abrdn plc Sells 903 Shares of Avis Budget Group, Inc. (NASDAQ:CAR)

abrdn plc lowered its stake in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 3.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,958 shares of the business services provider’s stock after selling 903 shares during the quarter. abrdn plc’s holdings in Avis Budget Group were worth $1,866,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Toronto Dominion Bank boosted its position in Avis Budget Group by 2,029,900.0% in the second quarter. Toronto Dominion Bank now owns 20,300 shares of the business services provider’s stock worth $1,906,000 after purchasing an additional 20,299 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in Avis Budget Group by 130.0% in the second quarter. BNP Paribas Arbitrage SA now owns 30,670 shares of the business services provider’s stock worth $2,389,000 after purchasing an additional 17,334 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its position in Avis Budget Group by 1.3% in the second quarter. State Board of Administration of Florida Retirement System now owns 20,355 shares of the business services provider’s stock worth $1,585,000 after purchasing an additional 270 shares during the last quarter. Rafferty Asset Management LLC boosted its position in Avis Budget Group by 120.9% in the second quarter. Rafferty Asset Management LLC now owns 31,919 shares of the business services provider’s stock worth $2,486,000 after purchasing an additional 17,468 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its position in Avis Budget Group by 4,651.9% in the second quarter. Meeder Asset Management Inc. now owns 1,283 shares of the business services provider’s stock worth $100,000 after purchasing an additional 1,256 shares during the last quarter.

Several research firms have weighed in on CAR. Bank of America raised Avis Budget Group from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $90.00 to $125.00 in a research report on Thursday, September 16th. JPMorgan Chase & Co. raised Avis Budget Group from a “neutral” rating to an “overweight” rating and upped their price target for the company from $75.00 to $100.00 in a research report on Thursday, August 5th. Barclays dropped their price target on Avis Budget Group from $83.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 21st. They noted that the move was a valuation call. Deutsche Bank Aktiengesellschaft upped their price target on Avis Budget Group from $75.00 to $91.00 and gave the company a “hold” rating in a research report on Monday, August 2nd. Finally, Morgan Stanley upped their price target on Avis Budget Group from $73.00 to $85.00 and gave the company an “equal weight” rating in a research report on Monday, June 14th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $93.17.

Shares of Avis Budget Group stock opened at $111.61 on Friday. The company’s 50-day moving average price is $88.75 and its 200-day moving average price is $82.47. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 159.62. Avis Budget Group, Inc. has a 12-month low of $25.54 and a 12-month high of $112.50. The company has a market cap of $7.43 billion, a price-to-earnings ratio of 43.94, a PEG ratio of 0.11 and a beta of 2.34.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Monday, August 2nd. The business services provider reported $5.90 EPS for the quarter, beating the consensus estimate of $1.21 by $4.69. The company had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.08 billion. Avis Budget Group had a net margin of 2.76% and a negative return on equity of 385.05%. On average, sell-side analysts predict that Avis Budget Group, Inc. will post 13.73 earnings per share for the current year.

About Avis Budget Group

Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the Americas and International segments. The Americas segment licenses the company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America, and the Caribbean.

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Institutional Ownership by Quarter for Avis Budget Group (NASDAQ:CAR)

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