Gabelli Funds LLC Sells 15,000 Shares of Avis Budget Group, Inc. $CAR

Gabelli Funds LLC lessened its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 68.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,000 shares of the business services provider’s stock after selling 15,000 shares during the period. Gabelli Funds LLC’s holdings in Avis Budget Group were worth $1,124,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. EverSource Wealth Advisors LLC increased its stake in shares of Avis Budget Group by 19.6% during the second quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock valued at $72,000 after buying an additional 70 shares during the period. Deseret Mutual Benefit Administrators lifted its stake in Avis Budget Group by 102.3% in the third quarter. Deseret Mutual Benefit Administrators now owns 174 shares of the business services provider’s stock worth $28,000 after acquiring an additional 88 shares during the period. Wedmont Private Capital lifted its stake in Avis Budget Group by 6.1% in the third quarter. Wedmont Private Capital now owns 1,624 shares of the business services provider’s stock worth $242,000 after acquiring an additional 93 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Avis Budget Group by 7.8% in the third quarter. PNC Financial Services Group Inc. now owns 1,460 shares of the business services provider’s stock valued at $234,000 after acquiring an additional 106 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its holdings in Avis Budget Group by 4.7% in the second quarter. Quadrant Capital Group LLC now owns 2,624 shares of the business services provider’s stock valued at $444,000 after acquiring an additional 117 shares in the last quarter. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Zacks Research lowered shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a report on Thursday, February 19th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Avis Budget Group in a research note on Wednesday, January 21st. Barclays reduced their price target on shares of Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 26th. Morgan Stanley lowered their price objective on shares of Avis Budget Group from $142.00 to $97.00 and set an “equal weight” rating for the company in a report on Friday, March 6th. Finally, Wall Street Zen cut Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Saturday, February 21st. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $124.71.

Avis Budget Group Trading Up 5.6%

NASDAQ CAR opened at $101.18 on Thursday. Avis Budget Group, Inc. has a 12 month low of $54.03 and a 12 month high of $212.81. The stock’s fifty day moving average price is $114.15 and its 200-day moving average price is $133.90. The stock has a market cap of $3.57 billion, a P/E ratio of -3.99 and a beta of 2.32.

Insider Activity

In other news, major shareholder Pentwater Capital Management L bought 425,000 shares of the firm’s stock in a transaction on Friday, February 20th. The stock was acquired at an average cost of $94.26 per share, with a total value of $40,060,500.00. Following the completion of the acquisition, the insider owned 3,987,100 shares of the company’s stock, valued at approximately $375,824,046. This represents a 11.93% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lynn Krominga sold 1,950 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $91.54, for a total transaction of $178,503.00. The disclosure for this sale is available in the SEC filing. Corporate insiders own 52.80% of the company’s stock.

Avis Budget Group Profile

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.