Bank of Nova Scotia Invests $46.70 Million in Avis Budget Group, Inc. $CAR

Key Points

• Bank of Nova Scotia purchased 315,911 Avis Budget Group shares worth approximately $46.7 million, giving it a 0.89% stake. Institutional investors and hedge funds collectively own 96.35% of the company.
• Avis Budget Group reported quarterly EPS of $0.98, missing the $2.05 consensus estimate, while revenue fell 1.3% year over year to $3.0 billion. The stock opened at $146.61, below its 50-day and 200-day moving averages.
• Analyst sentiment remains cautious: five analysts rate the stock Hold and four rate it Sell, producing an average “Reduce” rating and a consensus price target of $135.57.

Bank of Nova Scotia purchased a new position in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 315,911 shares of the business services provider's stock, valued at approximately $46,701,000. Bank of Nova Scotia owned 0.89% of Avis Budget Group as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of CAR. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Avis Budget Group by 1,845.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider's stock worth $27,000 after acquiring an additional 203 shares during the period. Quarry LP acquired a new stake in Avis Budget Group during the 4th quarter worth approximately $27,000. Basepoint Wealth LLC acquired a new stake in Avis Budget Group during the 4th quarter worth approximately $32,000. Hollencrest Capital Management bought a new stake in Avis Budget Group in the 1st quarter valued at $44,000. Finally, Hantz Financial Services Inc. boosted its stake in Avis Budget Group by 70.4% in the 4th quarter. Hantz Financial Services Inc. now owns 431 shares of the business services provider's stock valued at $55,000 after purchasing an additional 178 shares during the period. Institutional investors and hedge funds own 96.35% of the company's stock.

Avis Budget Group Stock Performance

Shares of NASDAQ:CAR opened at $146.61 on Monday. The firm has a 50 day moving average of $157.08 and a 200-day moving average of $169.44. The stock has a market capitalization of $5.18 billion, a PE ratio of -8.07 and a beta of 1.92. Avis Budget Group, Inc. has a 12 month low of $85.96 and a 12 month high of $847.70.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The business services provider reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($1.07). The company had revenue of $3 billion for the quarter, compared to analyst estimates of $3.10 billion. During the same quarter last year, the company earned $0.10 EPS. The company's quarterly revenue was down 1.3% compared to the same quarter last year. On average, research analysts predict that Avis Budget Group, Inc. will post 1.36 EPS for the current fiscal year.

Analyst Ratings Changes

CAR has been the subject of a number of recent research reports. Morgan Stanley boosted their target price on shares of Avis Budget Group from $97.00 to $99.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 20th. Susquehanna boosted their price objective on shares of Avis Budget Group from $105.00 to $140.00 and gave the company a "neutral" rating in a report on Friday, May 8th. Barclays set a $160.00 target price on shares of Avis Budget Group and gave the stock an "equal weight" rating in a research report on Monday, June 8th. JPMorgan Chase & Co. raised their target price on shares of Avis Budget Group from $155.00 to $170.00 and gave the stock an "underweight" rating in a report on Tuesday, June 23rd. Finally, Zacks Research downgraded shares of Avis Budget Group from a "hold" rating to a "strong sell" rating in a research report on Monday, August 3rd. Five research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, Avis Budget Group has an average rating of "Reduce" and a consensus price target of $135.57.

Trending Headlines about Avis Budget Group

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

• Positive Sentiment: Long-term earnings estimates improved. Zacks Research raised its FY2027 EPS forecast to $5.38 from $4.66 and its FY2028 forecast to $8.76 from $6.66. It also increased several 2027–2028 quarterly estimates, suggesting potential earnings recovery over the longer term. However, Zacks continues to rate Avis Budget Group “Strong Sell.” Zacks Research estimate changes
• Neutral Sentiment: Class action targets Pentwater and its executives. Multiple law firms reported that a securities lawsuit was filed in federal court on behalf of investors who purchased CAR securities between February 20, 2025, and April 21, 2026. The complaint alleges securities-law violations connected to Pentwater Capital Management’s trading in Avis shares; the case seeks damages for investors and does not represent a new operating announcement from Avis. The lead-plaintiff deadline is September 29, 2026. Pomerantz class action filing
• Negative Sentiment: Repeated legal alerts add headline and litigation risk. Investor-rights firms are encouraging shareholders to seek lead-plaintiff status, alleging that a large Pentwater share sale and related trading activity harmed CAR investors. The repeated announcements can pressure sentiment and increase uncertainty around Avis’s investor relations, even though the allegations are unproven and the claims primarily name Pentwater and its leadership. Kahn Swick & Foti legal notice
• Negative Sentiment: Near-term earnings expectations remain weak. Zacks cut its FY2026 EPS forecast to $1.35 from $2.33 and lowered Q3 2026 estimates modestly. This follows Avis’s recent quarterly EPS and revenue miss, reinforcing concerns about volatile profitability and keeping the stock’s broader fundamental outlook under pressure.

About Avis Budget Group

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company's roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.

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