Bank of Nova Scotia Invests $23.20 Million in Avis Budget Group, Inc. $CAR

Bank of Nova Scotia purchased a new stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 159,100 shares of the business services provider’s stock, valued at approximately $23,205,000.

Several other large investors have also made changes to their positions in the business. Caitong International Asset Management Co. Ltd grew its position in Avis Budget Group by 1,845.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock worth $27,000 after purchasing an additional 203 shares during the period. Quarry LP acquired a new stake in Avis Budget Group in the fourth quarter valued at approximately $27,000. Basepoint Wealth LLC purchased a new stake in Avis Budget Group in the 4th quarter worth $32,000. Hollencrest Capital Management purchased a new stake in shares of Avis Budget Group during the first quarter worth about $44,000. Finally, Hantz Financial Services Inc. raised its holdings in shares of Avis Budget Group by 70.4% during the fourth quarter. Hantz Financial Services Inc. now owns 431 shares of the business services provider’s stock valued at $55,000 after acquiring an additional 178 shares during the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Avis Budget Group

In other news, EVP Ravi Simhambhatla sold 3,469 shares of Avis Budget Group stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $184.09, for a total transaction of $638,608.21. Following the sale, the executive vice president owned 13,876 shares in the company, valued at $2,554,432.84. This trade represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Edward P. Linnen sold 9,483 shares of Avis Budget Group stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $182.32, for a total transaction of $1,728,940.56. Following the sale, the executive vice president directly owned 37,932 shares in the company, valued at $6,915,762.24. This trade represents a 20.00% decrease in their position. The SEC filing for this sale provides additional information. 50.48% of the stock is owned by company insiders.

Avis Budget Group Price Performance

NASDAQ CAR opened at $159.48 on Friday. Avis Budget Group, Inc. has a 1-year low of $85.96 and a 1-year high of $847.70. The business’s 50-day simple moving average is $167.86 and its 200-day simple moving average is $166.20. The firm has a market capitalization of $5.63 billion, a P/E ratio of -8.37 and a beta of 1.91.

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

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Zacks Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 6th. Jefferies Financial Group downgraded Avis Budget Group from a “buy” rating to a “hold” rating and increased their price objective for the company from $112.00 to $160.00 in a report on Friday, May 1st. Barclays set a $160.00 price target on shares of Avis Budget Group and gave the company an “equal weight” rating in a report on Monday, June 8th. Wall Street Zen upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Avis Budget Group in a research report on Wednesday, May 20th. Six research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $132.75.

Avis Budget Group 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.