Bayforest Capital Ltd Buys 5,949 Shares of Avis Budget Group, Inc. $CAR

Key Points

• Bayforest Capital Ltd significantly increased its stake in Avis Budget Group, Inc. by 193.2%, acquiring an additional 5,949 shares, bringing its total holdings to 9,028 shares worth approximately $685,000.
• Avis Budget Group's performance has led to mixed analyst ratings, with estimates ranging from a sell rating by Goldman Sachs to a buy rating from Deutsche Bank, reflecting a varied outlook among analysts.
• Insider trading activity saw Director Bernardo Hees sell 402,200 shares valued at about $62.98 million, reducing his ownership significantly, which suggests potential changes in insider confidence.

Bayforest Capital Ltd grew its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 193.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,028 shares of the business services provider's stock after buying an additional 5,949 shares during the quarter. Bayforest Capital Ltd's holdings in Avis Budget Group were worth $685,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in CAR. Northern Trust Corp grew its stake in Avis Budget Group by 21.0% during the fourth quarter. Northern Trust Corp now owns 156,176 shares of the business services provider's stock worth $12,589,000 after buying an additional 27,127 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in Avis Budget Group during the fourth quarter worth about $207,000. Captrust Financial Advisors bought a new stake in Avis Budget Group during the fourth quarter worth about $460,000. Ethic Inc. bought a new stake in Avis Budget Group during the fourth quarter worth about $207,000. Finally, Graham Capital Management L.P. bought a new stake in Avis Budget Group during the fourth quarter worth about $1,482,000. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Price Performance

Shares of NASDAQ CAR traded up $1.25 during mid-day trading on Thursday, hitting $157.03. The company's stock had a trading volume of 472,999 shares, compared to its average volume of 832,085. The stock has a market cap of $5.53 billion, a price-to-earnings ratio of -2.48 and a beta of 2.11. Avis Budget Group, Inc. has a one year low of $54.03 and a one year high of $212.81. The company's fifty day simple moving average is $170.77 and its 200-day simple moving average is $123.70.

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

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CAR. Bank of America reaffirmed an "underperform" rating and issued a $113.00 target price (down from $120.00) on shares of Avis Budget Group in a research note on Wednesday, August 20th. Barclays boosted their target price on shares of Avis Budget Group from $105.00 to $150.00 and gave the stock an "equal weight" rating in a research note on Monday, August 4th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $196.00 target price (up from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. Zacks Research raised shares of Avis Budget Group from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 21st. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $155.00 target price on shares of Avis Budget Group in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Avis Budget Group presently has a consensus rating of "Reduce" and a consensus target price of $143.80.

Insider Transactions at Avis Budget Group

In other news, EVP Edward P. Linnen sold 10,000 shares of the company's stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $156.83, for a total value of $1,568,300.00. Following the completion of the sale, the executive vice president directly owned 40,915 shares of the company's stock, valued at $6,416,699.45. This represents a 19.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Bernardo Hees sold 402,200 shares of the company'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 completion of the sale, the director directly owned 116,521 shares of the company's stock, valued at approximately $18,246,023.39. This trade represents a 77.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 52.80% of the company's stock.

About Avis Budget Group

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.