Avis Budget Group, Inc. $CAR Shares Bought by Parallel Advisors LLC

Parallel Advisors LLC grew its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 233.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 527 shares of the business services provider’s stock after purchasing an additional 369 shares during the period. Parallel Advisors LLC’s holdings in Avis Budget Group were worth $89,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of CAR. Mizuho Markets Americas LLC acquired 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 in the 1st quarter worth about $10,414,000. SG Americas Securities LLC increased its holdings in shares of 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 acquiring an additional 90,851 shares during the period. Shellback Capital LP acquired a new stake in shares of Avis Budget Group in the 1st quarter worth about $3,795,000. Finally, Intech Investment Management LLC increased its holdings in shares of Avis Budget Group by 81.4% in the 1st quarter. Intech Investment Management LLC now owns 109,646 shares of the business services provider’s stock worth $8,322,000 after acquiring an additional 49,187 shares during the period. 96.35% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Edward P. Linnen sold 10,000 shares of the firm’s stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $156.83, for a total transaction of $1,568,300.00. Following the completion of the transaction, the executive vice president owned 40,915 shares in the company, valued at approximately $6,416,699.45. This trade represents a 19.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Bernardo Hees sold 402,200 shares of the firm’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $156.59, for a total transaction of $62,980,498.00. Following the transaction, the director 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 Trading Up 1.4%

NASDAQ:CAR opened at $161.68 on Thursday. Avis Budget Group, Inc. has a twelve month low of $54.03 and a twelve month high of $212.81. The company has a 50-day moving average of $165.36 and a 200-day moving average of $128.60. The firm has a market cap of $5.69 billion, a price-to-earnings ratio of -2.56 and a beta of 2.11.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings data on Tuesday, July 29th. The business services provider reported $0.10 earnings per share for the quarter, missing the consensus estimate of $2.02 by ($1.92). Avis Budget Group had a negative net margin of 19.06% and a negative return on equity of 14.74%. The business had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter last year, the business posted $0.41 EPS. The business’s revenue for the quarter was down .3% on a year-over-year basis. On average, research analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on CAR. Bank of America reaffirmed an “underperform” rating and issued a $113.00 price objective (down previously from $120.00) on shares of Avis Budget Group in a report on Wednesday, August 20th. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $105.00 price objective (up previously from $87.00) on shares of Avis Budget Group in a report on Friday, August 1st. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $155.00 price objective on shares of Avis Budget Group in a report on Thursday, July 31st. Barclays increased their price objective on shares of Avis Budget Group from $105.00 to $150.00 and gave the stock an “equal weight” rating in a report on Monday, August 4th. Finally, Zacks Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 21st. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $143.80.

Avis Budget Group Company Profile

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.