Quantbot Technologies LP Purchases 64,470 Shares of Avis Budget Group, Inc. $CAR

Quantbot Technologies LP grew its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 529.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 76,658 shares of the business services provider’s stock after acquiring an additional 64,470 shares during the quarter. Quantbot Technologies LP’s holdings in Avis Budget Group were worth $12,309,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. 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 worth $1,355,000 after purchasing an additional 14,385 shares during the period. Empowered Funds LLC boosted its holdings 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Avis Budget Group by 16.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 65,023 shares of the business services provider’s stock valued at $4,935,000 after buying an additional 9,246 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in shares of Avis Budget Group in the second quarter valued at about $1,297,000. Finally, Teacher Retirement System of Texas bought a new position in shares of Avis Budget Group during the second quarter valued at about $452,000. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Avis Budget Group Stock Up 0.9%

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

Wall Street Analyst Weigh In

A number of research analysts have commented on CAR shares. The Goldman Sachs Group set a $85.00 price target on Avis Budget Group in a research report on Monday. Zacks Research lowered shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. Wall Street Zen lowered Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Saturday, February 21st. Morgan Stanley restated an “equal weight” rating and issued a $142.00 price target (up from $115.00) on shares of Avis Budget Group in a research note on Monday, December 8th. Finally, Barclays reduced their price objective on Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $131.14.

Insider Activity

In related news, major shareholder Pentwater Capital Management L acquired 425,000 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The stock was bought at an average price of $94.26 per share, for a total transaction of $40,060,500.00. Following the acquisition, the insider directly owned 3,987,100 shares of the company’s stock, valued at $375,824,046. This represents a 11.93% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at 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. The disclosure for this sale is available in the SEC filing. Company insiders own 52.80% of the company’s stock.

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.