Cibc World Market Inc. Acquires 300,000 Shares of Avis Budget Group, Inc. $CAR

Cibc World Market Inc. grew its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 75.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 700,005 shares of the business services provider’s stock after buying an additional 300,000 shares during the period. Cibc World Market Inc.’s holdings in Avis Budget Group were worth $89,825,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CAR. Basepoint Wealth LLC bought a new position in Avis Budget Group in the 4th quarter worth about $32,000. Hantz Financial Services Inc. boosted its stake in Avis Budget Group by 136.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 253 shares of the business services provider’s stock worth $41,000 after purchasing an additional 146 shares in the last quarter. American Wealth Advisors LLC bought a new position in Avis Budget Group in the 3rd quarter worth about $41,000. Northwestern Mutual Wealth Management Co. boosted its stake in Avis Budget Group by 26.5% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock worth $58,000 after purchasing an additional 76 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Avis Budget Group by 19.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock worth $72,000 after purchasing an additional 70 shares in the last quarter. Institutional investors own 96.35% of the company’s stock.

Wall Street Analysts Forecast Growth

CAR has been the topic of a number of analyst reports. Susquehanna upped their price target on shares of Avis Budget Group from $105.00 to $140.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Morgan Stanley upped their price target on shares of Avis Budget Group from $97.00 to $99.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $125.00 price target on shares of Avis Budget Group in a research note on Friday, May 1st. Barclays dropped their price target on shares of Avis Budget Group from $150.00 to $140.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 5th. Finally, Zacks Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 6th. Five equities research analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $125.25.

Insider Activity

In other news, EVP Ravi Simhambhatla sold 3,469 shares of the company’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $184.09, for a total transaction of $638,608.21. Following the completion of the sale, the executive vice president owned 13,876 shares of the company’s stock, valued at $2,554,432.84. This represents a 20.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Edward P. Linnen sold 9,483 shares of the company’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $182.32, for a total transaction of $1,728,940.56. Following the sale, the executive vice president directly owned 37,932 shares of the company’s stock, valued at $6,915,762.24. The trade was a 20.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 16,299 shares of company stock valued at $3,836,012 in the last quarter. 50.48% of the stock is currently owned by insiders.

Avis Budget Group Stock Performance

CAR opened at $173.86 on Thursday. The stock has a market capitalization of $6.14 billion, a P/E ratio of -9.13 and a beta of 1.87. The company’s 50-day simple moving average is $225.05 and its two-hundred day simple moving average is $156.70. Avis Budget Group, Inc. has a 52-week low of $85.96 and a 52-week high of $847.70.

Avis Budget Group (NASDAQ:CAR) last posted its earnings results on Wednesday, April 29th. The business services provider reported ($8.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($6.82) by ($1.19). The business had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the prior year, the company earned ($14.35) EPS. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. Research analysts forecast that Avis Budget Group, Inc. will post 2.93 EPS for the current fiscal year.

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.