VIRGINIA RETIREMENT SYSTEMS ET Al Acquires New Stake in Avis Budget Group, Inc. $CAR

Key Points

• Virginia Retirement Systems acquired a new stake in Avis Budget Group, purchasing 8,000 shares valued at approximately $1.35 million during the 2nd quarter of 2023.
• Director Bernardo Hees sold 402,200 shares of Avis Budget, significantly reducing his ownership by 77.54%, while Edward P. Linnen, EVP, also sold shares, decreasing his position by 19.64%.
• Avis Budget Group reported a quarterly earnings miss with an EPS of $0.10, well below analysts' consensus of $2.02, yet its revenue of $3.04 billion slightly exceeded expectations.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 8,000 shares of the business services provider's stock, valued at approximately $1,352,000.

Other hedge funds have also made changes to their positions in the company. Crossmark Global Holdings Inc. purchased a new stake in shares of Avis Budget Group in the 1st quarter worth $274,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Avis Budget Group by 9.8% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,840 shares of the business services provider's stock valued at $443,000 after purchasing an additional 519 shares in the last quarter. Ballentine Partners LLC bought a new stake in Avis Budget Group during the second quarter valued at about $308,000. Victory Capital Management Inc. boosted its position in Avis Budget Group by 166.0% during the first quarter. Victory Capital Management Inc. now owns 29,527 shares of the business services provider's stock valued at $2,241,000 after purchasing an additional 18,425 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in Avis Budget Group by 2,228.9% in the first quarter. Russell Investments Group Ltd. now owns 1,770 shares of the business services provider's stock valued at $134,000 after buying an additional 1,694 shares during the last quarter. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Bernardo Hees sold 402,200 shares of Avis Budget Group stock in a transaction that occurred on 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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Edward P. Linnen sold 10,000 shares of Avis Budget Group 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 transaction, the executive vice president owned 40,915 shares in the company, valued at approximately $6,416,699.45. The trade was a 19.64% decrease in their position. The disclosure for this sale can be found here. Company insiders own 52.80% of the company's stock.

Avis Budget Group Stock Performance

Shares of Avis Budget Group stock opened at $151.71 on Thursday. Avis Budget Group, Inc. has a one year low of $54.03 and a one year high of $212.81. The company has a market cap of $5.34 billion, a price-to-earnings ratio of -2.40 and a beta of 2.03. The business's 50 day moving average price is $155.22 and its 200 day moving average price is $140.72.

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 company had revenue of $3.04 billion during the quarter, compared to analysts' expectations of $3.02 billion. During the same quarter last year, the firm posted $0.41 EPS. The business's quarterly revenue was down .3% compared to the same quarter last year. On average, analysts predict that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CAR shares. Barclays increased their price target 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. Weiss Ratings reiterated a "sell (d)" rating on shares of Avis Budget Group in a research note on Wednesday, October 8th. The Goldman Sachs Group reiterated a "sell" rating and issued a $105.00 price target (up from $87.00) on shares of Avis Budget Group in a research note on Friday, August 1st. Susquehanna decreased their price target 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. Finally, JPMorgan Chase & Co. increased their price target on Avis Budget Group from $155.00 to $157.00 and gave the company a "neutral" rating in a research note on Monday. One analyst has rated the stock with a Buy rating, four have given a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat, Avis Budget Group presently has an average rating of "Reduce" and an average price target of $144.33.

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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