Envestnet Portfolio Solutions Inc. Grows Holdings in Avis Budget Group, Inc. $CAR

Key Points

• Envestnet Portfolio Solutions Inc. increased its holdings in Avis Budget Group by 350.3% during Q2, acquiring an additional 10,202 shares, bringing its total to 13,114 shares valued at approximately $2.2 million.
• Multiple institutional investors also raised their stakes in Avis Budget Group, with significant increases reported from Caitong International Asset Management and Quarry LP.
• Avis Budget Group's stock opened at $151.20, having a market cap of $5.32 billion, while it reported earnings missing analysts’ estimates with an EPS of $0.10.

Envestnet Portfolio Solutions Inc. grew its holdings in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 350.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,114 shares of the business services provider's stock after purchasing an additional 10,202 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Avis Budget Group were worth $2,217,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Fifth Third Bancorp grew its position in shares of Avis Budget Group by 32.6% during the 2nd quarter. Fifth Third Bancorp now owns 228 shares of the business services provider's stock worth $39,000 after buying an additional 56 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in shares of Avis Budget Group by 421.1% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 839 shares of the business services provider's stock worth $64,000 after buying an additional 678 shares in the last quarter. Quarry LP grew its position in shares of Avis Budget Group by 399.5% during the 1st quarter. Quarry LP now owns 909 shares of the business services provider's stock worth $69,000 after buying an additional 727 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Avis Budget Group by 233.5% during the 2nd quarter. Parallel Advisors LLC now owns 527 shares of the business services provider's stock worth $89,000 after buying an additional 369 shares in the last quarter. Finally, New Age Alpha Advisors LLC bought a new position in shares of Avis Budget Group during the 1st quarter worth $104,000. Hedge funds and other institutional investors own 96.35% of the company's stock.

Insider Transactions at Avis Budget Group

In other Avis Budget Group news, Director Bernardo Hees sold 402,200 shares of the stock in a transaction dated 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 completion of the sale, the director directly owned 116,521 shares in the company, valued at approximately $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 SEC, which can be accessed through the SEC website. Also, EVP Edward P. Linnen sold 10,000 shares of the 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 completion of the sale, 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 disclosure for this sale can be found here. Company insiders own 52.80% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CAR shares. Barclays increased their price target on Avis Budget Group from $105.00 to $150.00 and gave the stock an "equal weight" rating in a research report on Monday, August 4th. The Goldman Sachs Group reaffirmed a "sell" rating and set a $105.00 price objective (up previously from $87.00) on shares of Avis Budget Group in a research report on Friday, August 1st. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Avis Budget Group in a research report on Wednesday, October 8th. Susquehanna dropped their price objective on Avis Budget Group from $150.00 to $145.00 and set a "neutral" rating on the stock in a research report on Thursday, October 9th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $196.00 price objective (up previously from $130.00) on shares of Avis Budget Group in a research report on Thursday, July 10th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Avis Budget Group presently has an average rating of "Reduce" and an average target price of $144.00.

Avis Budget Group Stock Performance

Avis Budget Group stock opened at $151.20 on Friday. The stock has a 50-day moving average of $155.69 and a two-hundred day moving average of $138.58. Avis Budget Group, Inc. has a one year low of $54.03 and a one year high of $212.81. The stock has a market cap of $5.32 billion, a PE ratio of -2.39 and a beta of 2.03.

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 EPS for the quarter, missing analysts' consensus estimates of $2.02 by ($1.92). The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.02 billion. During the same period in the previous year, the business posted $0.41 EPS. The business's revenue was down .3% compared to the same quarter last year. As a group, sell-side analysts predict that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Avis Budget Group 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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