Avis Budget Group, Inc. $CAR Shares Sold by SG Americas Securities LLC

SG Americas Securities LLC reduced its position in Avis Budget Group, Inc. (NASDAQ:CAR) by 98.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,519 shares of the business services provider’s stock after selling 99,449 shares during the period. SG Americas Securities LLC’s holdings in Avis Budget Group were worth $222,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Caitong International Asset Management Co. Ltd increased its position 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 last quarter. Quarry LP purchased a new stake in Avis Budget Group during the 4th quarter worth approximately $27,000. Basepoint Wealth LLC acquired a new position in shares of Avis Budget Group in the 4th quarter valued at approximately $32,000. Hantz Financial Services Inc. raised its position 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 purchasing an additional 178 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Avis Budget Group by 26.5% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock valued at $58,000 after purchasing an additional 76 shares in the last quarter. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Avis Budget Group

In other news, major shareholder Pentwater Capital Management L sold 3,347 shares of Avis Budget Group stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $438.74, for a total value 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 approximately $2,710,140,854. The trade was a 0.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Ravi Simhambhatla sold 3,469 shares of the business’s stock in a transaction dated 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 directly owned 13,876 shares of the company’s stock, valued at approximately $2,554,432.84. This represents a 20.00% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 16,299 shares of company stock worth $3,836,012. 50.48% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Jefferies Financial Group downgraded shares of Avis Budget Group from a “buy” rating to a “hold” rating and raised their price target for the stock from $112.00 to $160.00 in a research 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. Zacks Research raised shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 6th. Susquehanna raised their price objective on shares of Avis Budget Group from $105.00 to $140.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Finally, Morgan Stanley boosted their target price on shares of Avis Budget Group from $97.00 to $99.00 and gave the stock an “equal weight” rating 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 company. According to data from MarketBeat.com, Avis Budget Group has a consensus rating of “Reduce” and a consensus price target of $131.50.

Avis Budget Group Stock Performance

Shares of NASDAQ CAR traded down $3.49 during trading on Friday, reaching $156.19. The stock had a trading volume of 258,289 shares, compared to its average volume of 656,273. Avis Budget Group, Inc. has a one year low of $85.96 and a one year high of $847.70. The stock has a market cap of $5.52 billion, a PE ratio of -8.20 and a beta of 1.91. The firm’s 50 day moving average price is $166.98 and its two-hundred day moving average price is $164.10.

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 company had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Avis Budget Group’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($14.35) EPS. On average, research analysts expect that Avis Budget Group, Inc. will post 2.93 earnings per share for the current year.

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.