Avis Budget Group, Inc. $CAR Shares Acquired by Mizuho Markets Americas LLC

Mizuho Markets Americas LLC lifted its holdings in Avis Budget Group, Inc. (NASDAQ:CAR) by 7.4% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 400,000 shares of the business services provider’s stock after purchasing an additional 27,500 shares during the period. Avis Budget Group makes up approximately 1.6% of Mizuho Markets Americas LLC’s holdings, making the stock its 20th largest holding. Mizuho Markets Americas LLC’s holdings in Avis Budget Group were worth $58,340,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Quarry LP acquired a new stake in Avis Budget Group in the 4th quarter valued at about $27,000. Caitong International Asset Management Co. Ltd lifted its stake in Avis Budget Group by 1,845.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 214 shares of the business services provider’s stock worth $27,000 after purchasing an additional 203 shares in the last quarter. Basepoint Wealth LLC acquired a new position in shares of Avis Budget Group during the 4th quarter worth approximately $32,000. Hollencrest Capital Management acquired a new position in shares of Avis Budget Group during the 1st quarter worth approximately $44,000. Finally, Hantz Financial Services Inc. grew its position in shares of Avis Budget Group by 70.4% in the fourth quarter. Hantz Financial Services Inc. now owns 431 shares of the business services provider’s stock valued at $55,000 after purchasing an additional 178 shares in the last quarter. 96.35% of the stock is owned by hedge funds and other institutional investors.

Avis Budget Group Price Performance

Shares of NASDAQ CAR opened at $159.04 on Friday. The company has a 50 day simple moving average of $167.67 and a 200-day simple moving average of $166.24. The company has a market capitalization of $5.62 billion, a P/E ratio of -8.35 and a beta of 1.91. Avis Budget Group, Inc. has a 1 year low of $85.96 and a 1 year high of $847.70.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Wednesday, April 29th. The business services provider reported ($8.01) EPS for the quarter, missing analysts’ consensus estimates of ($6.82) by ($1.19). The company had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.43 billion. The business’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($14.35) EPS. As a group, research analysts expect that Avis Budget Group, Inc. will post 2.93 EPS for the current year.

Analysts Set New Price Targets

CAR has been the subject of several recent research reports. JPMorgan Chase & Co. increased their price target on Avis Budget Group from $155.00 to $170.00 and gave the company an “underweight” rating in a report on Tuesday, June 23rd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $125.00 price objective on shares of Avis Budget Group in a research note on Friday, May 1st. Susquehanna upped their target price on Avis Budget Group from $105.00 to $140.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Jefferies Financial Group downgraded Avis Budget Group from a “buy” rating to a “hold” rating and raised their target price for the stock from $112.00 to $160.00 in a research note on Friday, May 1st. Finally, Morgan Stanley lifted their price target on Avis Budget Group from $97.00 to $99.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 20th. Six investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, Avis Budget Group has a consensus rating of “Reduce” and an average target price of $131.50.

Insiders Place Their Bets

In other news, EVP Ravi Simhambhatla sold 3,469 shares of the stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $184.09, for a total transaction of $638,608.21. Following the completion of the transaction, the executive vice president directly owned 13,876 shares in the company, valued at approximately $2,554,432.84. This represents a 20.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Edward P. Linnen sold 9,483 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $182.32, for a total value 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 50.48% of the stock is owned by insiders.

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.