Eisler Capital Management Ltd. Takes $2.16 Million Position in Avis Budget Group, Inc. $CAR

Key Points

• Eisler Capital Management Ltd. has acquired 28,452 shares of Avis Budget Group, Inc. valued at approximately $2.16 million, representing about 0.08% of the company's stock.
• Institutional investors collectively own 96.35% of Avis Budget Group’s stock, with multiple firms increasing their holdings in the first quarter.
• Research analysts have mixed ratings on Avis Budget Group, with one "Buy," four "Hold," and two "Sell" ratings, and a consensus price target of $143.80.

Eisler Capital Management Ltd. purchased a new position in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 28,452 shares of the business services provider's stock, valued at approximately $2,157,000. Eisler Capital Management Ltd. owned 0.08% of Avis Budget Group at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in 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 purchasing an additional 46,038 shares during the period. Nomura Holdings Inc. grew its holdings in 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 purchasing an additional 236,576 shares during the period. Steadfast Capital Management LP acquired a new stake in Avis Budget Group in the fourth quarter worth $25,747,000. Jefferies Financial Group Inc. grew its holdings in Avis Budget Group by 1,391.0% in the fourth quarter. Jefferies Financial Group Inc. now owns 253,200 shares of the business services provider's stock worth $20,410,000 after purchasing an additional 236,218 shares during the period. Finally, Mizuho Markets Americas LLC acquired a new stake in Avis Budget Group in the first quarter worth $18,975,000. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on CAR shares. Zacks Research upgraded shares of Avis Budget Group from a "strong sell" rating to a "hold" rating in a report on Thursday, August 21st. The Goldman Sachs Group reiterated a "sell" rating and set a $105.00 price objective (up from $87.00) on shares of Avis Budget Group in a report on Friday, August 1st. Bank of America reiterated an "underperform" rating and set a $113.00 price objective (down from $120.00) on shares of Avis Budget Group in a report on Wednesday, August 20th. 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 report on Thursday, July 10th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating and set a $155.00 price objective on shares of Avis Budget Group in a report on Thursday, July 31st. One 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. According to data from MarketBeat, Avis Budget Group presently has an average rating of "Reduce" and an average price target of $143.80.

Avis Budget Group Stock Down 0.2%

Avis Budget Group stock traded down $0.31 during midday trading on Monday, hitting $158.23. 521,759 shares of the stock were exchanged, compared to its average volume of 1,033,464. Avis Budget Group, Inc. has a 52-week low of $54.03 and a 52-week high of $212.81. The stock has a market capitalization of $5.57 billion, a price-to-earnings ratio of -2.50 and a beta of 2.12. The business's 50-day moving average price is $173.36 and its 200-day moving average price is $119.99.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The business services provider reported $0.10 earnings per share 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 firm had revenue of $3.04 billion for the quarter, compared to analysts' expectations of $3.02 billion. During the same quarter last year, the firm posted $0.41 earnings per share. The firm's revenue for the quarter was down .3% compared to the same quarter last year. On average, sell-side analysts predict that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Insider Activity

In other Avis Budget Group news, EVP Edward P. Linnen sold 10,000 shares of Avis Budget Group stock in a transaction dated 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 sale, the executive vice president owned 40,915 shares of the company's stock, valued at approximately $6,416,699.45. The trade was a 19.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Bernardo Hees sold 402,200 shares of Avis Budget Group stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $156.59, for a total transaction of $62,980,498.00. Following the completion of the sale, the director directly owned 116,521 shares in the company, valued at approximately $18,246,023.39. This represents a 77.54% decrease in their position. The disclosure for this sale can be found here. Insiders own 52.80% of the company's stock.

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.