Neo Ivy Capital Management Purchases 15,366 Shares of Avis Budget Group, Inc. $CAR

Key Points

• Neo Ivy Capital Management boosted its stake in Avis Budget Group (NASDAQ:CAR) by 704.2% in Q3, adding 15,366 shares to hold 17,548 shares worth about $2.82 million.
• Significant investor activity included Pentwater Capital buying 425,000 shares at an average $94.26 (≈$40.06M), raising its position to 3,987,100 shares, while large institutional increases also came from HSBC and ING.
• Analyst sentiment has turned cautious with a consensus "Reduce" rating after several downgrades and lower targets (e.g., Barclays $95, Morgan Stanley $97, Goldman $85); the stock trades near $97.51 with a market cap around $3.44 billion.

Neo Ivy Capital Management increased its position in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 704.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 17,548 shares of the business services provider's stock after purchasing an additional 15,366 shares during the quarter. Neo Ivy Capital Management's holdings in Avis Budget Group were worth $2,818,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Hsbc Holdings PLC lifted its position in shares of Avis Budget Group by 48,706.7% in the second quarter. Hsbc Holdings PLC now owns 1,552,542 shares of the business services provider's stock valued at $256,629,000 after buying an additional 1,549,361 shares during the last quarter. ING Groep NV increased its holdings in shares of Avis Budget Group by 440.2% during the 3rd quarter. ING Groep NV now owns 1,035,000 shares of the business services provider's stock worth $166,195,000 after acquiring an additional 843,400 shares during the last quarter. National Bank of Canada FI raised its stake in Avis Budget Group by 166.7% in the 2nd quarter. National Bank of Canada FI now owns 880,239 shares of the business services provider's stock valued at $148,804,000 after acquiring an additional 550,239 shares during the period. State Street Corp lifted its holdings in Avis Budget Group by 1.0% during the 2nd quarter. State Street Corp now owns 713,127 shares of the business services provider's stock valued at $120,554,000 after purchasing an additional 7,318 shares during the last quarter. Finally, Maple Rock Capital Partners Inc. boosted its position in Avis Budget Group by 31.7% during the second quarter. Maple Rock Capital Partners Inc. now owns 415,584 shares of the business services provider's stock worth $70,254,000 after purchasing an additional 99,953 shares during the period. Institutional investors and hedge funds own 96.35% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wall Street Zen cut shares of Avis Budget Group from a "hold" rating to a "sell" rating in a research note on Saturday, February 21st. Barclays lowered their price target on shares of Avis Budget Group from $120.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, February 26th. Zacks Research cut Avis Budget Group from a "hold" rating to a "strong sell" rating in a report on Thursday, February 19th. The Goldman Sachs Group set a $85.00 target price on Avis Budget Group in a research report on Monday, February 23rd. Finally, Morgan Stanley lowered 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. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $124.71.

Insider Transactions at Avis Budget Group

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

Avis Budget Group Price Performance

Shares of NASDAQ CAR opened at $97.51 on Friday. The business has a fifty day moving average price of $116.03 and a two-hundred day moving average price of $135.18. The stock has a market capitalization of $3.44 billion, a PE ratio of -3.84 and a beta of 2.32. Avis Budget Group, Inc. has a fifty-two week low of $54.03 and a fifty-two week high of $212.81.

About Avis Budget Group

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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