Belpointe Asset Management LLC Buys New Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Belpointe Asset Management LLC bought a new stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR – Get Rating) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 570 shares of the business services provider’s stock, valued at approximately $93,000.

Several other hedge funds also recently added to or reduced their stakes in the business. State Street Corp increased its position in Avis Budget Group by 1.2% during the 1st quarter. State Street Corp now owns 1,458,488 shares of the business services provider’s stock valued at $384,020,000 after buying an additional 16,655 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Avis Budget Group by 0.6% in the first quarter. Northern Trust Corp now owns 622,685 shares of the business services provider’s stock valued at $163,952,000 after purchasing an additional 3,626 shares during the period. Toronto Dominion Bank acquired a new position in shares of Avis Budget Group in the fourth quarter valued at about $97,480,000. Renaissance Technologies LLC increased its holdings in shares of Avis Budget Group by 80.2% in the third quarter. Renaissance Technologies LLC now owns 238,200 shares of the business services provider’s stock valued at $35,363,000 after purchasing an additional 106,000 shares during the period. Finally, Hsbc Holdings PLC increased its holdings in shares of Avis Budget Group by 20.9% in the third quarter. Hsbc Holdings PLC now owns 187,033 shares of the business services provider’s stock valued at $27,873,000 after purchasing an additional 32,334 shares during the period. 98.31% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Avis Budget Group news, Director Lynn Krominga sold 887 shares of the business’s stock in a transaction on Wednesday, February 22nd. The stock was sold at an average price of $226.30, for a total transaction of $200,728.10. Following the transaction, the director now owns 628 shares of the company’s stock, valued at $142,116.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 37.30% of the stock is currently owned by corporate insiders.

Avis Budget Group Price Performance

Shares of NASDAQ:CAR opened at $160.32 on Friday. The business’s 50 day moving average price is $176.01 and its 200-day moving average price is $194.86. The firm has a market capitalization of $6.37 billion, a PE ratio of 2.90 and a beta of 2.31. Avis Budget Group, Inc. has a 1 year low of $131.83 and a 1 year high of $251.26.

Avis Budget Group (NASDAQ:CAR – Get Rating) last released its quarterly earnings data on Monday, May 1st. The business services provider reported $7.72 earnings per share for the quarter, topping analysts’ consensus estimates of $3.34 by $4.38. The company had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.54 billion. Avis Budget Group had a negative return on equity of 448.41% and a net margin of 21.02%. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $9.99 earnings per share. As a group, analysts expect that Avis Budget Group, Inc. will post 33.99 earnings per share for the current year.

Analyst Upgrades and Downgrades

CAR has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft cut their price objective on Avis Budget Group from $261.00 to $239.00 in a report on Wednesday, May 3rd. Susquehanna cut their price objective on Avis Budget Group from $240.00 to $195.00 in a report on Wednesday, May 3rd. JPMorgan Chase & Co. increased their price objective on Avis Budget Group from $270.00 to $275.00 and gave the company an “overweight” rating in a report on Wednesday, February 15th. StockNews.com assumed coverage on Avis Budget Group in a report on Thursday. They issued a “hold” rating on the stock. Finally, Morgan Stanley raised Avis Budget Group from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $175.00 to $185.00 in a report on Friday, May 5th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $221.00.

Avis Budget Group Profile

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Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the Americas and International segments. The Americas segment includes the company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America, and the Caribbean.