BNP Paribas Financial Markets Sells 29,393 Shares of Avis Budget Group, Inc. $CAR

Key Points

• BNP Paribas Financial Markets reduced its Avis Budget Group stake by 10.4% in the fourth quarter, selling 29,393 shares and leaving it with 253,577 shares valued at about $32.5 million.
• Other institutional investors were active as well, with Norges Bank buying a new position and institutional ownership remaining high at 96.35% of the stock.
• Recent insider selling also stood out: executives Ravi Simhambhatla and Edward P. Linnen sold shares, while analysts currently have a mixed but cautious view, with a consensus rating of “Reduce” and a $125.25 price target.

BNP Paribas Financial Markets cut its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 10.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 253,577 shares of the business services provider's stock after selling 29,393 shares during the quarter. BNP Paribas Financial Markets owned 0.72% of Avis Budget Group worth $32,539,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Norges Bank purchased a new position in shares of Avis Budget Group during the 4th quarter valued at about $45,900,000. Basepoint Wealth LLC purchased a new position in shares of Avis Budget Group during the 4th quarter valued at about $32,000. Geode Capital Management LLC raised its holdings in shares of Avis Budget Group by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 341,509 shares of the business services provider's stock valued at $43,831,000 after buying an additional 3,321 shares in the last quarter. AlphaQuest LLC raised its holdings in shares of Avis Budget Group by 36.7% during the 4th quarter. AlphaQuest LLC now owns 11,815 shares of the business services provider's stock valued at $1,516,000 after buying an additional 3,172 shares in the last quarter. Finally, New Age Alpha Advisors LLC purchased a new position in shares of Avis Budget Group during the 4th quarter valued at about $99,000. 96.35% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Avis Budget Group news, EVP Ravi Simhambhatla sold 3,469 shares of the stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $184.09, for a total value of $638,608.21. Following the completion of the sale, the executive vice president owned 13,876 shares in the company, valued at approximately $2,554,432.84. This trade represents a 20.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Edward P. Linnen sold 9,483 shares of the stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $182.32, for a total value of $1,728,940.56. Following the completion of the sale, the executive vice president owned 37,932 shares of the company's stock, valued at approximately $6,915,762.24. This trade represents a 20.00% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 16,299 shares of company stock worth $3,836,012. 50.48% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CAR has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $125.00 price objective on shares of Avis Budget Group in a report on Friday, May 1st. Weiss Ratings restated a "sell (d-)" rating on shares of Avis Budget Group in a research report on Wednesday, May 20th. Wall Street Zen upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Saturday, May 2nd. Barclays reduced their price target on Avis Budget Group from $150.00 to $140.00 and set an "underweight" rating on the stock in a research report on Tuesday, May 5th. Finally, Zacks Research upgraded Avis Budget Group from a "strong sell" rating to a "hold" rating in a research report on Wednesday, May 6th. Five equities research analysts have rated the stock with a Hold rating and five have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus price target of $125.25.

Avis Budget Group Stock Performance

NASDAQ CAR opened at $176.80 on Friday. Avis Budget Group, Inc. has a fifty-two week low of $85.96 and a fifty-two week high of $847.70. The stock has a 50 day simple moving average of $226.24 and a two-hundred day simple moving average of $156.97. The stock has a market cap of $6.25 billion, a P/E ratio of -9.28 and a beta of 1.87.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share for the quarter, missing the consensus estimate of ($6.82) by ($1.19). The business had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same period in the prior year, the business posted ($14.35) EPS. The business's revenue for the quarter was up 4.1% on a year-over-year basis. Sell-side analysts predict that Avis Budget Group, Inc. will post 2.93 earnings per share for the current year.

Avis Budget Group Company Profile

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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