Wealthfront Advisers LLC Invests $12.16 Million in Avis Budget Group, Inc. (NASDAQ:CAR)

Wealthfront Advisers LLC purchased a new stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 150,894 shares of the business services provider’s stock, valued at approximately $12,164,000.

Other hedge funds have also bought and sold shares of the company. AlphaQuest LLC raised its position in Avis Budget Group by 5,917.8% during the fourth quarter. AlphaQuest LLC now owns 5,416 shares of the business services provider’s stock valued at $437,000 after purchasing an additional 5,326 shares during the period. Edgestream Partners L.P. bought a new stake in Avis Budget Group during the 4th quarter valued at $1,067,000. M&T Bank Corp lifted its holdings in shares of Avis Budget Group by 19.7% during the 4th quarter. M&T Bank Corp now owns 4,551 shares of the business services provider’s stock valued at $367,000 after purchasing an additional 749 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Avis Budget Group by 9.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 203,274 shares of the business services provider’s stock valued at $16,386,000 after purchasing an additional 17,473 shares during the last quarter. Finally, US Bancorp DE raised its stake in Avis Budget Group by 9.6% in the 4th quarter. US Bancorp DE now owns 2,984 shares of the business services provider’s stock worth $241,000 after acquiring an additional 261 shares during the last quarter. Institutional investors own 96.35% of the company’s stock.

Insider Buying and Selling

In other Avis Budget Group news, Director Lynn Krominga sold 661 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $95.00, for a total transaction of $62,795.00. Following the transaction, the director now owns 3,355 shares of the company’s stock, valued at $318,725. This trade represents a 16.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 52.00% of the stock is owned by company insiders.

Avis Budget Group Trading Down 10.9 %

Shares of CAR opened at $63.79 on Wednesday. The firm’s 50-day moving average is $85.73 and its two-hundred day moving average is $87.30. Avis Budget Group, Inc. has a twelve month low of $61.41 and a twelve month high of $132.25. The firm has a market capitalization of $2.24 billion, a P/E ratio of -1.23 and a beta of 2.37.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Tuesday, February 11th. The business services provider reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.50) by $0.27. Avis Budget Group had a negative net margin of 15.45% and a negative return on equity of 14.74%. Analysts predict that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CAR shares. The Goldman Sachs Group raised their target price on Avis Budget Group from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Northcoast Research lowered shares of Avis Budget Group from a “buy” rating to a “neutral” rating in a research report on Monday, November 18th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Avis Budget Group presently has an average rating of “Hold” and an average price target of $133.75.

Avis Budget Group 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.