Avis Budget Group, Inc. (NASDAQ:CAR) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. cut its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 5.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 19,166 shares of the business services provider’s stock after selling 1,158 shares during the quarter. Corebridge Financial Inc. owned approximately 0.05% of Avis Budget Group worth $1,545,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CAR. ING Groep NV grew its holdings in Avis Budget Group by 310.4% during the 4th quarter. ING Groep NV now owns 325,000 shares of the business services provider’s stock worth $26,198,000 after acquiring an additional 245,800 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Avis Budget Group by 139.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 379,805 shares of the business services provider’s stock worth $30,616,000 after purchasing an additional 221,456 shares during the last quarter. Wealthfront Advisers LLC acquired a new position in shares of Avis Budget Group during the fourth quarter worth $12,164,000. Wolverine Asset Management LLC increased its holdings in Avis Budget Group by 870.6% in the fourth quarter. Wolverine Asset Management LLC now owns 162,771 shares of the business services provider’s stock valued at $13,121,000 after buying an additional 146,000 shares during the last quarter. Finally, National Bank of Canada FI raised its stake in Avis Budget Group by 1,858.7% in the third quarter. National Bank of Canada FI now owns 90,000 shares of the business services provider’s stock valued at $7,883,000 after buying an additional 85,405 shares in the last quarter. 96.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Lynn Krominga sold 1,405 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $95.00, for a total transaction of $133,475.00. Following the transaction, the director now owns 1,950 shares of the company’s stock, valued at $185,250. This trade represents a 41.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 52.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, The Goldman Sachs Group increased their price objective on Avis Budget Group from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Avis Budget Group has an average rating of “Hold” and an average price target of $130.71.

Avis Budget Group Stock Performance

Shares of CAR stock opened at $76.78 on Thursday. The stock’s 50-day moving average is $78.81 and its two-hundred day moving average is $85.91. Avis Budget Group, Inc. has a 1 year low of $54.03 and a 1 year high of $132.25. The firm has a market cap of $2.70 billion, a price-to-earnings ratio of -1.48 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) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.27. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 15.45%. As a group, research analysts predict that Avis Budget Group, Inc. will post 8.91 EPS for the current year.

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.