Pentwater Capital Management L Acquires 425,000 Shares of Avis Budget Group (NASDAQ:CAR) Stock

Avis Budget Group, Inc. (NASDAQ:CAR) major shareholder Pentwater Capital Management L acquired 425,000 shares of Avis Budget Group stock in a transaction dated Friday, February 20th. The shares were acquired at an average price of $94.26 per share, with a total value of $40,060,500.00. Following the completion of the transaction, the insider owned 3,987,100 shares of the company’s stock, valued at approximately $375,824,046. This trade represents a 11.93% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Avis Budget Group Price Performance

CAR opened at $92.90 on Thursday. The stock’s 50 day moving average price is $120.76 and its 200 day moving average price is $138.01. The stock has a market cap of $3.28 billion, a P/E ratio of -3.66 and a beta of 2.33. Avis Budget Group, Inc. has a 12 month low of $54.03 and a 12 month high of $212.81.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Susquehanna dropped their price target on shares of Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 29th. Weiss Ratings reissued a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, January 21st. Zacks Research downgraded Avis Budget Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 19th. Barclays lowered their price target on Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Monday, November 3rd. Finally, Wall Street Zen downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Avis Budget Group presently has a consensus rating of “Reduce” and an average target price of $134.71.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Avis Budget Group by 1,443.0% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 15,955 shares of the business services provider’s stock worth $2,562,000 after purchasing an additional 14,921 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in Avis Budget Group during the 2nd quarter worth about $1,297,000. Retirement Systems of Alabama lifted its stake in Avis Budget Group by 49.3% during the third quarter. Retirement Systems of Alabama now owns 30,825 shares of the business services provider’s stock valued at $4,950,000 after buying an additional 10,179 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Avis Budget Group during the third quarter valued at about $2,726,000. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Avis Budget Group by 62.7% in the third quarter. Assenagon Asset Management S.A. now owns 384,401 shares of the business services provider’s stock worth $61,725,000 after buying an additional 148,093 shares during the period. Institutional investors and hedge funds own 96.35% of the company’s stock.

About Avis Budget Group

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.