90,291 Shares in Avis Budget Group, Inc. $CAR Bought by Bank of America Corp DE

Key Points

• Bank of America purchased 90,291 Avis Budget Group shares worth approximately $13.35 million in the second quarter, while institutional investors collectively owned 96.35% of the company.
• Avis Budget Group reported weaker-than-expected quarterly results, with earnings of $0.98 per share versus the $2.05 consensus estimate and revenue down 1.3% year over year to $3 billion.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $135; ongoing securities litigation and related publicity are also contributing to uncertainty and volatility.

Bank of America Corp DE bought a new position in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 90,291 shares of the business services provider's stock, valued at approximately $13,348,000. Bank of America Corp DE owned 0.26% of Avis Budget Group at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Freestone Grove Partners LP acquired a new position in shares of Avis Budget Group during the 2nd quarter worth $145,000. Man Group plc purchased a new position in Avis Budget Group in the second quarter valued at about $5,786,000. Jupiter Topco LLC acquired a new stake in shares of Avis Budget Group during the 2nd quarter valued at approximately $672,000. Hsbc Holdings PLC purchased a new stake in shares of Avis Budget Group during the 2nd quarter worth approximately $247,773,000. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Avis Budget Group in the 2nd quarter worth approximately $3,341,000. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Trading Up 4.6%

CAR opened at $108.29 on Friday. Avis Budget Group, Inc. has a twelve month low of $85.96 and a twelve month high of $847.70. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of -5.96 and a beta of 1.91. The company has a fifty day simple moving average of $137.67 and a 200 day simple moving average of $172.63.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The business services provider reported $0.98 earnings per share for the quarter, missing analysts' consensus estimates of $2.05 by ($1.07). The business had revenue of $3 billion for the quarter, compared to the consensus estimate of $3.10 billion. Avis Budget Group's revenue was down 1.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.10 earnings per share. On average, analysts forecast that Avis Budget Group, Inc. will post 1.08 earnings per share for the current fiscal year.

Key Headlines Impacting Avis Budget Group

Here are the key news stories impacting Avis Budget Group this week:

• Neutral Sentiment: Several investor-rights firms, including Kaplan Fox, Pomerantz, Bronstein Gewirtz & Grossman, Rosen Law Firm, and ClaimsFiler, are soliciting investors for a securities class action and highlighting a September 29, 2026 lead-plaintiff deadline. The notices primarily provide procedural information and do not represent a judgment that Avis is liable. Kaplan Fox class action notice
• Neutral Sentiment: The reported short-interest data lists total short interest at zero shares and a zero-day days-to-cover ratio, despite describing a large increase. This inconsistency limits the usefulness of the data as a trading signal.
• Negative Sentiment: The lawsuits allege that Pentwater Capital Management built a roughly 51% economic interest in Avis through shares and cash-settled swaps, then sold approximately 4.3 million shares over two trading days as CAR shares fell sharply. The allegations raise uncertainty around trading activity, disclosure, and potential investor losses, although they remain unproven. Avis shareholder class action allegations
• Negative Sentiment: Reports said Avis shares declined as the September 29 deadline approached, indicating that continued legal publicity is weighing on sentiment and could increase volatility. The company’s most recent reported quarter also showed weaker-than-expected results, with EPS of $0.98 versus a $2.05 consensus estimate and revenue down 1.3% year over year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Morgan Stanley lowered their price objective on shares of Avis Budget Group from $99.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Friday, September 11th. Wall Street Zen lowered shares of Avis Budget Group from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. The Goldman Sachs Group raised their price objective on shares of Avis Budget Group from $85.00 to $95.00 and gave the stock a "sell" rating in a research note on Friday, July 24th. JPMorgan Chase & Co. lifted their price objective on Avis Budget Group from $155.00 to $170.00 and gave the stock an "underweight" rating in a research report on Tuesday, June 23rd. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Avis Budget Group in a research note on Monday, August 17th. Six analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Avis Budget Group currently has a consensus rating of "Reduce" and an average target price of $135.00.

Avis Budget Group Company Profile

Avis Budget Group, Inc is a global provider of vehicle rental and mobility services. The company operates through a portfolio of well-known brands, including Avis, Budget and Payless, offering car and truck rentals to business and leisure travelers, government customers and other organizations.

The company also provides flexible vehicle access through Zipcar, a car-sharing service that allows members to reserve vehicles for short-term use. Its services are delivered through company-operated locations, licensed operations and franchise partners, with offerings that may include airport and neighborhood rentals, fleet management and related mobility solutions.

Avis Budget Group serves customers across North America, Europe, Australia and New Zealand, Latin America, the Caribbean, Africa and parts of Asia through its operating businesses and partners.

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