Avis Budget Group, Inc. (NASDAQ:CAR) Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. has reduced its stake in Avis Budget Group, Inc. by 52.8% in Q1, ending with 2,015 shares valued at $153,000.
• Avis Budget Group reported earnings of $0.10 per share, significantly missing analyst estimates of $2.02, and experienced a 19.06% negative net margin.
• Stocks of Avis Budget Group have been subject to mixed ratings, with Deutsche Bank issuing a "buy" rating and a price target increase to $196.00, while others have given it a "sell" or "hold" rating.

Pacer Advisors Inc. reduced its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 52.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,015 shares of the business services provider's stock after selling 2,254 shares during the period. Pacer Advisors Inc.'s holdings in Avis Budget Group were worth $153,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in CAR. Aster Capital Management DIFC Ltd bought a new position in Avis Budget Group during the fourth quarter worth about $25,000. UMB Bank n.a. lifted its stake in shares of Avis Budget Group by 106.9% in the first quarter. UMB Bank n.a. now owns 478 shares of the business services provider's stock worth $36,000 after acquiring an additional 247 shares during the period. Quadrant Capital Group LLC increased its holdings in shares of Avis Budget Group by 41.0% during the fourth quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider's stock valued at $55,000 after acquiring an additional 198 shares in the last quarter. Sterling Capital Management LLC increased its holdings in shares of Avis Budget Group by 41.3% during the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider's stock valued at $59,000 after acquiring an additional 215 shares in the last quarter. Finally, Covestor Ltd increased its holdings in shares of Avis Budget Group by 36.1% during the fourth quarter. Covestor Ltd now owns 1,353 shares of the business services provider's stock valued at $109,000 after acquiring an additional 359 shares in the last quarter. 96.35% of the stock is owned by institutional investors.

Avis Budget Group Trading Down 2.0%

CAR stock traded down $3.23 during midday trading on Wednesday, reaching $155.99. 437,831 shares of the company's stock traded hands, compared to its average volume of 1,311,783. The stock's 50-day moving average is $161.77 and its 200 day moving average is $111.51. The stock has a market cap of $5.49 billion, a P/E ratio of -2.47 and a beta of 2.19. Avis Budget Group, Inc. has a 52-week low of $54.03 and a 52-week high of $212.81.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The business services provider reported $0.10 EPS for the quarter, missing the consensus estimate of $2.02 by ($1.92). Avis Budget Group had a negative net margin of 19.06% and a negative return on equity of 14.74%. The business had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter last year, the business earned $0.41 EPS. Avis Budget Group's revenue for the quarter was down .3% compared to the same quarter last year. As a group, research analysts expect that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. The Goldman Sachs Group reissued a "sell" rating and issued a $105.00 price objective (up previously from $87.00) on shares of Avis Budget Group in a research report on Friday, August 1st. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $196.00 price objective (up previously from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. Barclays increased their target price on shares of Avis Budget Group from $105.00 to $150.00 and gave the stock an "equal weight" rating in a report on Monday. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $155.00 price target on shares of Avis Budget Group in a research report on Thursday, July 31st. Finally, Wall Street Zen raised shares of Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Saturday, May 3rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Avis Budget Group presently has an average rating of "Hold" and a consensus target price of $140.20.

Avis Budget Group Company 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.