Bernardo Hees Sells 402,200 Shares of Avis Budget Group, Inc. (NASDAQ:CAR) Stock

Key Points

• Bernardo Hees, a director at Avis Budget Group, sold 402,200 shares for about $62.98 million, marking a 77.54% reduction in his ownership stake.
• Avis Budget Group reported a earnings per share (EPS) of $0.10 for the last quarter, significantly missing the consensus estimate of $2.02, and experienced a negative net margin of 19.06%.
• Several analysts have revised price targets for Avis Budget Group, with Deutsche Bank raising its target to $196, while Goldman Sachs maintained a sell rating at a target of $105.

Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report) Director Bernardo Hees sold 402,200 shares of the business's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $156.59, for a total value of $62,980,498.00. Following the sale, the director owned 116,521 shares of the company's stock, valued at approximately $18,246,023.39. This represents a 77.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Avis Budget Group Trading Down 1.9%

Shares of NASDAQ:CAR traded down $3.04 during midday trading on Friday, reaching $153.71. 888,345 shares of the company were exchanged, compared to its average volume of 1,255,587. The business's fifty day moving average is $163.87 and its two-hundred day moving average is $112.86. Avis Budget Group, Inc. has a one year low of $54.03 and a one year high of $212.81. The stock has a market cap of $5.41 billion, a PE ratio of -2.43 and a beta of 2.19.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The business services provider reported $0.10 EPS for the quarter, missing the consensus estimate of $2.02 by ($1.92). Avis Budget Group had a negative net margin of 19.06% and a negative return on equity of 14.74%. The company had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.02 billion. During the same period last year, the company earned $0.41 EPS. The firm's revenue for the quarter was down .3% on a year-over-year basis. As a group, sell-side analysts expect that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Hedge Funds Weigh In On Avis Budget Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CAR. Fifth Third Bancorp boosted its position in shares of Avis Budget Group by 32.6% during the 2nd quarter. Fifth Third Bancorp now owns 228 shares of the business services provider's stock valued at $39,000 after acquiring an additional 56 shares during the last quarter. State of Michigan Retirement System lifted its position in Avis Budget Group by 2.5% during the second quarter. State of Michigan Retirement System now owns 4,073 shares of the business services provider's stock valued at $689,000 after purchasing an additional 100 shares during the last quarter. Retirement Systems of Alabama lifted its position in Avis Budget Group by 0.6% during 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 last quarter. SummerHaven Investment Management LLC lifted its position in Avis Budget Group by 2.1% during the first quarter. SummerHaven Investment Management LLC now owns 7,623 shares of the business services provider's stock valued at $579,000 after purchasing an additional 160 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its position in Avis Budget Group by 41.0% during the fourth quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider's stock valued at $55,000 after purchasing an additional 198 shares during the last quarter. 96.35% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CAR shares. Wall Street Zen upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Saturday, May 3rd. Barclays upped their price target on shares of Avis Budget Group from $105.00 to $150.00 and gave the stock an "equal weight" rating in a research report on Monday, August 4th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $196.00 target price (up previously from $130.00) on shares of Avis Budget Group in a report on Thursday, July 10th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $155.00 target price on shares of Avis Budget Group in a report on Thursday, July 31st. Finally, The Goldman Sachs Group reaffirmed a "sell" rating and issued a $105.00 target price (up previously from $87.00) on shares of Avis Budget Group in a report on Friday, August 1st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $151.50.

Avis Budget Group Company Profile

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.