Hsbc Holdings PLC Raises Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Hsbc Holdings PLC lifted its holdings in Avis Budget Group, Inc. (NASDAQ:CAR) by 16.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 126,380 shares of the business services provider’s stock after purchasing an additional 17,750 shares during the quarter. Hsbc Holdings PLC owned about 0.35% of Avis Budget Group worth $13,036,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CAR. Central Valley Advisors LLC purchased a new position in shares of Avis Budget Group in the second quarter worth $25,000. Denali Advisors LLC raised its stake in Avis Budget Group by 94.1% in the 1st quarter. Denali Advisors LLC now owns 231 shares of the business services provider’s stock worth $28,000 after acquiring an additional 112 shares during the last quarter. EntryPoint Capital LLC lifted its position in Avis Budget Group by 119.2% during the 1st quarter. EntryPoint Capital LLC now owns 228 shares of the business services provider’s stock worth $28,000 after acquiring an additional 124 shares during the period. TFO Wealth Partners LLC grew its stake in Avis Budget Group by 15,550.0% during the 4th quarter. TFO Wealth Partners LLC now owns 313 shares of the business services provider’s stock valued at $55,000 after purchasing an additional 311 shares during the last quarter. Finally, Signaturefd LLC grew its stake in Avis Budget Group by 180.0% during the 2nd quarter. Signaturefd LLC now owns 714 shares of the business services provider’s stock valued at $75,000 after purchasing an additional 459 shares during the last quarter. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CAR has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their target price on Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. StockNews.com cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Avis Budget Group from $155.00 to $146.00 and set a “buy” rating on the stock in a research note on Friday, August 30th. The Goldman Sachs Group dropped their target price on Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Finally, Barclays initiated coverage on Avis Budget Group in a report on Thursday. They issued an “equal weight” rating and a $105.00 price target for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $138.50.

Avis Budget Group Trading Down 1.5 %

Shares of CAR stock opened at $85.90 on Monday. Avis Budget Group, Inc. has a 12-month low of $65.73 and a 12-month high of $204.77. The business’s 50 day moving average is $88.09 and its two-hundred day moving average is $103.35. The company has a market capitalization of $3.06 billion, a P/E ratio of 2.71 and a beta of 2.14.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Monday, August 5th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.60 by ($2.19). The company had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.13 billion. Avis Budget Group had a net margin of 6.58% and a negative return on equity of 230.71%. Avis Budget Group’s revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the business posted $11.01 EPS. On average, research analysts predict that Avis Budget Group, Inc. will post 7.68 earnings per share for the current fiscal year.

Avis Budget Group Company Profile

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; and the Zipcar brand, a car sharing network, as well as the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers comprising Budget car rental, and Budget Truck, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of dealer-operated and company-operated locations that serve the light commercial and consumer sectors in the continental United States.