UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 11,287 Shares of Avis Budget Group, Inc. $CAR

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC decreased its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 18.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 48,811 shares of the business services provider’s stock after selling 11,287 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Avis Budget Group were worth $7,216,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Royal Bank of Canada raised its position in Avis Budget Group by 414.0% in the 1st quarter. Royal Bank of Canada now owns 17,860 shares of the business services provider’s stock valued at $1,355,000 after buying an additional 14,385 shares during the last quarter. Empowered Funds LLC lifted its stake in Avis Budget Group by 10.1% during the 1st quarter. Empowered Funds LLC now owns 3,749 shares of the business services provider’s stock valued at $285,000 after acquiring an additional 343 shares in the last quarter. Prudential Financial Inc. purchased a new position in Avis Budget Group during the 2nd quarter worth $352,000. EverSource Wealth Advisors LLC boosted its holdings in Avis Budget Group by 19.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock worth $72,000 after acquiring an additional 70 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Avis Budget Group by 107.1% in the 2nd quarter. First Trust Advisors LP now owns 28,501 shares of the business services provider’s stock worth $4,818,000 after acquiring an additional 14,737 shares in the last quarter. Institutional investors own 96.35% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. The Goldman Sachs Group increased their target price on shares of Avis Budget Group from $85.00 to $95.00 and gave the company a “sell” rating in a report on Friday, July 24th. JPMorgan Chase & Co. upped their price objective on shares of Avis Budget Group from $155.00 to $170.00 and gave the stock an “underweight” rating in a research report on Tuesday, June 23rd. Wall Street Zen lowered shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Zacks Research raised shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 1st. Finally, Morgan Stanley boosted their target price on Avis Budget Group from $97.00 to $99.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 20th. Six equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Avis Budget Group has a consensus rating of “Reduce” and an average target price of $135.57.

Avis Budget Group Stock Performance

Avis Budget Group stock opened at $138.73 on Tuesday. Avis Budget Group, Inc. has a 12 month low of $85.96 and a 12 month high of $847.70. The business’s 50 day simple moving average is $148.74 and its 200 day simple moving average is $171.20. The company has a market cap of $4.90 billion, a price-to-earnings ratio of -7.64 and a beta of 1.91.

Avis Budget Group (NASDAQ:CAR) last released its earnings results on Tuesday, July 28th. The business services provider reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($1.07). The business had revenue of $3 billion during the quarter, compared to analyst estimates of $3.10 billion. Avis Budget Group’s revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.10 earnings per share. As a group, equities research analysts forecast that Avis Budget Group, Inc. will post 1.36 earnings per share for the current fiscal year.

About Avis Budget Group

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.