First Trust Advisors LP Sells 4,275 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

Posted by on May 27th, 2023

First Trust Advisors LP lessened its stake in Avis Budget Group, Inc. (NASDAQ:CAR – Get Rating) by 9.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 41,465 shares of the business services provider’s stock after selling 4,275 shares during the period. First Trust Advisors LP owned about 0.10% of Avis Budget Group worth $6,797,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Toronto Dominion Bank bought a new position in Avis Budget Group during the fourth quarter worth about $97,480,000. Citigroup Inc. lifted its stake in Avis Budget Group by 1,413.8% during the fourth quarter. Citigroup Inc. now owns 242,376 shares of the business services provider’s stock worth $39,733,000 after purchasing an additional 226,365 shares during the period. Renaissance Technologies LLC lifted its stake in Avis Budget Group by 80.2% during the third quarter. Renaissance Technologies LLC now owns 238,200 shares of the business services provider’s stock worth $35,363,000 after purchasing an additional 106,000 shares during the period. Lighthouse Investment Partners LLC lifted its stake in Avis Budget Group by 257.1% during the third quarter. Lighthouse Investment Partners LLC now owns 100,000 shares of the business services provider’s stock worth $14,846,000 after purchasing an additional 72,000 shares during the period. Finally, Marshall Wace LLP bought a new position in Avis Budget Group during the third quarter worth about $9,274,000. Institutional investors own 98.31% of the company’s stock.

Avis Budget Group Price Performance

Shares of Avis Budget Group stock opened at $162.98 on Friday. The firm has a market cap of $6.48 billion, a P/E ratio of 2.95 and a beta of 2.31. The firm has a 50 day simple moving average of $174.17 and a 200 day simple moving average of $192.67. Avis Budget Group, Inc. has a fifty-two week low of $131.83 and a fifty-two week high of $251.26.

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CAR shares. Morgan Stanley upgraded shares of Avis Budget Group from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $175.00 to $185.00 in a research note on Friday, May 5th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Avis Budget Group from $261.00 to $239.00 in a report on Wednesday, May 3rd. JPMorgan Chase & Co. raised their price objective on shares of Avis Budget Group from $270.00 to $275.00 and gave the stock an “overweight” rating in a report on Wednesday, February 15th. Susquehanna dropped their price objective on shares of Avis Budget Group from $240.00 to $195.00 in a report on Wednesday, May 3rd. Finally, StockNews.com started coverage on shares of Avis Budget Group in a report on Thursday, May 18th. They set a “hold” rating for the company. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $221.00.

About Avis Budget Group

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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.

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Institutional Ownership by Quarter for Avis Budget Group (NASDAQ:CAR)

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