TriaGen Wealth Management LLC Makes New $852,000 Investment in Avis Budget Group, Inc. $CAR

Key Points

• TriaGen Wealth Management LLC has invested approximately $852,000 to acquire 5,038 shares of Avis Budget Group, Inc. during the second quarter.
• Institutional investors now own 96.35% of Avis Budget Group's stock, with several funds significantly increasing their positions in recent months.
• Avis Budget Group reported $0.10 earnings per share for the last quarter, missing analysts' expectations, and had a revenue of $3.04 billion, slightly surpassing expectations.

TriaGen Wealth Management LLC bought a new stake in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 5,038 shares of the business services provider's stock, valued at approximately $852,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. UMB Bank n.a. lifted its position in 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 valued at $36,000 after purchasing an additional 247 shares during the period. Fifth Third Bancorp raised its stake 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 worth $39,000 after buying an additional 56 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake 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 worth $64,000 after buying an additional 678 shares in the last quarter. Quarry LP lifted its holdings in shares of Avis Budget Group by 399.5% in the 1st quarter. Quarry LP now owns 909 shares of the business services provider's stock valued at $69,000 after buying an additional 727 shares during the period. Finally, Parallel Advisors LLC boosted its stake in shares of Avis Budget Group by 233.5% in the second quarter. Parallel Advisors LLC now owns 527 shares of the business services provider's stock valued at $89,000 after buying an additional 369 shares in the last quarter. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CAR shares. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $155.00 price objective on shares of Avis Budget Group in a research report on Thursday, July 31st. Barclays upped their price target on shares of Avis Budget Group from $105.00 to $150.00 and gave the stock an "equal weight" rating in a research note on Monday, August 4th. The Goldman Sachs Group reiterated a "sell" rating and issued a $105.00 price objective (up previously from $87.00) on shares of Avis Budget Group in a research note on Friday, August 1st. Weiss Ratings restated a "sell (d)" rating on shares of Avis Budget Group in a research report on Saturday, September 27th. Finally, Deutsche Bank Aktiengesellschaft reiterated 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 investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Avis Budget Group presently has an average rating of "Reduce" and a consensus price target of $143.80.

Insiders Place Their Bets

In related news, EVP Edward P. Linnen sold 10,000 shares of Avis Budget Group stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $156.83, for a total transaction of $1,568,300.00. Following the completion of the sale, the executive vice president owned 40,915 shares in the company, valued at approximately $6,416,699.45. This trade represents a 19.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bernardo Hees sold 402,200 shares of the business's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $156.59, for a total transaction of $62,980,498.00. Following the completion of the transaction, the director directly owned 116,521 shares of the company's stock, valued at $18,246,023.39. The trade was a 77.54% decrease in their position. The disclosure for this sale can be found here. Insiders own 52.80% of the company's stock.

Avis Budget Group Price Performance

Shares of NASDAQ CAR opened at $148.41 on Tuesday. The firm's 50-day moving average is $158.61 and its two-hundred day moving average is $134.99. The company has a market capitalization of $5.22 billion, a PE ratio of -2.35 and a beta of 2.03. Avis Budget Group, Inc. has a 12-month low of $54.03 and a 12-month high of $212.81.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.