Pentwater Capital Management L Purchases 425,000 Shares of Avis Budget Group (NASDAQ:CAR) Stock

Avis Budget Group, Inc. (NASDAQ:CAR) major shareholder Pentwater Capital Management L bought 425,000 shares of Avis Budget Group stock in a transaction on Friday, February 20th. The stock was acquired at an average price of $94.26 per share, for a total transaction of $40,060,500.00. Following the transaction, the insider directly owned 3,987,100 shares of the company’s stock, valued at approximately $375,824,046. This trade represents a 11.93% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Avis Budget Group Stock Up 7.2%

CAR stock traded up $6.30 during mid-day trading on Tuesday, hitting $93.99. 1,417,112 shares of the company were exchanged, compared to its average volume of 794,450. The business has a fifty day simple moving average of $121.51 and a 200-day simple moving average of $138.33. Avis Budget Group, Inc. has a 12-month low of $54.03 and a 12-month high of $212.81. The firm has a market capitalization of $3.31 billion, a P/E ratio of -3.70 and a beta of 2.33.

Analyst Ratings Changes

Several brokerages have commented on CAR. Barclays decreased their price target on shares of Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating for the company in a research report on Monday, November 3rd. 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. Weiss Ratings reiterated a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. Morgan Stanley reiterated an “equal weight” rating and issued a $142.00 price target (up from $115.00) on shares of Avis Budget Group in a research report on Monday, December 8th. Finally, Wall Street Zen cut Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Saturday. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $134.71.

Institutional Trading of Avis Budget Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Hsbc Holdings PLC lifted its position in Avis Budget Group by 48,706.7% during the second quarter. Hsbc Holdings PLC now owns 1,552,542 shares of the business services provider’s stock worth $256,629,000 after buying an additional 1,549,361 shares during the period. ING Groep NV grew its position in Avis Budget Group by 440.2% in the third quarter. ING Groep NV now owns 1,035,000 shares of the business services provider’s stock valued at $166,195,000 after acquiring an additional 843,400 shares in the last quarter. UBS Group AG increased its stake in Avis Budget Group by 37.3% during the 4th quarter. UBS Group AG now owns 2,964,807 shares of the business services provider’s stock worth $380,444,000 after buying an additional 804,814 shares during the period. CIBC Bancorp USA Inc. purchased a new stake in shares of Avis Budget Group during the third quarter worth about $97,951,000. Finally, National Bank of Canada FI increased its holdings in Avis Budget Group by 166.7% during the 2nd quarter. National Bank of Canada FI now owns 880,239 shares of the business services provider’s stock worth $148,804,000 after purchasing an additional 550,239 shares during the last quarter. Hedge funds and other institutional investors own 96.35% 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.