return on equity of 95.28%. The company had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.78 billion. During the same period in the previous year, the firm earned $2.47 earnings per share. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. equities analysts predict that Avis Budget Group Inc. will post 2.65 EPS for the current year.
CAR has been the subject of several research analyst reports. ValuEngine upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating in a research report on Monday. BidaskClub upgraded shares of Avis Budget Group from a “buy” rating to a “strong-buy” rating in a research report on Monday, August 14th. B. Riley initiated coverage on shares of Avis Budget Group in a research report on Friday, September 22nd. They set a “buy” rating and a $36.00 target price for the company. Zacks Investment Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 10th. Finally, Barclays lifted their target price on shares of Avis Budget Group from $30.00 to $32.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. Avis Budget Group presently has an average rating of “Buy” and an average target price of $37.70.
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About Avis Budget Group
Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.
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