Wealthfront Advisers LLC Makes New Investment in Avis Budget Group, Inc. (NASDAQ:CAR)

Wealthfront Advisers LLC acquired a new stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 150,894 shares of the business services provider’s stock, valued at approximately $12,164,000. Wealthfront Advisers LLC owned 0.43% of Avis Budget Group as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC boosted its position in Avis Budget Group by 118.8% during the 4th quarter. GAMMA Investing LLC now owns 337 shares of the business services provider’s stock worth $27,000 after acquiring an additional 183 shares during the last quarter. Royce & Associates LP acquired a new stake in shares of Avis Budget Group during the 3rd quarter worth $217,000. US Bancorp DE boosted its stake in Avis Budget Group by 9.6% in the fourth quarter. US Bancorp DE now owns 2,984 shares of the business services provider’s stock valued at $241,000 after buying an additional 261 shares in the last quarter. Diversify Advisory Services LLC acquired a new stake in shares of Avis Budget Group during the fourth quarter valued at about $254,000. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in shares of Avis Budget Group during the third quarter valued at about $263,000. 96.35% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CAR has been the subject of a number of research analyst reports. The Goldman Sachs Group lifted their target price on Avis Budget Group from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Northcoast Research cut Avis Budget Group from a “buy” rating to a “neutral” rating in a research report on Monday, November 18th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $133.75.

Insider Buying and Selling

In other news, Director Lynn Krominga sold 1,405 shares of Avis Budget Group stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $95.00, for a total value of $133,475.00. Following the sale, the director now directly owns 1,950 shares in the company, valued at approximately $185,250. This trade represents a 41.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 52.00% of the stock is owned by corporate insiders.

Avis Budget Group Stock Performance

NASDAQ:CAR opened at $63.79 on Wednesday. The firm has a market cap of $2.24 billion, a price-to-earnings ratio of -1.23 and a beta of 2.37. The business’s fifty day moving average is $85.73 and its 200 day moving average is $87.30. Avis Budget Group, Inc. has a 52-week low of $61.41 and a 52-week high of $132.25.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings data on Tuesday, February 11th. The business services provider reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.27. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. Equities analysts predict that Avis Budget Group, Inc. will post 8.91 EPS for the current fiscal year.

Avis Budget Group Company 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.