XTX Topco Ltd Raises Stock Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

Key Points

• XTX Topco Ltd increased its holdings in Avis Budget Group by 341.7% in Q1, now owning 11,048 shares valued at $839,000.
• Avis Budget Group's stock price fell to $160.46 with a market cap of $5.65 billion, but it has seen a twelve-month low of $54.03 and a high of $212.81.
• Recent analysts' ratings vary, with Deutsche Bank maintaining a "buy" rating and a price target of $196.00, while others have issued sell and hold ratings.

XTX Topco Ltd grew its holdings in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 341.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,048 shares of the business services provider's stock after purchasing an additional 8,547 shares during the period. XTX Topco Ltd's holdings in Avis Budget Group were worth $839,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Federated Hermes Inc. boosted its holdings in shares of Avis Budget Group by 89.9% in the 1st quarter. Federated Hermes Inc. now owns 5,762 shares of the business services provider's stock valued at $437,000 after buying an additional 2,728 shares in the last quarter. Mackenzie Financial Corp grew its holdings in Avis Budget Group by 28.4% in the first quarter. Mackenzie Financial Corp now owns 3,477 shares of the business services provider's stock worth $264,000 after purchasing an additional 770 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Avis Budget Group by 9.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,840 shares of the business services provider's stock worth $443,000 after purchasing an additional 519 shares in the last quarter. Allianz Asset Management GmbH acquired a new position in Avis Budget Group during the 1st quarter valued at about $3,262,000. Finally, Victory Capital Management Inc. increased its holdings in shares of Avis Budget Group by 166.0% during the first quarter. Victory Capital Management Inc. now owns 29,527 shares of the business services provider's stock valued at $2,241,000 after acquiring an additional 18,425 shares in the last quarter. Institutional investors own 96.35% of the company's stock.

Avis Budget Group Price Performance

Avis Budget Group stock traded down $0.11 during trading on Thursday, reaching $156.53. 438,741 shares of the company were exchanged, compared to its average volume of 1,310,154. The company has a market capitalization of $5.51 billion, a P/E ratio of -2.46 and a beta of 2.19. Avis Budget Group, Inc. has a 52-week low of $54.03 and a 52-week high of $212.81. The stock's 50 day simple moving average is $162.49 and its two-hundred day simple moving average is $111.82.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its quarterly 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). Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 19.06%. The business had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.02 billion. During the same quarter last year, the firm earned $0.41 EPS. The business's revenue was down .3% on a year-over-year basis. As a group, equities analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have weighed in on CAR. JPMorgan Chase & Co. reissued a "neutral" rating and set a $155.00 target price on shares of Avis Budget Group in a research report on Thursday, July 31st. Barclays increased their price objective on Avis Budget Group from $105.00 to $150.00 and gave the company an "equal weight" rating in a report on Monday. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $196.00 price objective (up previously from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. The Goldman Sachs Group restated a "sell" rating and issued a $105.00 target price (up previously from $87.00) on shares of Avis Budget Group in a research note on Friday, August 1st. Finally, Wall Street Zen raised shares of Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Saturday, May 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $140.20.

Insider Buying and Selling

In other Avis Budget Group news, Director Bernardo Hees sold 402,200 shares of the firm's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $156.59, for a total value of $62,980,498.00. Following the sale, the director directly owned 116,521 shares in the company, valued at $18,246,023.39. This trade 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 at this hyperlink. 52.80% of the stock is owned by company insiders.

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.