Ritholtz Wealth Management Takes Position in Avis Budget Group, Inc. $CAR

Key Points

• Ritholtz Wealth Management acquired 3,544 shares of Avis Budget Group, Inc. valued at approximately $599,000 in the second quarter, indicating growing institutional interest in the company.
• Several hedge funds, including Fifth Third Bancorp and Parallel Advisors LLC, significantly increased their holdings in Avis Budget Group during the second quarter, suggesting confidence in the company's prospects.
• Avis Budget Group's stock missed quarterly earnings estimates with an EPS of $0.10, falling short of analyst expectations of $2.02, which may influence investor sentiment.

Ritholtz Wealth Management acquired a new stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,544 shares of the business services provider's stock, valued at approximately $599,000.

Other hedge funds have also made changes to their positions in the company. Fifth Third Bancorp increased its holdings in shares of Avis Budget Group by 32.6% during the 2nd quarter. Fifth Third Bancorp now owns 228 shares of the business services provider's stock valued at $39,000 after acquiring an additional 56 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Avis Budget Group by 233.5% during the 2nd quarter. Parallel Advisors LLC now owns 527 shares of the business services provider's stock valued at $89,000 after acquiring an additional 369 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in shares of Avis Budget Group by 421.1% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 839 shares of the business services provider's stock valued at $64,000 after acquiring an additional 678 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Avis Budget Group by 101.6% during the 2nd quarter. GAMMA Investing LLC now owns 901 shares of the business services provider's stock valued at $152,000 after acquiring an additional 454 shares during the last quarter. Finally, Quarry LP increased its holdings in shares of Avis Budget Group by 399.5% during the 1st quarter. Quarry LP now owns 909 shares of the business services provider's stock valued at $69,000 after acquiring an additional 727 shares during the last quarter. Institutional investors and hedge funds own 96.35% of the company's stock.

Insider Buying and Selling

In other Avis Budget Group news, Director Bernardo Hees sold 402,200 shares of the firm's stock in a transaction that occurred 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 sale, the director owned 116,521 shares in the company, valued at approximately $18,246,023.39. This trade represents a 77.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Edward P. Linnen sold 10,000 shares of the firm's stock in a transaction that occurred 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 sale, 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 currently owned by company insiders.

Avis Budget Group Trading Down 0.5%

Shares of CAR stock opened at $150.39 on Monday. The stock has a 50 day moving average of $155.62 and a two-hundred day moving average of $140.00. 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 $5.29 billion, a P/E ratio of -2.38 and a beta of 2.03.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The business services provider reported $0.10 EPS for the quarter, missing analysts' consensus estimates of $2.02 by ($1.92). The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.02 billion. During the same period in the prior year, the company earned $0.41 EPS. The company's revenue for the quarter was down .3% on a year-over-year basis. Sell-side analysts predict that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently weighed in on CAR. Zacks Research upgraded Avis Budget Group from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 21st. Susquehanna decreased their target price on Avis Budget Group from $150.00 to $145.00 and set a "neutral" rating for the company in a research note on Thursday, October 9th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $196.00 target price (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 Avis Budget Group from $105.00 to $150.00 and gave the company an "equal weight" rating in a research note on Monday, August 4th. Finally, Bank of America restated an "underperform" rating and set a $113.00 target price (down previously from $120.00) on shares of Avis Budget Group in a research note on Wednesday, August 20th. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average target price of $144.00.

Avis Budget Group 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.

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