Avis Budget Group, Inc. (NASDAQ:CAR) Stake Lowered by Guggenheim Capital LLC

Posted by Defense World Staff on Sep 5th, 2023

Guggenheim Capital LLC cut its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR – Free Report) by 20.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,933 shares of the business services provider’s stock after selling 990 shares during the quarter. Guggenheim Capital LLC’s holdings in Avis Budget Group were worth $766,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CAR. HighTower Advisors LLC bought a new position in Avis Budget Group in the 1st quarter worth approximately $270,000. Great West Life Assurance Co. Can grew its holdings in Avis Budget Group by 8.1% in the 1st quarter. Great West Life Assurance Co. Can now owns 26,716 shares of the business services provider’s stock worth $7,275,000 after buying an additional 1,999 shares in the last quarter. Bridgewater Associates LP grew its holdings in Avis Budget Group by 246.2% in the 1st quarter. Bridgewater Associates LP now owns 6,685 shares of the business services provider’s stock worth $1,760,000 after buying an additional 4,754 shares in the last quarter. Federated Hermes Inc. grew its holdings in Avis Budget Group by 6.5% in the 1st quarter. Federated Hermes Inc. now owns 11,383 shares of the business services provider’s stock worth $2,997,000 after buying an additional 696 shares in the last quarter. Finally, Utah Retirement Systems bought a new position in Avis Budget Group in the 1st quarter worth approximately $1,369,000. 98.26% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CAR has been the subject of a number of research reports. StockNews.com initiated coverage on Avis Budget Group in a research note on Thursday, August 17th. They set a “hold” rating for the company. Deutsche Bank Aktiengesellschaft lowered Avis Budget Group from a “buy” rating to a “hold” rating and set a $263.00 price target for the company. in a research note on Thursday, July 20th. JPMorgan Chase & Co. increased their price target on Avis Budget Group from $265.00 to $275.00 and gave the company an “overweight” rating in a research note on Wednesday, August 2nd. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $230.00 price target on shares of Avis Budget Group in a research note on Friday, August 4th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Avis Budget Group presently has an average rating of “Hold” and an average target price of $243.00.

View Our Latest Report on CAR

Insider Activity

In other news, insider Patrick K. Rankin sold 14,917 shares of the stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $202.55, for a total value of $3,021,438.35. Following the completion of the sale, the insider now owns 59,672 shares in the company, valued at $12,086,563.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 48.80% of the company’s stock.

Avis Budget Group Stock Performance

Shares of NASDAQ:CAR opened at $212.22 on Tuesday. Avis Budget Group, Inc. has a one year low of $131.83 and a one year high of $251.26. The stock has a fifty day moving average of $226.90 and a 200-day moving average of $201.67. The company has a market capitalization of $8.22 billion, a PE ratio of 4.20 and a beta of 2.41.

Avis Budget Group (NASDAQ:CAR – Get Free Report) last released its earnings results on Tuesday, August 1st. The business services provider reported $11.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.79 by $1.22. The company had revenue of $3.12 billion during the quarter, compared to analyst estimates of $3.21 billion. Avis Budget Group had a negative return on equity of 500.85% and a net margin of 18.37%. The company’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $15.94 earnings per share. As a group, research analysts forecast that Avis Budget Group, Inc. will post 36.92 EPS for the current fiscal year.

Avis Budget Group Profile

(Free Report)

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of approximately 415 dealer-operated and 390 company-operated locations that serve the light commercial and consumer sectors in the continental United States; and the Zipcar brand, a car sharing network.