Avis Budget Group, Inc. (NASDAQ:CAR) Shares Sold by Pictet Asset Management SA

Pictet Asset Management SA lowered its stake in shares of Avis Budget Group, Inc. (NASDAQ:CARGet Rating) by 6.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,752 shares of the business services provider’s stock after selling 195 shares during the quarter. Pictet Asset Management SA’s holdings in Avis Budget Group were worth $405,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in CAR. Truist Financial Corp lifted its stake in Avis Budget Group by 7.9% during the first quarter. Truist Financial Corp now owns 1,393 shares of the business services provider’s stock worth $367,000 after purchasing an additional 102 shares during the last quarter. National Asset Management Inc. bought a new position in Avis Budget Group during the first quarter worth $614,000. Envestnet Asset Management Inc. lifted its stake in Avis Budget Group by 14.3% during the first quarter. Envestnet Asset Management Inc. now owns 3,050 shares of the business services provider’s stock worth $803,000 after purchasing an additional 382 shares during the last quarter. Commonwealth Equity Services LLC bought a new position in Avis Budget Group during the first quarter worth $240,000. Finally, Victory Capital Management Inc. lifted its stake in Avis Budget Group by 81.7% during the first quarter. Victory Capital Management Inc. now owns 11,444 shares of the business services provider’s stock worth $3,063,000 after purchasing an additional 5,145 shares during the last quarter. 98.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CAR has been the topic of a number of recent research reports. JPMorgan Chase & Co. upgraded Avis Budget Group from a “neutral” rating to an “overweight” rating and raised their target price for the company from $230.00 to $231.00 in a research note on Monday, October 24th. Deutsche Bank Aktiengesellschaft raised their target price on Avis Budget Group from $218.00 to $233.00 in a research note on Wednesday, November 2nd. Morgan Stanley raised their target price on Avis Budget Group from $150.00 to $160.00 and gave the company an “underweight” rating in a research note on Thursday, November 3rd. StockNews.com initiated coverage on Avis Budget Group in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, Jefferies Financial Group cut Avis Budget Group to a “buy” rating and cut their target price for the company from $309.00 to $270.00 in a research note on Tuesday, October 25th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Avis Budget Group has an average rating of “Hold” and a consensus target price of $215.33.

Insider Buying and Selling

In related news, SVP Jean M. Sera sold 4,172 shares of Avis Budget Group stock in a transaction dated Thursday, November 3rd. The stock was sold at an average price of $234.75, for a total transaction of $979,377.00. Following the transaction, the senior vice president now directly owns 18,535 shares of the company’s stock, valued at $4,351,091.25. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Patrick K. Rankin sold 10,000 shares of Avis Budget Group stock in a transaction dated Tuesday, November 22nd. The stock was sold at an average price of $230.05, for a total value of $2,300,500.00. Following the transaction, the insider now owns 41,935 shares of the company’s stock, valued at approximately $9,647,146.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jean M. Sera sold 4,172 shares of Avis Budget Group stock in a transaction dated Thursday, November 3rd. The stock was sold at an average price of $234.75, for a total value of $979,377.00. Following the completion of the transaction, the senior vice president now directly owns 18,535 shares in the company, valued at approximately $4,351,091.25. The disclosure for this sale can be found here. Insiders have sold a total of 23,172 shares of company stock valued at $5,266,897 over the last three months. Company insiders own 37.30% of the company’s stock.

Avis Budget Group Stock Performance

Shares of CAR opened at $222.79 on Thursday. The firm has a market capitalization of $9.24 billion, a price-to-earnings ratio of 4.15 and a beta of 2.26. Avis Budget Group, Inc. has a one year low of $131.83 and a one year high of $327.80. The stock’s fifty day moving average is $194.64 and its 200-day moving average is $180.98.

Avis Budget Group (NASDAQ:CARGet Rating) last released its earnings results on Monday, October 31st. The business services provider reported $21.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $14.80 by $6.90. The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.54 billion. Avis Budget Group had a negative return on equity of 473.08% and a net margin of 23.09%. Avis Budget Group’s revenue was up 18.2% compared to the same quarter last year. During the same period in the previous year, the company earned $10.74 earnings per share. Analysts forecast that Avis Budget Group, Inc. will post 52.75 EPS for the current fiscal year.

About Avis Budget Group

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Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 465 dealer-operated and 385 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car sharing network.

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

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