Steel Peak Wealth Management LLC Increases Stock Holdings in Avis Budget Group, Inc. (NASDAQ:CAR)

Steel Peak Wealth Management LLC increased its stake in Avis Budget Group, Inc. (NASDAQ:CARGet Rating) by 119.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,327 shares of the business services provider’s stock after buying an additional 4,529 shares during the quarter. Steel Peak Wealth Management LLC’s holdings in Avis Budget Group were worth $2,192,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in Avis Budget Group in the fourth quarter worth $33,000. Lindbrook Capital LLC lifted its holdings in Avis Budget Group by 737.5% during the 1st quarter. Lindbrook Capital LLC now owns 134 shares of the business services provider’s stock valued at $35,000 after buying an additional 118 shares in the last quarter. TCI Wealth Advisors Inc. boosted its position in Avis Budget Group by 79.5% in the 1st quarter. TCI Wealth Advisors Inc. now owns 158 shares of the business services provider’s stock valued at $42,000 after buying an additional 70 shares during the period. AlphaCentric Advisors LLC purchased a new stake in Avis Budget Group in the 4th quarter valued at about $51,000. Finally, First Quadrant LLC CA bought a new position in Avis Budget Group in the 1st quarter worth about $57,000.

Analysts Set New Price Targets

CAR has been the topic of several research reports. StockNews.com lowered Avis Budget Group from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. Barclays reduced their price target on shares of Avis Budget Group from $223.00 to $158.00 and set an “equal weight” rating for the company in a report on Tuesday, July 5th. Morgan Stanley increased their price objective on shares of Avis Budget Group from $140.00 to $150.00 and gave the company an “underweight” rating in a research note on Thursday, August 4th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Avis Budget Group from $184.00 to $229.00 in a research note on Wednesday, August 3rd. Two analysts have rated the stock with a sell rating and four have given a hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $193.40.

Insider Transactions at Avis Budget Group

In other news, Director Glenn Lurie sold 1,474 shares of Avis Budget Group stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $178.94, for a total value of $263,757.56. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Glenn Lurie sold 1,474 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $178.94, for a total transaction of $263,757.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Bernardo Hees acquired 29,400 shares of the business’s stock in a transaction on Friday, June 10th. The stock was acquired at an average price of $168.69 per share, with a total value of $4,959,486.00. Following the acquisition, the chairman now owns 479,876 shares in the company, valued at approximately $80,950,282.44. The disclosure for this purchase can be found here. Insiders purchased 83,734 shares of company stock valued at $14,792,435 over the last 90 days. Corporate insiders own 37.30% of the company’s stock.

Avis Budget Group Stock Up 0.2 %

Avis Budget Group stock opened at $189.45 on Tuesday. The business’s 50-day moving average price is $164.94 and its 200 day moving average price is $203.40. The firm has a market cap of $9.11 billion, a price-to-earnings ratio of 4.46 and a beta of 2.12. Avis Budget Group, Inc. has a 52 week low of $85.68 and a 52 week high of $545.11.

Avis Budget Group (NASDAQ:CARGet Rating) last released its quarterly earnings results on Monday, August 1st. The business services provider reported $15.94 EPS for the quarter, beating the consensus estimate of $11.48 by $4.46. Avis Budget Group had a net margin of 21.02% and a negative return on equity of 477.68%. The company had revenue of $3.24 billion for the quarter, compared to analyst estimates of $3.14 billion. During the same quarter last year, the business earned $5.90 earnings per share. The firm’s revenue was up 36.8% on a year-over-year basis. Equities analysts expect that Avis Budget Group, Inc. will post 46.86 EPS for the current year.

About Avis Budget Group

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Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers. 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 20,000 vehicles, which are rented through a network of approximately 465 dealer-operated and 385 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car sharing network.

Further Reading

Institutional Ownership by Quarter for Avis Budget Group (NASDAQ:CAR)

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