Twin Tree Management LP Makes New $2.47 Million Investment in Avis Budget Group, Inc. $CAR

Key Points

• Twin Tree Management LP has made a new investment in Avis Budget Group, purchasing 14,631 shares valued at approximately $2.47 million.
• Various institutional investors continue to adjust their stakes in Avis Budget Group, with 96.35% of the stock currently owned by institutional investors.
• Avis Budget Group has experienced a decrease in stock price of 0.7%, currently trading at $151.20, while analysts have mixed opinions, with target prices ranging from $145.00 to $196.00.

Twin Tree Management LP purchased a new position in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 14,631 shares of the business services provider's stock, valued at approximately $2,473,000.

Several other institutional investors have also added to or reduced their stakes in CAR. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Avis Budget Group in the first quarter worth $221,000. Principal Financial Group Inc. increased its stake in shares of Avis Budget Group by 0.8% in the first quarter. Principal Financial Group Inc. now owns 39,232 shares of the business services provider's stock worth $2,978,000 after purchasing an additional 293 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new stake in shares of Avis Budget Group in the first quarter worth $274,000. Xponance Inc. increased its stake in shares of Avis Budget Group by 7.8% in the first quarter. Xponance Inc. now owns 2,922 shares of the business services provider's stock worth $222,000 after purchasing an additional 211 shares in the last quarter. Finally, Edgestream Partners L.P. increased its stake in shares of Avis Budget Group by 199.5% in the first quarter. Edgestream Partners L.P. now owns 39,637 shares of the business services provider's stock worth $3,008,000 after purchasing an additional 26,402 shares in the last quarter. 96.35% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CAR has been the subject of a number of analyst reports. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $155.00 price objective on shares of Avis Budget Group in a research note on Thursday, July 31st. Susquehanna cut their target price on shares of 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 reaffirmed a "buy" rating and set a $196.00 target price (up from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Avis Budget Group in a research note on Wednesday, October 8th. Finally, Zacks Research raised shares of Avis Budget Group from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 21st. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Avis Budget Group presently has a consensus rating of "Reduce" and an average target price of $144.00.

Avis Budget Group Stock Down 0.7%

CAR stock opened at $151.20 on Friday. Avis Budget Group, Inc. has a 52 week low of $54.03 and a 52 week high of $212.81. The company has a fifty day simple moving average of $155.69 and a two-hundred day simple moving average of $138.58. The firm has a market capitalization of $5.32 billion, a P/E ratio of -2.39 and a beta of 2.03.

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). The business had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.02 billion. During the same period in the prior year, the business earned $0.41 EPS. The firm's revenue was down .3% compared to the same quarter last year. As a group, analysts anticipate that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Insider Buying and Selling at Avis Budget Group

In other news, EVP Edward P. Linnen sold 10,000 shares of the firm's stock in a transaction dated Friday, August 15th. The shares were 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 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bernardo Hees sold 402,200 shares of the firm's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $156.59, for a total transaction of $62,980,498.00. Following the completion of the sale, the director owned 116,521 shares of the company's stock, valued at $18,246,023.39. This trade represents a 77.54% decrease in their position. The disclosure for this sale can be found here. 52.80% of the stock is owned by company insiders.

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.

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