Diligent Investors LLC Purchases New Position in Avis Budget Group, Inc. $CAR

Diligent Investors LLC acquired a new position in shares of Avis Budget Group, Inc. (NASDAQ:CARFree Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,488 shares of the business services provider’s stock, valued at approximately $421,000.

A number of other hedge funds have also recently added to or reduced their stakes in CAR. Mizuho Markets Americas LLC bought a new stake in shares of Avis Budget Group during the first quarter worth $18,975,000. Jump Financial LLC acquired a new stake in shares of Avis Budget Group during the 1st quarter valued at $10,414,000. Assenagon Asset Management S.A. grew its position in Avis Budget Group by 92.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 236,308 shares of the business services provider’s stock worth $39,948,000 after acquiring an additional 113,278 shares during the last quarter. SG Americas Securities LLC increased its holdings in Avis Budget Group by 281.1% in the 1st quarter. SG Americas Securities LLC now owns 123,176 shares of the business services provider’s stock worth $9,349,000 after purchasing an additional 90,851 shares in the last quarter. Finally, Shellback Capital LP acquired a new position in Avis Budget Group in the 1st quarter worth about $3,795,000. Institutional investors and hedge funds own 96.35% of the company’s stock.

Avis Budget Group Stock Performance

NASDAQ:CAR opened at $154.56 on Friday. Avis Budget Group, Inc. has a 52 week low of $54.03 and a 52 week high of $212.81. The firm’s fifty day moving average is $159.76 and its 200-day moving average is $133.84. The firm has a market cap of $5.44 billion, a P/E ratio of -2.44 and a beta of 2.03.

Avis Budget Group (NASDAQ:CARGet Free Report) last issued its quarterly earnings results 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 business had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.02 billion. During the same quarter in the prior year, the business earned $0.41 earnings per share. The company’s revenue was down .3% on a year-over-year basis. As a group, sell-side analysts anticipate that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CAR. Bank of America reissued an “underperform” rating and set a $113.00 price target (down from $120.00) on shares of Avis Budget Group in a research note on Wednesday, August 20th. Weiss Ratings reissued a “sell (d)” rating on shares of Avis Budget Group in a report on Saturday, September 27th. Barclays upped their price target on shares of Avis Budget Group from $105.00 to $150.00 and gave the company an “equal weight” rating in a research report on Monday, August 4th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $196.00 price objective (up previously from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. Finally, Zacks Research upgraded Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Thursday, August 21st. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $143.80.

View Our Latest Stock Report on CAR

Insider Activity at Avis Budget Group

In other Avis Budget Group news, EVP Edward P. Linnen sold 10,000 shares of the business’s 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 directly owned 40,915 shares of the company’s stock, valued at approximately $6,416,699.45. The trade was a 19.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Bernardo Hees sold 402,200 shares of the firm’s 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 sale, the director directly owned 116,521 shares of the company’s stock, valued at approximately $18,246,023.39. This trade represents a 77.54% 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 Profile

(Free Report)

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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Institutional Ownership by Quarter for Avis Budget Group (NASDAQ:CAR)

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