Inspire Investing LLC Has $393,000 Position in Avis Budget Group, Inc. $CAR

Key Points

• Inspire Investing LLC reduced its stake in Avis Budget Group by 48.4% in Q2, owning 2,325 shares worth $393,000 after selling 2,179 shares.
• Despite significant reductions from some investors, other firms like UMB Bank and Caitong International significantly increased their holdings, with UMB Bank raising its stake by 106.9%.
• Avis Budget Group's recent quarterly earnings showed a significant miss on EPS, reporting just $0.10 versus expectations of $2.02, with revenue slightly falling by 0.3% year-over-year.

Inspire Investing LLC lessened its position in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 48.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,325 shares of the business services provider's stock after selling 2,179 shares during the period. Inspire Investing LLC's holdings in Avis Budget Group were worth $393,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. UMB Bank n.a. grew its position in shares of Avis Budget Group by 106.9% in the 1st quarter. UMB Bank n.a. now owns 478 shares of the business services provider's stock valued at $36,000 after acquiring an additional 247 shares during the period. Fifth Third Bancorp grew its position in shares of Avis Budget Group by 32.6% in the 2nd quarter. Fifth Third Bancorp now owns 228 shares of the business services provider's stock valued at $39,000 after acquiring an additional 56 shares during the period. Caitong International Asset Management Co. Ltd grew its position in shares of Avis Budget Group by 421.1% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 839 shares of the business services provider's stock valued at $64,000 after acquiring an additional 678 shares during the period. Quarry LP grew its position in shares of Avis Budget Group by 399.5% in the 1st quarter. Quarry LP now owns 909 shares of the business services provider's stock valued at $69,000 after acquiring an additional 727 shares during the period. Finally, Parallel Advisors LLC grew its position in shares of Avis Budget Group by 233.5% in the 2nd quarter. Parallel Advisors LLC now owns 527 shares of the business services provider's stock valued at $89,000 after acquiring an additional 369 shares during the period. Institutional investors own 96.35% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on CAR. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $196.00 price objective (up previously from $130.00) on shares of Avis Budget Group in a research report on Thursday, July 10th. Weiss Ratings reissued a "sell (d)" rating on shares of Avis Budget Group in a research report on Wednesday, October 8th. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $155.00 price objective on shares of Avis Budget Group in a research report on Thursday, July 31st. Barclays increased their price objective on shares of Avis Budget Group from $105.00 to $150.00 and gave the company an "equal weight" rating in a research report on Monday, August 4th. Finally, Susquehanna dropped their price objective on shares of Avis Budget Group from $150.00 to $145.00 and set a "neutral" rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $144.00.

Avis Budget Group Stock Performance

NASDAQ:CAR opened at $149.48 on Tuesday. Avis Budget Group, Inc. has a 52 week low of $54.03 and a 52 week high of $212.81. The firm has a market cap of $5.26 billion, a price-to-earnings ratio of -2.36 and a beta of 2.03. The firm's 50-day simple moving average is $155.96 and its 200 day simple moving average is $137.84.

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 company had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.02 billion. During the same quarter last year, the company posted $0.41 earnings per share. The business's revenue for the quarter was down .3% compared to the same quarter last year. Sell-side analysts anticipate that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Insider Transactions at Avis Budget Group

In related news, EVP Edward P. Linnen sold 10,000 shares of the firm's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $156.83, for a total transaction of $1,568,300.00. Following the transaction, the executive vice president directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bernardo Hees sold 402,200 shares of the firm's 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. 52.80% of the stock is currently owned by company insiders.

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.

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