Pentwater Capital Management L Sells 3,347 Shares of Avis Budget Group (NASDAQ:CAR) Stock

Key Points

• Pentwater Capital Management disclosed multiple large sales of Avis Budget stock on April 22–23 totaling approximately $1.75 billion, including a 3,347‑share sale at $438.74, and remains a major holder with roughly 6.18 million shares.
• Avis shares recently traded around $182.01 (down $5.06) with a market cap of $6.43 billion, a negative P/E, and a volatile 12‑month range from $85.96 to $847.70.
• Analysts have been cutting ratings — the consensus is a Strong Sell with an average price target of about $124 after multiple downgrades from major firms.

Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report) major shareholder Pentwater Capital Management L sold 3,347 shares of the business's stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $438.74, for a total value of $1,468,462.78. Following the sale, the insider owned 6,177,100 shares of the company's stock, valued at approximately $2,710,140,854. This trade represents a 0.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Major shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

Pentwater Capital Management L also recently made the following trade(s):

• On Wednesday, April 22nd, Pentwater Capital Management L sold 1,643,653 shares of Avis Budget Group stock. The stock was sold at an average price of $619.35, for a total value of $1,017,996,485.55.
• On Thursday, April 23rd, Pentwater Capital Management L sold 1,848,899 shares of Avis Budget Group stock. The stock was sold at an average price of $275.54, for a total value of $509,445,630.46.
• On Thursday, April 23rd, Pentwater Capital Management L sold 843,201 shares of Avis Budget Group stock. The stock was sold at an average price of $264.60, for a total value of $223,110,984.60.
• On Friday, February 20th, Pentwater Capital Management L acquired 425,000 shares of Avis Budget Group stock. The shares were purchased at an average price of $94.26 per share, with a total value of $40,060,500.00.

Avis Budget Group Stock Performance

Shares of CAR stock traded down $5.06 during trading hours on Tuesday, reaching $182.01. The company had a trading volume of 3,622,383 shares, compared to its average volume of 2,096,575. The stock has a fifty day moving average of $193.75 and a 200-day moving average of $153.77. The company has a market capitalization of $6.43 billion, a price-to-earnings ratio of -7.17 and a beta of 1.94. Avis Budget Group, Inc. has a 12-month low of $85.96 and a 12-month high of $847.70.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Essex Financial Services Inc. raised its position in shares of Avis Budget Group by 15.4% during the 1st quarter. Essex Financial Services Inc. now owns 2,155 shares of the business services provider's stock worth $314,000 after purchasing an additional 287 shares during the last quarter. Louisiana State Employees Retirement System purchased a new stake in shares of Avis Budget Group during the 1st quarter valued at $715,000. Blue Trust Inc. grew its stake in shares of Avis Budget Group by 3,914.3% during the 1st quarter. Blue Trust Inc. now owns 562 shares of the business services provider's stock valued at $82,000 after buying an additional 548 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in shares of Avis Budget Group by 1,845.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider's stock valued at $27,000 after buying an additional 203 shares during the period. Finally, Pacer Advisors Inc. grew its stake in shares of Avis Budget Group by 138.3% during the 4th quarter. Pacer Advisors Inc. now owns 5,294 shares of the business services provider's stock valued at $679,000 after buying an additional 3,072 shares during the period. 96.35% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Morgan Stanley dropped their price target on Avis Budget Group from $142.00 to $97.00 and set an "equal weight" rating for the company in a research report on Friday, March 6th. Wall Street Zen cut Avis Budget Group from a "hold" rating to a "sell" rating in a research note on Saturday, February 21st. Zacks Research cut Avis Budget Group from a "hold" rating to a "strong sell" rating in a research note on Thursday, February 19th. Deutsche Bank Aktiengesellschaft cut Avis Budget Group from a "buy" rating to a "hold" rating and set a $128.00 price objective on the stock. in a research note on Monday, April 6th. Finally, The Goldman Sachs Group set a $85.00 price objective on Avis Budget Group in a research note on Monday, February 23rd. Three research analysts have rated the stock with a Hold rating and six have issued a Sell rating to the company. According to MarketBeat, Avis Budget Group has a consensus rating of "Strong Sell" and an average price target of $124.00.

About Avis Budget Group

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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