Bayforest Capital Ltd Has $685,000 Stake in 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 stake in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 193.2% in the first quarter, according to the company in 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 acquiring an additional 5,949 shares during the period. 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.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Avis Budget Group by 2.9% in the first quarter. Vanguard Group Inc. now owns 1,610,186 shares of the business services provider's stock worth $122,213,000 after acquiring an additional 46,038 shares during the last quarter. Nomura Holdings Inc. raised its stake in shares of Avis Budget Group by 93.2% in the fourth quarter. Nomura Holdings Inc. now owns 490,473 shares of the business services provider's stock worth $39,537,000 after acquiring an additional 236,576 shares during the last quarter. Steadfast Capital Management LP bought a new position in shares of Avis Budget Group in the fourth quarter worth about $25,747,000. Mizuho Markets Americas LLC bought a new stake in shares of Avis Budget Group during the first quarter worth approximately $18,975,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Avis Budget Group by 6.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 217,262 shares of the business services provider's stock worth $16,490,000 after buying an additional 13,988 shares during the last quarter. 96.35% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CAR has been the subject of a number of recent research reports. 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. The Goldman Sachs Group reissued a "sell" rating and set a $105.00 price target (up from $87.00) on shares of Avis Budget Group in a research note on Friday, August 1st. Barclays boosted 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 note on Monday, August 4th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $155.00 price target on shares of Avis Budget Group in a research note on Thursday, July 31st. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $196.00 price target (up from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Reduce" and an average target price of $143.80.

Insider Activity at Avis Budget Group

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

Avis Budget Group Stock Performance

NASDAQ:CAR traded down $1.50 during trading hours on Friday, hitting $155.53. The stock had a trading volume of 583,562 shares, compared to its average volume of 826,401. Avis Budget Group, Inc. has a one year low of $54.03 and a one year high of $212.81. The company has a market cap of $5.47 billion, a price-to-earnings ratio of -2.46 and a beta of 2.11. The business's 50 day moving average is $170.25 and its 200-day moving average is $124.50.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its earnings results 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). The firm 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% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 EPS. On average, sell-side analysts anticipate that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

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.