Quantbot Technologies LP Has $12.31 Million Stake in Avis Budget Group, Inc. $CAR

Quantbot Technologies LP raised its position in Avis Budget Group, Inc. (NASDAQ:CAR) by 529.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,658 shares of the business services provider’s stock after buying an additional 64,470 shares during the quarter. Quantbot Technologies LP owned 0.22% of Avis Budget Group worth $12,309,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Intech Investment Management LLC increased its stake in Avis Budget Group by 203.8% during the 3rd quarter. Intech Investment Management LLC now owns 37,467 shares of the business services provider’s stock worth $6,016,000 after acquiring an additional 25,135 shares during the period. Counterpoint Mutual Funds LLC bought a new position in Avis Budget Group in the 3rd quarter valued at approximately $877,000. AXQ Capital LP bought a new stake in shares of Avis Budget Group in the third quarter worth $442,000. GSA Capital Partners LLP raised its position in shares of Avis Budget Group by 57.9% during the third quarter. GSA Capital Partners LLP now owns 6,215 shares of the business services provider’s stock worth $998,000 after acquiring an additional 2,279 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in Avis Budget Group by 7.8% during the third quarter. PNC Financial Services Group Inc. now owns 1,460 shares of the business services provider’s stock worth $234,000 after buying an additional 106 shares during the last quarter. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group Price Performance

Shares of CAR stock opened at $97.41 on Friday. Avis Budget Group, Inc. has a 1 year low of $54.03 and a 1 year high of $212.81. The company’s fifty day simple moving average is $119.47 and its two-hundred day simple moving average is $137.34. The stock has a market capitalization of $3.43 billion, a price-to-earnings ratio of -3.84 and a beta of 2.33.

Insiders Place Their Bets

In other Avis Budget Group news, major shareholder Pentwater Capital Management L acquired 425,000 shares of the business’s stock in a transaction dated Friday, February 20th. The stock was bought at an average price of $94.26 per share, with a total value of $40,060,500.00. Following the completion of the acquisition, the insider owned 3,987,100 shares of the company’s stock, valued at $375,824,046. This trade represents a 11.93% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Lynn Krominga sold 1,950 shares of Avis Budget Group stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $91.54, for a total transaction of $178,503.00. Additional details regarding this sale are available in the official SEC disclosure. 52.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CAR. Wall Street Zen cut Avis Budget Group from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Zacks Research downgraded Avis Budget Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 19th. The Goldman Sachs Group set a $85.00 price objective on Avis Budget Group in a research note on Monday. Barclays lowered their price objective on shares of Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $131.14.

Avis Budget Group Profile

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.