Ritholtz Wealth Management Lowers Holdings in Avis Budget Group, Inc. $CAR

Ritholtz Wealth Management reduced its position in Avis Budget Group, Inc. (NASDAQ:CAR) by 58.6% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 3,088 shares of the business services provider’s stock after selling 4,366 shares during the quarter. Ritholtz Wealth Management’s holdings in Avis Budget Group were worth $450,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd increased its stake in shares of Avis Budget Group by 1,845.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock worth $27,000 after acquiring an additional 203 shares during the period. Quarry LP acquired a new position in Avis Budget Group during the 4th quarter worth approximately $27,000. Basepoint Wealth LLC acquired a new position in Avis Budget Group during the 4th quarter worth approximately $32,000. American Wealth Advisors LLC purchased a new position in shares of Avis Budget Group during the 3rd quarter worth approximately $41,000. Finally, Hantz Financial Services Inc. lifted its holdings in shares of Avis Budget Group by 70.4% in the 4th quarter. Hantz Financial Services Inc. now owns 431 shares of the business services provider’s stock valued at $55,000 after buying an additional 178 shares during the period. Institutional investors and hedge funds own 96.35% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CAR. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $125.00 price objective on shares of Avis Budget Group in a report on Friday, May 1st. Barclays set a $160.00 target price on shares of Avis Budget Group and gave the stock an “equal weight” rating in a research report on Monday, June 8th. Zacks Research raised shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 6th. Wall Street Zen upgraded shares of Avis Budget Group from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Susquehanna raised their price objective on shares of Avis Budget Group from $105.00 to $140.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Six investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Avis Budget Group presently has an average rating of “Reduce” and an average price target of $131.50.

Avis Budget Group Stock Performance

CAR opened at $146.94 on Thursday. The company has a market cap of $5.19 billion, a price-to-earnings ratio of -7.71 and a beta of 1.87. Avis Budget Group, Inc. has a one year low of $85.96 and a one year high of $847.70. The business’s fifty day moving average is $187.61 and its two-hundred day moving average is $162.94.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings results on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($6.82) by ($1.19). The firm had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same period in the prior year, the company posted ($14.35) EPS. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. On average, analysts predict that Avis Budget Group, Inc. will post 2.93 EPS for the current fiscal year.

Insider Buying and Selling at Avis Budget Group

In other news, major shareholder Pentwater Capital Management L sold 3,347 shares of the firm’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $438.74, for a total transaction of $1,468,462.78. Following the completion of the transaction, the insider directly owned 6,177,100 shares of the company’s stock, valued at $2,710,140,854. This trade represents a 0.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Ravi Simhambhatla sold 3,469 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $184.09, for a total transaction of $638,608.21. Following the transaction, the executive vice president directly owned 13,876 shares of the company’s stock, valued at approximately $2,554,432.84. This trade represents a 20.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 16,299 shares of company stock worth $3,836,012. 50.48% of the stock is owned by corporate insiders.

Avis Budget Group Company Profile

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.