Envestnet Portfolio Solutions Inc. Increases Holdings in Avis Budget Group, Inc. $CAR

Envestnet Portfolio Solutions Inc. lifted its position in Avis Budget Group, Inc. (NASDAQ:CAR) by 350.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,114 shares of the business services provider’s stock after purchasing an additional 10,202 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Avis Budget Group were worth $2,217,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Fifth Third Bancorp raised its position in Avis Budget Group by 32.6% during the second quarter. Fifth Third Bancorp now owns 228 shares of the business services provider’s stock valued at $39,000 after acquiring an additional 56 shares in the last quarter. Parallel Advisors LLC raised its position in Avis Budget Group by 233.5% during the second quarter. Parallel Advisors LLC now owns 527 shares of the business services provider’s stock valued at $89,000 after acquiring an additional 369 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its position in Avis Budget Group by 421.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 839 shares of the business services provider’s stock valued at $64,000 after acquiring an additional 678 shares in the last quarter. GAMMA Investing LLC raised its position in Avis Budget Group by 101.6% during the second quarter. GAMMA Investing LLC now owns 901 shares of the business services provider’s stock valued at $152,000 after acquiring an additional 454 shares in the last quarter. Finally, Quarry LP raised its position in Avis Budget Group by 399.5% during the first quarter. Quarry LP now owns 909 shares of the business services provider’s stock valued at $69,000 after acquiring an additional 727 shares in the last quarter. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Avis Budget Group news, EVP Edward P. Linnen sold 10,000 shares of the business’s stock in a transaction on Friday, August 15th. The stock was sold at an average price of $156.83, for a total transaction of $1,568,300.00. Following the transaction, the executive vice president owned 40,915 shares of the company’s stock, valued at approximately $6,416,699.45. The trade was a 19.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Bernardo Hees sold 402,200 shares of the business’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $156.59, for a total value of $62,980,498.00. Following the transaction, the director directly owned 116,521 shares in the company, valued at $18,246,023.39. This trade represents a 77.54% decrease in their position. The disclosure for this sale can be found here. Insiders own 52.80% of the company’s stock.

Avis Budget Group Stock Performance

NASDAQ CAR opened at $151.20 on Friday. The stock’s fifty day moving average is $155.69 and its two-hundred day moving average is $138.58. The firm has a market capitalization of $5.32 billion, a P/E ratio of -2.39 and a beta of 2.03. Avis Budget Group, Inc. has a fifty-two week low of $54.03 and a fifty-two week high of $212.81.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings data on Tuesday, July 29th. The business services provider reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $2.02 by ($1.92). The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.02 billion. The business’s revenue was down .3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.41 earnings per share. As a group, sell-side analysts forecast that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Analyst Ratings Changes

Several brokerages have commented on CAR. Susquehanna dropped their price objective on Avis Budget Group from $150.00 to $145.00 and set a “neutral” rating on the stock in a report on Thursday, October 9th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $155.00 price objective on shares of Avis Budget Group in a report on Thursday, July 31st. Barclays raised their price objective on Avis Budget Group from $105.00 to $150.00 and gave the company an “equal weight” rating in a report on Monday, August 4th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Avis Budget Group in a research note on Wednesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $196.00 price target (up from $130.00) on shares of Avis Budget Group in a research note on Thursday, July 10th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, Avis Budget Group currently has a consensus rating of “Reduce” and a consensus target price of $144.00.

Avis Budget Group Profile

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.