Avis Budget Group, Inc. $CAR Shares Sold by Ritholtz Wealth Management

Ritholtz Wealth Management lessened its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 58.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in CAR. Caitong International Asset Management Co. Ltd lifted its holdings in Avis Budget Group by 1,845.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 203 shares in the last quarter. Quarry LP acquired a new stake in shares of Avis Budget Group during the 4th quarter worth about $27,000. Basepoint Wealth LLC purchased a new stake in shares of Avis Budget Group during the fourth quarter worth about $32,000. American Wealth Advisors LLC acquired a new position in shares of Avis Budget Group in the third quarter valued at approximately $41,000. Finally, Hantz Financial Services Inc. raised its position in shares of Avis Budget Group by 70.4% in the fourth 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 last quarter. Institutional investors and hedge funds own 96.35% of the company’s stock.

Insider Activity at Avis Budget Group

In other news, EVP Ravi Simhambhatla sold 3,469 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $184.09, for a total value of $638,608.21. Following the transaction, the executive vice president directly owned 13,876 shares in the company, valued at $2,554,432.84. This trade represents a 20.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Edward P. Linnen sold 9,483 shares of Avis Budget Group stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $182.32, for a total value of $1,728,940.56. Following the completion of the transaction, the executive vice president directly owned 37,932 shares in the company, valued at $6,915,762.24. This represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 16,299 shares of company stock worth $3,836,012. 50.48% of the stock is owned by insiders.

Avis Budget Group Stock Down 0.6%

NASDAQ:CAR opened at $146.94 on Thursday. The company has a market cap of $5.19 billion, a P/E ratio of -7.71 and a beta of 1.87. Avis Budget Group, Inc. has a fifty-two week low of $85.96 and a fifty-two week high of $847.70. The firm’s 50 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 data on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($6.82) by ($1.19). The firm had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.43 billion. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the previous year, the company earned ($14.35) earnings per share. Research analysts forecast that Avis Budget Group, Inc. will post 2.93 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. 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. Morgan Stanley boosted their price target on Avis Budget Group from $97.00 to $99.00 and gave the company an “equal weight” rating in a report on Wednesday, May 20th. Jefferies Financial Group cut Avis Budget Group from a “buy” rating to a “hold” rating and raised their price objective for the stock from $112.00 to $160.00 in a report on Friday, May 1st. Zacks Research upgraded Avis Budget Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 6th. Finally, JPMorgan Chase & Co. raised their price target on Avis Budget Group from $155.00 to $170.00 and gave the stock an “underweight” rating in a research note on Tuesday, June 23rd. Six equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $131.50.

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.