Mizuho Markets Americas LLC Boosts Stock Holdings in Avis Budget Group, Inc. $CAR

Key Points

• Mizuho Markets Americas LLC increased its stake in Avis Budget Group by 7.4% in Q1, adding 27,500 shares to reach 400,000 shares valued at about $58.3 million.
• Avis Budget Group reported EPS of -$8.01 for the quarter, missing estimates, though revenue of $2.53 billion came in above expectations and rose 4.1% year over year.
• Two executives sold shares recently, and analysts remain cautious overall with an average rating of "Reduce" and an average price target of $131.50, while the stock was down 3.2% to $159.04.

Mizuho Markets Americas LLC lifted its position in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 7.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 400,000 shares of the business services provider's stock after purchasing an additional 27,500 shares during the period. Avis Budget Group comprises about 1.6% of Mizuho Markets Americas LLC's portfolio, making the stock its 20th biggest holding. Mizuho Markets Americas LLC owned about 1.13% of Avis Budget Group worth $58,340,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd grew its position in Avis Budget Group by 1,845.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider's stock valued at $27,000 after buying an additional 203 shares during the period. Quarry LP acquired a new position in shares of Avis Budget Group in the fourth quarter worth about $27,000. Basepoint Wealth LLC acquired a new position in shares of Avis Budget Group in the fourth quarter worth about $32,000. Hollencrest Capital Management purchased a new stake in shares of Avis Budget Group during the 1st quarter worth about $44,000. Finally, Hantz Financial Services Inc. boosted its stake in shares of Avis Budget Group by 70.4% during the 4th quarter. Hantz Financial Services Inc. now owns 431 shares of the business services provider's stock worth $55,000 after acquiring an additional 178 shares in the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Ravi Simhambhatla sold 3,469 shares of Avis Budget Group stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $184.09, for a total value of $638,608.21. Following the sale, the executive vice president directly owned 13,876 shares in the company, valued at approximately $2,554,432.84. The trade was a 20.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Edward P. Linnen sold 9,483 shares of the business's stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $182.32, for a total value of $1,728,940.56. Following the sale, the executive vice president owned 37,932 shares of the company's stock, valued at approximately $6,915,762.24. This trade represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 50.48% of the company's stock.

Avis Budget Group Stock Down 3.2%

CAR opened at $159.04 on Friday. The firm's fifty day simple moving average is $167.67 and its two-hundred day simple moving average is $166.24. Avis Budget Group, Inc. has a 52-week low of $85.96 and a 52-week high of $847.70. The company has a market cap of $5.62 billion, a price-to-earnings ratio of -8.35 and a beta of 1.91.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last released its earnings results on Wednesday, April 29th. The business services provider reported ($8.01) EPS for the quarter, missing analysts' consensus estimates of ($6.82) by ($1.19). The firm had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the prior year, the company earned ($14.35) earnings per share. The firm's quarterly revenue was up 4.1% on a year-over-year basis. On average, research analysts forecast that Avis Budget Group, Inc. will post 2.93 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CAR. Wall Street Zen upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Saturday, May 2nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Avis Budget Group in a report on Wednesday, May 20th. Morgan Stanley increased their price target on Avis Budget Group from $97.00 to $99.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 20th. Zacks Research raised Avis Budget Group from a "strong sell" rating to a "hold" rating in a report on Wednesday, May 6th. Finally, Susquehanna boosted their price objective on Avis Budget Group from $105.00 to $140.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. Six investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Reduce" and an average target price of $131.50.

Avis Budget Group Company Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company's roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.

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