Avis Budget Group, Inc. (NASDAQ:CAR) Shares Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC grew its holdings in shares of Avis Budget Group, Inc. (NASDAQ:CAR) by 16.3% during the 2nd quarter, HoldingsChannel reports. The firm owned 126,380 shares of the business services provider’s stock after buying an additional 17,750 shares during the period. Hsbc Holdings PLC’s holdings in Avis Budget Group were worth $13,036,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Central Valley Advisors LLC purchased a new position in shares of Avis Budget Group in the second quarter worth about $25,000. Denali Advisors LLC boosted its holdings in shares of Avis Budget Group by 94.1% during the 1st quarter. Denali Advisors LLC now owns 231 shares of the business services provider’s stock worth $28,000 after purchasing an additional 112 shares during the last quarter. EntryPoint Capital LLC boosted its holdings in shares of 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 purchasing an additional 124 shares during the last quarter. TFO Wealth Partners LLC grew its position in shares of Avis Budget Group by 15,550.0% in the fourth 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 in the last quarter. Finally, Signaturefd LLC increased its holdings in shares of Avis Budget Group by 180.0% in the second 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. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. The Goldman Sachs Group dropped their target price on Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Susquehanna dropped their price objective on shares of Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Deutsche Bank Aktiengesellschaft reduced their target price 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. JPMorgan Chase & Co. dropped their price target on shares of Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Finally, Barclays started coverage on shares of Avis Budget Group in a research report on Thursday. They set an “equal weight” rating and a $105.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Avis Budget Group currently has an average rating of “Hold” and a consensus target price of $138.50.

Avis Budget Group Price Performance

Shares of CAR opened at $85.90 on Monday. The firm has a 50-day simple moving average of $88.09 and a two-hundred day simple moving average of $103.35. The stock has a market cap of $3.06 billion, a PE ratio of 2.71 and a beta of 2.14. Avis Budget Group, Inc. has a 1-year low of $65.73 and a 1-year high of $204.77.

Avis Budget Group (NASDAQ:CAR) last announced its 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). Avis Budget Group had a net margin of 6.58% and a negative return on equity of 230.71%. The firm had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same period in the previous year, the firm earned $11.01 EPS. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, sell-side analysts expect that Avis Budget Group, Inc. will post 7.68 earnings per share for the current fiscal year.

About Avis Budget Group

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.