GAMMA Investing LLC Raises Stake in Avis Budget Group, Inc. $CAR

GAMMA Investing LLC increased its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 101.6% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 901 shares of the business services provider’s stock after purchasing an additional 454 shares during the period. GAMMA Investing LLC’s holdings in Avis Budget Group were worth $152,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. UMB Bank n.a. increased its stake in Avis Budget Group by 106.9% in the 1st quarter. UMB Bank n.a. now owns 478 shares of the business services provider’s stock worth $36,000 after acquiring an additional 247 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its stake in Avis Budget Group by 421.1% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 839 shares of the business services provider’s stock worth $64,000 after acquiring an additional 678 shares during the last quarter. Quarry LP increased its stake in Avis Budget Group by 399.5% in the 1st quarter. Quarry LP now owns 909 shares of the business services provider’s stock worth $69,000 after acquiring an additional 727 shares during the last quarter. Parallel Advisors LLC increased its stake in Avis Budget Group by 233.5% in the 2nd quarter. Parallel Advisors LLC now owns 527 shares of the business services provider’s stock worth $89,000 after acquiring an additional 369 shares during the last quarter. Finally, New Age Alpha Advisors LLC bought a new position in Avis Budget Group in the 1st quarter worth about $104,000. 96.35% of the stock is currently owned by institutional investors.

Avis Budget Group Stock Up 0.2%

CAR opened at $161.53 on Tuesday. The stock has a market cap of $5.68 billion, a PE ratio of -2.55 and a beta of 2.12. The business has a 50 day moving average of $163.51 and a 200-day moving average of $131.59. Avis Budget Group, Inc. has a 52 week low of $54.03 and a 52 week high of $212.81.

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 analysts’ consensus estimates 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 company had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.02 billion. During the same period last year, the business earned $0.41 EPS. The firm’s quarterly revenue was down .3% on a year-over-year basis. Equities analysts anticipate that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Insiders Place Their Bets

In other Avis Budget Group news, Director Bernardo Hees sold 402,200 shares of Avis Budget Group stock in a transaction on Monday, August 4th. The stock was sold at an average price of $156.59, for a total value of $62,980,498.00. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Edward P. Linnen sold 10,000 shares of Avis Budget Group stock in a transaction 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 completion of the sale, 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 position. The disclosure for this sale can be found here. 52.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CAR. Bank of America restated an “underperform” rating and issued a $113.00 target price (down from $120.00) on shares of Avis Budget Group in a research note on Wednesday, August 20th. The Goldman Sachs Group restated a “sell” rating and issued a $105.00 target price (up from $87.00) on shares of Avis Budget Group in a research note on Friday, August 1st. Barclays increased their price objective on 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. Zacks Research upgraded Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 21st. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $196.00 price objective (up from $130.00) on shares of Avis Budget Group in a research report on Thursday, July 10th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $143.80.

About Avis Budget Group

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.