Avis Budget Group, Inc. (NASDAQ:CAR) Shares Bought by Headlands Technologies LLC

Key Points

• Headlands Technologies LLC increased its ownership in Avis Budget Group by 93.0%, owning 13,259 shares valued at approximately $1,006,000 after acquiring additional shares in the first quarter.
• Several analysts have recently updated their price targets for Avis Budget Group, with Goldman Sachs setting a target of $105.00 and Deutsche Bank raising its target to $196.00.
• Insider activity saw director Bernardo Hees sell 402,200 shares of Avis Budget Group at an average price of $156.59, decreasing his ownership by 77.54%.

Headlands Technologies LLC increased its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 93.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,259 shares of the business services provider's stock after purchasing an additional 6,390 shares during the quarter. Headlands Technologies LLC's holdings in Avis Budget Group were worth $1,006,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CAR. Aster Capital Management DIFC Ltd bought a new position in shares of Avis Budget Group in the 4th quarter valued at about $25,000. UMB Bank n.a. increased its holdings in shares of Avis Budget Group by 106.9% in the first 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. Quadrant Capital Group LLC increased its holdings 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 increased its holdings in shares of Avis Budget Group by 41.3% in the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider's stock worth $59,000 after acquiring an additional 215 shares in the last quarter. Finally, New Age Alpha Advisors LLC bought a new position in Avis Budget Group in the first quarter valued at approximately $104,000. Institutional investors and hedge funds own 96.35% of the company's stock.

Avis Budget Group Price Performance

NASDAQ CAR traded up $5.24 on Tuesday, hitting $158.32. 216,097 shares of the stock were exchanged, compared to its average volume of 1,302,028. The business's fifty day moving average is $164.55 and its 200 day moving average is $113.46. Avis Budget Group, Inc. has a 52 week low of $54.03 and a 52 week high of $212.81. The company has a market capitalization of $5.57 billion, a PE ratio of -2.51 and a beta of 2.19.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last released 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 net margin of 19.06% and a negative return on equity of 14.74%. Avis Budget Group's revenue for the quarter was down .3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.41 earnings per share. Analysts predict that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Insider Activity

In other news, Director Bernardo Hees sold 402,200 shares of the company's stock in a transaction that occurred on 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 transaction, the director owned 116,521 shares of the company's stock, valued at approximately $18,246,023.39. This represents a 77.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 52.80% of the company's stock.

Wall Street Analysts Forecast Growth

CAR has been the topic of a number of research reports. Wall Street Zen raised shares of Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Saturday, May 3rd. The Goldman Sachs Group reissued a "sell" rating and set a $105.00 price target (up from $87.00) on shares of Avis Budget Group in a research report on Friday, August 1st. JPMorgan Chase & Co. reissued a "neutral" rating and set a $155.00 price target on shares of Avis Budget Group in a research report on Thursday, July 31st. Barclays upped their price target on shares of 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. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $196.00 price target (up from $130.00) on shares of Avis Budget Group in a research report on Thursday, July 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $151.50.

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.