Envestnet Portfolio Solutions Inc. Makes New $221,000 Investment in Avis Budget Group, Inc. (NASDAQ:CAR)

Envestnet Portfolio Solutions Inc. bought a new stake in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,912 shares of the business services provider's stock, valued at approximately $221,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Aster Capital Management DIFC Ltd purchased a new stake in shares of Avis Budget Group during the 4th quarter worth about $25,000. UMB Bank n.a. grew its stake in Avis Budget Group by 106.9% during the first quarter. UMB Bank n.a. now owns 478 shares of the business services provider's stock worth $36,000 after buying an additional 247 shares during the period. Quadrant Capital Group LLC increased its position in shares of Avis Budget Group by 41.0% in the fourth quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider's stock worth $55,000 after acquiring an additional 198 shares in the last quarter. Sterling Capital Management LLC raised its stake in shares of Avis Budget Group by 41.3% in the 4th quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider's stock valued at $59,000 after acquiring an additional 215 shares during the period. Finally, Signaturefd LLC raised its stake in shares of Avis Budget Group by 31.8% in the 4th quarter. Signaturefd LLC now owns 936 shares of the business services provider's stock valued at $75,000 after acquiring an additional 226 shares during the period. Institutional investors and hedge funds own 96.35% of the company's stock.

Analysts Set New Price Targets

CAR has been the subject of several recent research reports. JPMorgan Chase & Co. increased their price target on Avis Budget Group from $145.00 to $155.00 and gave the company an "overweight" rating in a report on Friday, May 9th. The Goldman Sachs Group dropped their target price on Avis Budget Group from $100.00 to $87.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Finally, Wall Street Zen raised shares of Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Saturday, May 3rd. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, Avis Budget Group has an average rating of "Hold" and an average target price of $117.00.

Avis Budget Group Trading Up 1.9%

CAR stock traded up $3.34 during midday trading on Thursday, hitting $180.94. 743,018 shares of the company's stock were exchanged, compared to its average volume of 985,653. The firm has a 50 day moving average price of $121.76 and a 200-day moving average price of $94.22. Avis Budget Group, Inc. has a 12-month low of $54.03 and a 12-month high of $189.98. The stock has a market capitalization of $6.37 billion, a price-to-earnings ratio of -2.88 and a beta of 2.19.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The business services provider reported ($14.35) earnings per share for the quarter, missing the consensus estimate of ($5.72) by ($8.63). Avis Budget Group had a negative net margin of 18.96% and a negative return on equity of 14.74%. The firm had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.49 billion. During the same period in the prior year, the firm earned ($3.21) earnings per share. The firm's quarterly revenue was down 4.7% compared to the same quarter last year. On average, sell-side analysts forecast that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

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.