Gabelli Funds LLC Sells 15,000 Shares of Avis Budget Group, Inc. $CAR

Gabelli Funds LLC trimmed its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 68.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 7,000 shares of the business services provider’s stock after selling 15,000 shares during the quarter. Gabelli Funds LLC’s holdings in Avis Budget Group were worth $1,124,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of CAR. American Wealth Advisors LLC bought a new position in shares of Avis Budget Group during the third quarter valued at $41,000. Dimensional Fund Advisors LP increased its holdings in Avis Budget Group by 8.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 216,244 shares of the business services provider’s stock worth $34,724,000 after buying an additional 17,576 shares in the last quarter. Quantbot Technologies LP raised its position in Avis Budget Group by 529.0% in the 3rd quarter. Quantbot Technologies LP now owns 76,658 shares of the business services provider’s stock worth $12,309,000 after buying an additional 64,470 shares during the last quarter. Intech Investment Management LLC lifted its stake in Avis Budget Group by 203.8% during the 3rd quarter. Intech Investment Management LLC now owns 37,467 shares of the business services provider’s stock valued at $6,016,000 after acquiring an additional 25,135 shares during the period. Finally, Counterpoint Mutual Funds LLC bought a new position in Avis Budget Group during the 3rd quarter valued at about $877,000. Institutional investors own 96.35% of the company’s stock.

Insider Buying and Selling at Avis Budget Group

In other Avis Budget Group news, major shareholder Pentwater Capital Management L purchased 425,000 shares of the company’s stock in a transaction dated Friday, February 20th. The shares were acquired at an average price of $94.26 per share, for a total transaction of $40,060,500.00. Following the purchase, the insider directly owned 3,987,100 shares of the company’s stock, valued at $375,824,046. The trade was a 11.93% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lynn Krominga sold 1,950 shares of the business’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $91.54, for a total transaction of $178,503.00. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 52.80% of the company’s stock.

Avis Budget Group Trading Up 5.6%

Shares of NASDAQ CAR opened at $101.18 on Thursday. The firm has a 50 day moving average of $114.15 and a 200 day moving average of $133.90. The firm has a market capitalization of $3.57 billion, a price-to-earnings ratio of -3.99 and a beta of 2.32. Avis Budget Group, Inc. has a 12-month low of $54.03 and a 12-month high of $212.81.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. The Goldman Sachs Group set a $85.00 price target on shares of Avis Budget Group in a research note on Monday, February 23rd. Barclays dropped their target price on shares of Avis Budget Group from $120.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, February 26th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. Wall Street Zen lowered shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. Finally, Zacks Research downgraded Avis Budget Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 19th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $124.71.

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.