Envestnet Portfolio Solutions Inc. Takes Position in Avis Budget Group, Inc. (NASDAQ:CAR)

Envestnet Portfolio Solutions Inc. acquired a new position in Avis Budget Group, Inc. (NASDAQ:CAR) in the 1st quarter, Holdings Channel reports. The institutional investor acquired 2,912 shares of the business services provider’s stock, valued at approximately $221,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CAR. Swiss National Bank increased its stake in Avis Budget Group by 0.9% during the 4th quarter. Swiss National Bank now owns 35,100 shares of the business services provider’s stock valued at $2,829,000 after buying an additional 300 shares during the period. US Bancorp DE boosted its holdings in shares of Avis Budget Group by 9.6% in the fourth quarter. US Bancorp DE now owns 2,984 shares of the business services provider’s stock valued at $241,000 after acquiring an additional 261 shares in the last quarter. Captrust Financial Advisors acquired a new position in shares of Avis Budget Group during the fourth quarter valued at approximately $460,000. Amalgamated Bank raised its holdings in Avis Budget Group by 2.0% during the fourth quarter. Amalgamated Bank now owns 7,973 shares of the business services provider’s stock worth $643,000 after purchasing an additional 155 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in Avis Budget Group by 21.0% during the fourth quarter. Northern Trust Corp now owns 156,176 shares of the business services provider’s stock worth $12,589,000 after purchasing an additional 27,127 shares in the last quarter. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group Stock Performance

NASDAQ CAR opened at $169.05 on Tuesday. The stock has a market capitalization of $5.95 billion, a P/E ratio of -2.69 and a beta of 2.11. Avis Budget Group, Inc. has a 1 year low of $54.03 and a 1 year high of $189.98. The business’s fifty day moving average is $118.19 and its two-hundred day moving average is $93.09.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Wednesday, May 7th. The business services provider reported ($14.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($5.72) by ($8.63). The company had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.49 billion. Avis Budget Group had a negative return on equity of 14.74% and a negative net margin of 18.96%. The business’s revenue was down 4.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($3.21) earnings per share. On average, research analysts forecast that Avis Budget Group, Inc. will post 8.91 earnings per share for the current year.

Wall Street Analyst Weigh In

CAR has been the subject of a number of research reports. Wall Street Zen raised Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 3rd. JPMorgan Chase & Co. upped their price objective on Avis Budget Group from $145.00 to $155.00 and gave the company an “overweight” rating in a report on Friday, May 9th. Finally, The Goldman Sachs Group decreased their target price on Avis Budget Group from $100.00 to $87.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $117.00.

Avis Budget Group Company 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.