National Bank of Canada FI Purchases 409,761 Shares of Avis Budget Group, Inc. $CAR

Key Points

• National Bank of Canada FI boosted its stake in Avis Budget Group by 46.6%, buying 409,761 shares to hold 1,290,000 shares (about 3.67%) valued at $207,142,000 at quarter-end.
• Analyst sentiment has turned negative with multiple downgrades and lower price targets (Barclays $95, Morgan Stanley $97, Goldman $85, Zacks cut to "strong sell"), leaving a MarketBeat consensus rating of "Reduce" and a consensus target of $124.71; the stock also shows a negative PE and a 52-week range of $55.61–$212.81.
• Pentwater Capital Management acquired 425,000 shares for roughly $40.06M, raising its holding to 3,987,100 shares (an 11.93% increase), and the report notes insiders own 52.80% of the company.

National Bank of Canada FI increased its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 46.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,290,000 shares of the business services provider's stock after purchasing an additional 409,761 shares during the period. National Bank of Canada FI owned approximately 3.67% of Avis Budget Group worth $207,142,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in CAR. Schonfeld Strategic Advisors LLC raised its position in Avis Budget Group by 2,974.1% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 36,705 shares of the business services provider's stock worth $5,894,000 after purchasing an additional 35,511 shares during the period. SummitTX Capital L.P. boosted its position in shares of Avis Budget Group by 187.8% during the third quarter. SummitTX Capital L.P. now owns 5,610 shares of the business services provider's stock valued at $901,000 after buying an additional 3,661 shares during the period. Occudo Quantitative Strategies LP grew its stake in shares of Avis Budget Group by 478.0% during the third quarter. Occudo Quantitative Strategies LP now owns 9,127 shares of the business services provider's stock valued at $1,466,000 after buying an additional 7,548 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Avis Budget Group by 14.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,182 shares of the business services provider's stock valued at $993,000 after buying an additional 758 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Avis Budget Group by 215.2% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 60,346 shares of the business services provider's stock worth $9,690,000 after buying an additional 41,203 shares during the period. 96.35% of the stock is currently owned by institutional investors.

Avis Budget Group Stock Performance

Avis Budget Group stock opened at $97.98 on Tuesday. The company has a market capitalization of $3.45 billion, a PE ratio of -3.86 and a beta of 2.32. The company has a 50 day moving average price of $112.40 and a 200-day moving average price of $132.57. Avis Budget Group, Inc. has a fifty-two week low of $55.61 and a fifty-two week high of $212.81.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Barclays decreased their price target on Avis Budget Group from $120.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, February 26th. Morgan Stanley reduced their target price on Avis Budget Group from $142.00 to $97.00 and set an "equal weight" rating on the stock in a research note on Friday, March 6th. Weiss Ratings reiterated a "sell (d)" rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. The Goldman Sachs Group set a $85.00 target price on shares of Avis Budget Group in a research note on Monday, February 23rd. Finally, Zacks Research cut shares of Avis Budget Group from a "hold" rating to a "strong sell" rating in a report on Thursday, February 19th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat, Avis Budget Group has a consensus rating of "Reduce" and a consensus target price of $124.71.

Insiders Place Their Bets

In other news, Director Lynn Krominga sold 1,950 shares of the firm's stock in a transaction on Friday, February 20th. The stock was sold at an average price of $91.54, for a total transaction of $178,503.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Pentwater Capital Management L acquired 425,000 shares of the firm's stock in a transaction that occurred on Friday, February 20th. The stock was purchased at an average price of $94.26 per share, with a total value of $40,060,500.00. Following the completion of the acquisition, the insider directly owned 3,987,100 shares of the company's stock, valued at $375,824,046. This represents a 11.93% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 52.80% of the company's stock.

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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