SG Americas Securities LLC Lowers Stock Holdings in Avis Budget Group, Inc. $CAR

Key Points

• SG Americas Securities LLC sharply cut its Avis Budget Group stake by 98.5% in the first quarter, selling 99,449 shares and leaving just 1,519 shares valued at about $222,000.
• Avis Budget Group reported a larger-than-expected quarterly loss of $8.01 per share, though revenue of $2.53 billion topped estimates and rose 4.1% year over year.
• Two executives sold shares in late April, and analysts remain cautious overall: the stock has a consensus rating of "Reduce" with an average price target of $131.50.

SG Americas Securities LLC reduced its holdings in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) by 98.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,519 shares of the business services provider's stock after selling 99,449 shares during the quarter. SG Americas Securities LLC's holdings in Avis Budget Group were worth $222,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd boosted its stake in Avis Budget Group by 1,845.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider's stock worth $27,000 after buying an additional 203 shares during the last quarter. Quarry LP acquired a new position in shares of Avis Budget Group during the 4th quarter valued at about $27,000. Basepoint Wealth LLC purchased a new position in shares of Avis Budget Group during the 4th quarter worth about $32,000. Hantz Financial Services Inc. lifted its holdings in shares of Avis Budget Group by 70.4% during the 4th quarter. Hantz Financial Services Inc. now owns 431 shares of the business services provider's stock worth $55,000 after acquiring an additional 178 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Avis Budget Group by 26.5% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider's stock worth $58,000 after acquiring an additional 76 shares during the last quarter. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Avis Budget Group

In other Avis Budget Group news, EVP Edward P. Linnen sold 9,483 shares of the firm's stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $182.32, for a total value of $1,728,940.56. Following the transaction, the executive vice president directly owned 37,932 shares of the company's stock, valued at $6,915,762.24. This trade represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Ravi Simhambhatla sold 3,469 shares of the business's stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $184.09, for a total value of $638,608.21. Following the transaction, the executive vice president owned 13,876 shares in the company, valued at approximately $2,554,432.84. This represents a 20.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 16,299 shares of company stock worth $3,836,012. Corporate insiders own 50.48% of the company's stock.

Avis Budget Group Price Performance

CAR stock traded down $3.49 during midday trading on Friday, reaching $156.19. 258,289 shares of the company's stock traded hands, compared to its average volume of 656,273. Avis Budget Group, Inc. has a fifty-two week low of $85.96 and a fifty-two week high of $847.70. The business has a 50-day moving average price of $166.98 and a two-hundred day moving average price of $164.10. The company has a market capitalization of $5.52 billion, a P/E ratio of -8.20 and a beta of 1.91.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last issued its earnings results on Wednesday, April 29th. The business services provider reported ($8.01) EPS for the quarter, missing analysts' consensus estimates of ($6.82) by ($1.19). The firm had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.43 billion. The company's revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the company posted ($14.35) earnings per share. As a group, research analysts forecast that Avis Budget Group, Inc. will post 2.93 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CAR shares. JPMorgan Chase & Co. boosted their target price on shares of Avis Budget Group from $155.00 to $170.00 and gave the company an "underweight" rating in a report on Tuesday, June 23rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Avis Budget Group in a report on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $125.00 price objective on shares of Avis Budget Group in a research note on Friday, May 1st. Jefferies Financial Group downgraded Avis Budget Group from a "buy" rating to a "hold" rating and upped their price objective for the stock from $112.00 to $160.00 in a report on Friday, May 1st. Finally, Susquehanna increased their target price on Avis Budget Group from $105.00 to $140.00 and gave the stock a "neutral" rating in a research report on Friday, May 8th. Six analysts have rated the stock with a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat, Avis Budget Group presently has an average rating of "Reduce" and a consensus price target of $131.50.

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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