Hsbc Holdings PLC Sells 31,769 Shares of Avis Budget Group, Inc. $CAR

Key Points

• Hsbc Holdings PLC sold 31,769 shares of Avis Budget Group, reducing its stake by 90.9% to 3,181 shares, valued at $241,000.
• Avis Budget Group reported $0.10 earnings per share for the last quarter, significantly missing analysts' expectations of $2.02.
• Institutional investors hold 96.35% of Avis Budget Group's stock, with significant transactions recently from firms like Vanguard and Nomura Holdings.

Hsbc Holdings PLC lessened its position in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 90.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,181 shares of the business services provider's stock after selling 31,769 shares during the quarter. Hsbc Holdings PLC's holdings in Avis Budget Group were worth $241,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of CAR. Quantbot Technologies LP bought a new position in shares of Avis Budget Group during the 1st quarter worth approximately $997,000. Northern Trust Corp boosted its holdings in Avis Budget Group by 5.1% during the first quarter. Northern Trust Corp now owns 164,090 shares of the business services provider's stock worth $12,454,000 after purchasing an additional 7,914 shares during the last quarter. Summit Securities Group LLC bought a new position in Avis Budget Group in the first quarter valued at $112,000. Algert Global LLC increased its stake in Avis Budget Group by 1.4% in the 1st quarter. Algert Global LLC now owns 23,963 shares of the business services provider's stock valued at $1,819,000 after buying an additional 340 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its stake 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 during the last quarter. Institutional investors own 96.35% of the company's stock.

Avis Budget Group Price Performance

NASDAQ CAR traded down $0.25 during trading on Friday, reaching $156.28. 494,519 shares of the company's stock were exchanged, compared to its average volume of 892,693. The business has a 50 day moving average price of $172.18 and a 200-day moving average price of $122.25. The stock has a market capitalization of $5.50 billion, a P/E ratio of -2.47 and a beta of 2.11. Avis Budget Group, Inc. has a fifty-two week low of $54.03 and a fifty-two week high of $212.81.

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

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CAR. Bank of America reaffirmed an "underperform" rating and issued a $113.00 target price (down previously from $120.00) on shares of Avis Budget Group in a research report on Wednesday, August 20th. Zacks Research upgraded Avis Budget Group from a "strong sell" rating to a "hold" rating in a report on Thursday, August 21st. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $155.00 target price on shares of Avis Budget Group in a report on Thursday, July 31st. The Goldman Sachs Group reiterated a "sell" rating and set a $105.00 target price (up previously from $87.00) on shares of Avis Budget Group in a report on Friday, August 1st. Finally, Barclays upped their target price on Avis Budget Group from $105.00 to $150.00 and gave the stock an "equal weight" rating in a report on Monday, August 4th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus price target of $143.80.

Insider Activity at Avis Budget Group

In other news, EVP Edward P. Linnen sold 10,000 shares of the company's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $156.83, for a total value of $1,568,300.00. Following the transaction, the executive vice president owned 40,915 shares of the company's stock, valued at approximately $6,416,699.45. This represents a 19.64% 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. Also, Director Bernardo Hees sold 402,200 shares of the business's stock in a transaction that occurred on Monday, August 4th. The shares were 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 owned 116,521 shares of the company's stock, valued at approximately $18,246,023.39. This trade represents a 77.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. 52.80% of the stock is currently owned by corporate insiders.

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.