Moors & Cabot Inc. Buys Shares of 1,475 Avis Budget Group, Inc. $CAR

Moors & Cabot Inc. bought a new stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,475 shares of the business services provider’s stock, valued at approximately $249,000.

Other hedge funds also recently modified their holdings of the company. Fifth Third Bancorp lifted its stake in Avis Budget Group by 32.6% in the second quarter. Fifth Third Bancorp now owns 228 shares of the business services provider’s stock valued at $39,000 after purchasing an additional 56 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of Avis Budget Group by 421.1% in the first quarter. Caitong International Asset Management Co. Ltd now owns 839 shares of the business services provider’s stock valued at $64,000 after buying an additional 678 shares during the period. Quarry LP raised its stake in shares of Avis Budget Group by 399.5% in the first quarter. Quarry LP now owns 909 shares of the business services provider’s stock valued at $69,000 after buying an additional 727 shares during the period. Parallel Advisors LLC lifted its position in shares of Avis Budget Group by 233.5% during the 2nd quarter. Parallel Advisors LLC now owns 527 shares of the business services provider’s stock valued at $89,000 after buying an additional 369 shares during the last quarter. Finally, New Age Alpha Advisors LLC purchased a new position in shares of Avis Budget Group during the 1st quarter valued at $104,000. Institutional investors own 96.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Barclays lowered their price objective on 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. Zacks Research downgraded shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a research note on Monday, October 20th. JPMorgan Chase & Co. upped their price target on shares of Avis Budget Group from $155.00 to $157.00 and gave the company a “neutral” rating in a research note on Monday, October 20th. Bank of America reaffirmed an “underperform” rating and issued a $113.00 price objective (down from $120.00) on shares of Avis Budget Group in a report on Wednesday, August 20th. Finally, The Goldman Sachs Group reissued a “sell” rating and set a $105.00 target price (up previously from $87.00) on shares of Avis Budget Group in a report on Friday, August 1st. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, Avis Budget Group currently has a consensus rating of “Reduce” and a consensus price target of $136.83.

Avis Budget Group Trading Up 3.6%

CAR stock opened at $143.31 on Monday. The firm has a 50 day moving average of $152.23 and a 200-day moving average of $147.89. Avis Budget Group, Inc. has a 12 month low of $54.03 and a 12 month high of $212.81. The firm has a market capitalization of $5.04 billion, a P/E ratio of -2.40 and a beta of 2.12.

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

Insider Buying and Selling at Avis Budget Group

In related news, EVP Edward P. Linnen sold 10,000 shares of the 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 sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 52.80% of the company’s stock.

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.