Key Points
- Pentwater Capital bought 425,000 shares of Avis Budget (NASDAQ:CAR) on Feb. 20 at an average $94.26 per share—a $40.06 million purchase that raised its stake to 3,987,100 shares (an 11.93% increase) valued at about $375.8 million.
- Shares reportedly jumped about 7.2%, but analyst sentiment is weak: MarketBeat shows an average rating of "Reduce" with an average target of $134.71 and multiple recent downgrades and lower price targets.
- For context, CAR opened at $93.99, trades in a 52-week range of $54.03–$212.81, has a market cap of ~$3.31 billion and a negative P/E of -3.70, while institutional investors own roughly 96% of the stock.
Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report) Director Lynn Krominga sold 1,950 shares of the firm's stock in a transaction on Friday, February 20th. The shares were sold at an average price of $91.54, for a total value of $178,503.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Avis Budget Group Price Performance
NASDAQ CAR opened at $93.99 on Wednesday. The company has a fifty day moving average price of $121.51 and a 200-day moving average price of $138.33. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of -3.70 and a beta of 2.33. Avis Budget Group, Inc. has a 1 year low of $54.03 and a 1 year high of $212.81.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently weighed in on the company. Zacks Research downgraded Avis Budget Group from a "hold" rating to a "strong sell" rating in a research note on Thursday, February 19th. Susquehanna decreased their price target on Avis Budget Group from $145.00 to $130.00 and set a "neutral" rating for the company in a research report on Wednesday, October 29th. Wall Street Zen cut Avis Budget Group from a "hold" rating to a "sell" rating in a research report on Saturday. Weiss Ratings restated a "sell (d)" rating on shares of Avis Budget Group in a research note on Wednesday, January 21st. Finally, Morgan Stanley reaffirmed an "equal weight" rating and set a $142.00 target price (up from $115.00) on shares of Avis Budget Group in a research report on Monday, December 8th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and an average price target of $134.71.
View Our Latest Stock Analysis on CAR
Institutional Investors Weigh In On Avis Budget Group
Hedge funds have recently modified their holdings of the stock. Royal Bank of Canada lifted its stake in Avis Budget Group by 414.0% in the first quarter. Royal Bank of Canada now owns 17,860 shares of the business services provider's stock valued at $1,355,000 after purchasing an additional 14,385 shares during the last quarter. Empowered Funds LLC raised its stake in shares of Avis Budget Group by 10.1% in the first quarter. Empowered Funds LLC now owns 3,749 shares of the business services provider's stock valued at $285,000 after buying an additional 343 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Avis Budget Group by 16.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 65,023 shares of the business services provider's stock valued at $4,935,000 after buying an additional 9,246 shares during the period. Ethic Inc. purchased a new position in shares of Avis Budget Group during the 2nd quarter valued at $330,000. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Avis Budget Group during the 2nd quarter worth $1,297,000. Institutional investors own 96.35% of the company's stock.
About Avis Budget Group
(
Get Free Report)
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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