Clear Harbor Asset Management LLC Buys New Stake in Avis Budget Group, Inc. $CAR

Key Points

• Clear Harbor Asset Management LLC has acquired a new stake in Avis Budget Group, purchasing 1,600 shares valued at approximately $270,000 during the second quarter.
• Institutional investors collectively own 96.35% of Avis Budget Group's stock, with several firms significantly increasing their stakes in the company recently.
• Avis Budget Group reported a loss of $1.92 per share in its latest quarterly earnings, missing analysts' expectations, despite revenue slightly surpassing estimates at $3.04 billion.

Clear Harbor Asset Management LLC purchased a new stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,600 shares of the business services provider's stock, valued at approximately $270,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. UMB Bank n.a. boosted its stake in shares of Avis Budget Group by 106.9% during the 1st quarter. UMB Bank n.a. now owns 478 shares of the business services provider's stock worth $36,000 after acquiring an additional 247 shares in the last quarter. Parallel Advisors LLC boosted its position in Avis Budget Group by 233.5% during the second quarter. Parallel Advisors LLC now owns 527 shares of the business services provider's stock worth $89,000 after purchasing an additional 369 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in Avis Budget Group by 421.1% in the first quarter. Caitong International Asset Management Co. Ltd now owns 839 shares of the business services provider's stock valued at $64,000 after purchasing an additional 678 shares during the period. Quarry LP increased its position in shares of Avis Budget Group by 399.5% in the first quarter. Quarry LP now owns 909 shares of the business services provider's stock valued at $69,000 after buying an additional 727 shares in the last quarter. Finally, New Age Alpha Advisors LLC acquired a new position in shares of Avis Budget Group during the 1st quarter worth approximately $104,000. Hedge funds and other institutional investors own 96.35% of the company's stock.

Avis Budget Group Price Performance

Shares of CAR stock opened at $159.38 on Wednesday. Avis Budget Group, Inc. has a 1-year low of $54.03 and a 1-year high of $212.81. The firm has a market cap of $5.61 billion, a PE ratio of -2.52 and a beta of 2.11. The company has a 50-day moving average of $165.97 and a two-hundred day moving average of $128.37.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.02 billion. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 19.06%.The business's revenue was down .3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.41 earnings per share. Sell-side analysts anticipate that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Insider Transactions at Avis Budget Group

In other news, EVP Edward P. Linnen sold 10,000 shares of the firm'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 value 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 approximately $6,416,699.45. This trade represents a 19.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Bernardo Hees sold 402,200 shares of Avis Budget Group stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $156.59, for a total transaction of $62,980,498.00. Following the completion of the transaction, the director owned 116,521 shares of the company's stock, valued at $18,246,023.39. This trade represents a 77.54% decrease in their position. The disclosure for this sale can be found here. Company insiders own 52.80% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CAR shares. 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. Bank of America reissued an "underperform" rating and set a $113.00 target price (down previously from $120.00) on shares of Avis Budget Group in a research note on Wednesday, August 20th. Barclays raised their price target on shares of Avis Budget Group from $105.00 to $150.00 and gave the company an "equal weight" rating in a research note on Monday, August 4th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $196.00 price objective (up from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. Finally, 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 report on Friday, August 1st. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $143.80.

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.

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