Ethic Inc. Buys Shares of 2,572 Avis Budget Group, Inc. (NASDAQ:CAR)

Ethic Inc. acquired a new position in shares of Avis Budget Group, Inc. (NASDAQ:CAR) in the 4th quarter, Holdings Channel reports. The fund acquired 2,572 shares of the business services provider’s stock, valued at approximately $207,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Aster Capital Management DIFC Ltd purchased a new position in shares of Avis Budget Group during the fourth quarter worth about $25,000. Quadrant Capital Group LLC grew its holdings in shares of Avis Budget Group by 41.0% during the fourth quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider’s stock worth $55,000 after purchasing an additional 198 shares in the last quarter. Sterling Capital Management LLC grew its holdings in shares of Avis Budget Group by 41.3% during the fourth quarter. Sterling Capital Management LLC now owns 736 shares of the business services provider’s stock worth $59,000 after purchasing an additional 215 shares in the last quarter. Signaturefd LLC grew its holdings in shares of Avis Budget Group by 31.8% during the fourth quarter. Signaturefd LLC now owns 936 shares of the business services provider’s stock worth $75,000 after purchasing an additional 226 shares in the last quarter. Finally, Covestor Ltd grew its holdings in shares of Avis Budget Group by 36.1% during the fourth quarter. Covestor Ltd now owns 1,353 shares of the business services provider’s stock worth $109,000 after purchasing an additional 359 shares in the last quarter. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Avis Budget Group Price Performance

NASDAQ:CAR opened at $108.84 on Friday. The business has a 50 day moving average of $79.57 and a 200 day moving average of $86.46. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of -2.10 and a beta of 2.10. Avis Budget Group, Inc. has a 1-year low of $54.03 and a 1-year high of $119.50.

Avis Budget Group (NASDAQ:CAR) last announced its quarterly earnings data on Wednesday, May 7th. The business services provider reported ($14.35) earnings per share for the quarter, missing the consensus estimate of ($5.72) by ($8.63). Avis Budget Group had a negative net margin of 15.45% and a negative return on equity of 14.74%. The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.49 billion. During the same quarter in the previous year, the firm posted ($3.21) EPS. The business’s revenue for the quarter was down 4.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Wall Street Analysts Forecast Growth

CAR has been the subject of several recent analyst reports. The Goldman Sachs Group cut their price objective on Avis Budget Group from $100.00 to $87.00 and set a “neutral” rating for the company in a report on Friday, May 9th. JPMorgan Chase & Co. boosted their target price on Avis Budget Group from $145.00 to $155.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. Finally, StockNews.com upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 3rd. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Avis Budget Group currently has an average rating of “Hold” and a consensus target price of $117.00.

Insider Buying and Selling at Avis Budget Group

In related news, Director Lynn Krominga sold 661 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $95.00, for a total transaction of $62,795.00. Following the completion of the transaction, the director now owns 3,355 shares in the company, valued at $318,725. This represents a 16.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 52.80% of the company’s stock.

About Avis Budget Group

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.