Quantbot Technologies LP Acquires New Stake in Avis Budget Group, Inc. $CAR

Key Points

• Quantbot Technologies LP invested approximately $997,000 to acquire 13,131 shares of Avis Budget Group, Inc. in the first quarter of the year.
• Notable insider activity includes EVP Edward P. Linnen selling 10,000 shares for over $1.5 million, and Director Bernardo Hees selling 402,200 shares for nearly $63 million.
• Wall Street analysts have mixed ratings on Avis Budget Group, with price targets ranging from $105 to $196, reflecting significant uncertainty about the stock's future performance.

Quantbot Technologies LP acquired a new position in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 13,131 shares of the business services provider's stock, valued at approximately $997,000.

Other large investors have also recently made changes to their positions in 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 worth $36,000 after buying an additional 247 shares during the last quarter. 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 worth $64,000 after buying an additional 678 shares during the last quarter. New Age Alpha Advisors LLC bought a new stake in shares of Avis Budget Group in the 1st quarter worth approximately $104,000. Summit Securities Group LLC bought a new stake in shares of Avis Budget Group in the 1st quarter worth approximately $112,000. Finally, Russell Investments Group Ltd. grew its position in shares of Avis Budget Group by 2,228.9% in the 1st quarter. Russell Investments Group Ltd. now owns 1,770 shares of the business services provider's stock worth $134,000 after buying an additional 1,694 shares during the last quarter. 96.35% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Avis Budget Group

In other news, Director Bernardo Hees sold 402,200 shares of the business's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $156.59, for a total value of $62,980,498.00. Following the completion of the transaction, the director owned 116,521 shares in the company, valued at $18,246,023.39. The trade was a 77.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Edward P. Linnen sold 10,000 shares of the business's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $156.83, for a total value of $1,568,300.00. Following the completion of the transaction, the executive vice president owned 40,915 shares of the company's stock, valued at $6,416,699.45. This represents a 19.64% decrease in their position. The disclosure for this sale can be found here. 52.80% of the stock is owned by insiders.

Avis Budget Group Trading Down 0.2%

Avis Budget Group stock traded down $0.31 during mid-day trading on Friday, hitting $158.23. The company had a trading volume of 521,759 shares, compared to its average volume of 1,096,766. The stock's 50 day moving average price is $173.36 and its two-hundred day moving average price is $119.51. Avis Budget Group, Inc. has a 12 month low of $54.03 and a 12 month high of $212.81. The company has a market capitalization of $5.57 billion, a PE ratio of -2.50 and a beta of 2.19.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last released its earnings results 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 return on equity of 14.74% and a negative net margin of 19.06%.The company had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.02 billion. During the same period last year, the firm posted $0.41 earnings per share. The company's revenue was down .3% compared to the same quarter last year. Equities research analysts anticipate that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group reiterated a "sell" rating and issued a $105.00 price objective (up from $87.00) on shares of Avis Budget Group in a research report on Friday, August 1st. Wall Street Zen upgraded Avis Budget Group from a "sell" rating to a "hold" rating in a research report on Saturday, May 3rd. Zacks Research upgraded Avis Budget Group from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 21st. Bank of America restated an "underperform" rating and set a $113.00 price target (down from $120.00) on shares of Avis Budget Group in a research report on Wednesday, August 20th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $196.00 price target (up from $130.00) on shares of Avis Budget Group in a research report on Thursday, July 10th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Reduce" and an average target price of $143.80.

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.