Envestnet Portfolio Solutions Inc. Decreases Stock Position in Avis Budget Group, Inc. $CAR

Envestnet Portfolio Solutions Inc. reduced its position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 43.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,445 shares of the business services provider’s stock after selling 5,669 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Avis Budget Group were worth $1,195,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CAR. Fifth Third Bancorp grew its stake in shares of Avis Budget Group by 32.6% during the second quarter. Fifth Third Bancorp now owns 228 shares of the business services provider’s stock valued at $39,000 after acquiring an additional 56 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Avis Budget Group by 19.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock valued at $72,000 after purchasing an additional 70 shares in the last quarter. Allworth Financial LP increased its holdings in Avis Budget Group by 125.7% during the 2nd quarter. Allworth Financial LP now owns 474 shares of the business services provider’s stock worth $80,000 after purchasing an additional 264 shares during the last quarter. GAMMA Investing LLC increased its holdings in Avis Budget Group by 101.6% during the 2nd quarter. GAMMA Investing LLC now owns 901 shares of the business services provider’s stock worth $152,000 after purchasing an additional 454 shares during the last quarter. Finally, Vident Advisory LLC acquired a new position in shares of Avis Budget Group in the 2nd quarter valued at approximately $211,000. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. Zacks Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 18th. Susquehanna dropped their target price on shares of Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating for the company in a research report on Wednesday, October 29th. Barclays cut their target price on shares of Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating on the stock in a research note on Monday, November 3rd. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $142.00 price target (up from $115.00) on shares of Avis Budget Group in a research note on Monday, December 8th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $137.57.

Avis Budget Group Stock Performance

Avis Budget Group stock opened at $117.52 on Wednesday. Avis Budget Group, Inc. has a 1 year low of $54.03 and a 1 year high of $212.81. The firm’s 50-day moving average is $129.28 and its 200-day moving average is $148.31. The company has a market cap of $4.14 billion, a P/E ratio of -1.97 and a beta of 2.31.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Monday, October 27th. The business services provider reported $10.11 earnings per share for the quarter, topping the consensus estimate of $8.11 by $2.00. The business had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.47 billion. During the same quarter last year, the company earned $6.65 EPS. Avis Budget Group’s revenue was up 1.1% compared to the same quarter last year. As a group, sell-side analysts predict that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

Avis Budget Group Company 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.