Avis Budget Group, Inc. $CAR Stake Reduced by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. cut its stake in Avis Budget Group, Inc. (NASDAQ:CAR) by 43.2% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 7,445 shares of the business services provider’s stock after selling 5,669 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Avis Budget Group were worth $1,195,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Fifth Third Bancorp grew its position in shares of Avis Budget Group by 32.6% during the second quarter. Fifth Third Bancorp now owns 228 shares of the business services provider’s stock worth $39,000 after acquiring an additional 56 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Avis Budget Group by 19.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock valued at $72,000 after purchasing an additional 70 shares during the period. Wedmont Private Capital grew its position in Avis Budget Group by 6.1% in the 3rd quarter. Wedmont Private Capital now owns 1,624 shares of the business services provider’s stock worth $242,000 after purchasing an additional 93 shares during the last quarter. State of Michigan Retirement System grew its position in Avis Budget Group by 2.5% in the 2nd quarter. State of Michigan Retirement System now owns 4,073 shares of the business services provider’s stock worth $689,000 after purchasing an additional 100 shares during the last quarter. Finally, Retirement Systems of Alabama increased its stake in shares of Avis Budget Group by 0.6% in the second quarter. Retirement Systems of Alabama now owns 20,646 shares of the business services provider’s stock valued at $3,490,000 after purchasing an additional 117 shares during the period. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Stock Performance

Shares of NASDAQ CAR opened at $117.52 on Wednesday. Avis Budget Group, Inc. has a 1 year low of $54.03 and a 1 year high of $212.81. The firm has a market cap of $4.14 billion, a P/E ratio of -1.97 and a beta of 2.31. The stock has a fifty day moving average price of $129.28 and a two-hundred day moving average price of $148.31.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Monday, October 27th. The business services provider reported $10.11 earnings per share for the quarter, beating the consensus estimate of $8.11 by $2.00. The firm had revenue of $3.52 billion during the quarter, compared to analyst estimates of $3.47 billion. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the company earned $6.65 EPS. On average, research analysts predict that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CAR shares. Morgan Stanley reiterated an “equal weight” rating and set a $142.00 price objective (up from $115.00) on shares of Avis Budget Group in a research report on Monday, December 8th. JPMorgan Chase & Co. boosted their price target on Avis Budget Group from $155.00 to $157.00 and gave the stock a “neutral” rating in a research report on Monday, October 20th. Weiss Ratings reissued a “sell (d)” rating on shares of Avis Budget Group in a research note on Wednesday, January 21st. Zacks Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 18th. Finally, Susquehanna reduced their price objective on shares of Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating for the company in a report on Wednesday, October 29th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Avis Budget Group presently has an average rating of “Reduce” and a consensus target price of $137.57.

About Avis Budget Group

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.