WT Asset Management Ltd Invests $2.40 Million in Avis Budget Group, Inc. $CAR

Key Points

• WT Asset Management Ltd invested approximately $2.40 million in Avis Budget Group, acquiring 14,200 shares, which constitutes 0.2% of its overall portfolio.
• Avis Budget Group reported a quarterly EPS of $0.10, missing analysts' expectations by $1.92, while revenue totaled $3.04 billion, slightly above estimates.
• Institutional investors hold 96.35% of Avis Budget Group's stock, indicating strong institutional interest in the company's performance.

WT Asset Management Ltd purchased a new position in shares of Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 14,200 shares of the business services provider's stock, valued at approximately $2,401,000. Avis Budget Group comprises approximately 0.2% of WT Asset Management Ltd's investment portfolio, making the stock its 25th largest holding.

Several other large investors have also modified their holdings of the stock. GAMMA Investing LLC lifted its holdings in Avis Budget Group by 9,967.4% in the first quarter. GAMMA Investing LLC now owns 33,927 shares of the business services provider's stock worth $2,575,000 after acquiring an additional 33,590 shares during the last quarter. Rhumbline Advisers lifted its holdings in Avis Budget Group by 8.9% in the first quarter. Rhumbline Advisers now owns 53,842 shares of the business services provider's stock worth $4,087,000 after acquiring an additional 4,382 shares during the last quarter. UMB Bank n.a. lifted its holdings 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 worth $36,000 after acquiring an additional 247 shares during the last quarter. First Citizens Bank & Trust Co. bought a new position in Avis Budget Group in the first quarter worth about $246,000. Finally, SG Americas Securities LLC lifted its holdings in Avis Budget Group by 281.1% in the first quarter. SG Americas Securities LLC now owns 123,176 shares of the business services provider's stock worth $9,349,000 after acquiring an additional 90,851 shares during the last quarter. Institutional investors own 96.35% of the company's stock.

Avis Budget Group Price Performance

NASDAQ CAR opened at $154.56 on Friday. Avis Budget Group, Inc. has a 12 month low of $54.03 and a 12 month high of $212.81. The firm has a market capitalization of $5.44 billion, a PE ratio of -2.44 and a beta of 2.03. The company's 50 day simple moving average is $159.76 and its 200 day simple moving average is $133.34.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last posted 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 for the quarter, compared to analyst estimates of $3.02 billion. During the same quarter in the previous year, the company earned $0.41 EPS. Avis Budget Group's revenue for the quarter was down .3% on a year-over-year basis. Sell-side analysts anticipate that Avis Budget Group, Inc. will post 8.91 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CAR. Barclays raised their target price on shares of Avis Budget Group from $105.00 to $150.00 and gave the stock an "equal weight" rating in a report on Monday, August 4th. Bank of America reaffirmed an "underperform" rating and set a $113.00 price target (down previously from $120.00) on shares of Avis Budget Group in a report on Wednesday, August 20th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $155.00 price target on shares of Avis Budget Group in a report on Thursday, July 31st. The Goldman Sachs Group reaffirmed a "sell" rating and set a $105.00 price target (up previously from $87.00) on shares of Avis Budget Group in a report on Friday, August 1st. Finally, Zacks Research raised Avis Budget Group from a "strong sell" rating to a "hold" rating in a report on Thursday, August 21st. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus target price of $143.80.

Insider Buying and Selling

In related news, Director Bernardo Hees sold 402,200 shares of the firm's stock in a transaction that occurred on 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 transaction, the director owned 116,521 shares in the company, valued at $18,246,023.39. This trade represents a 77.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 shares were sold at an average price of $156.83, for a total transaction of $1,568,300.00. Following the transaction, the executive vice president owned 40,915 shares in the company, 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 owned by company insiders.

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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