PAR Capital Management, Inc. recently announced the acquisition of new stake in Avis Budget Group Inc (NASDAQ:CAR). The institutional investor has increased its shareholding in the Industrials company by 43.94% to 0.73 million shares with purchase of 0.22 million shares. This fresh investment now brings its stake to 2.02% valued currently at $129.64 million. In addition, Arrowstreet Capital LP raised its holdings by 0.24 million to 0.54 million shares. And TD Asset Management, Inc. has lifted its position by 13.58% or 55000.0 shares – to 0.46 million shares.
With over 0.47 million Avis Budget Group Inc (CAR) shares trading Friday and a closing price of $160.51 on the day, the dollar volume was approximately $76.16 million. The shares have shown a negative half year performance of -27.94% and its price on 01/12/24 lost nearly -3.58%. Currently, there are 39.00M common shares owned by the public and among those 35.22M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for CAR have a consensus price objective of $234.67. The analysts have set the share’s price value over the next 12 months at a high of $305.00 and a low of $164.00. The average price target is 31.6% above its recent price level and an upside to the estimated low will see the stock gain 2.13% over that period. But an upside of 47.37% will see the stock hit the forecast high price target while median target price for the stock is $232.00.
Insiders at the company have transacted a total of 28 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 14 of these insider trades were purchases, accounting for 354,778 shares. Insider sales of the common stock occurred on 14 occasions, with total insider shares sold totaling 1,190,439 shares.
The top 3 mutual fund holders in Avis Budget Group Inc are Fidelity Growth Company Fund, Vanguard Total Stock Market ETF, and iShares Core S&P Mid Cap ETF. Fidelity Growth Company Fund owns 1.48 million shares of the company’s stock, all valued at over $262.99 million. The company bought an additional 200.0 shares recently to bring their total holdings to about 4.10% of the shares outstanding. Vanguard Total Stock Market ETF bought 6066.0 shares to see its total holdings expand to 0.61 million shares valued at over $107.77 million and representing 1.68% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 510.0 shares to bring its total holdings to over 0.56 million shares at a value of $99.49 million. iShares Core S&P Mid Cap ETF now owns shares totaling to 1.55% of the shares outstanding.
Shares of Avis Budget Group Inc (NASDAQ: CAR) opened at $166.99, up $0.52 from a prior closing price of $166.47. However, the script later moved the day high at 167.32, down -3.58%. The company’s stock has a 5-day price change of -3.33% and -5.74% over the past three months. CAR shares are trading -9.45% year to date (YTD), with the 12-month market performance down to -7.18% lower. It has a 12-month low price of $149.69 and touched a high of $238.72 over the same period. CAR has an average intraday trading volume of 564.18K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -10.01%, -9.93%, and -12.86% respectively.
Institutional ownership of Avis Budget Group Inc (NASDAQ: CAR) shares accounts for 101.11% of the company’s 39.00M shares outstanding. Mutual fund holders own 59.28%, while other institutional holders and individual stakeholders account for 80.01% and 21.18% respectively.
It has a market capitalization of $5.81B and a beta (3y monthly) value of 2.37. The stock’s trailing 12-month PE ratio is 3.52, while the earnings-per-share (ttm) stands at $45.61. The company has a PEG of 0.18 and a Quick Ratio of 0.81. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.33% over the week and 3.50% over the month.
Analysts forecast that Avis Budget Group Inc (CAR) will achieve an EPS of $4.16 for the current quarter, $1.52 for the next quarter and $24.42 for 2024. The lowest estimate earnings-per-share for the quarter is $3.7 while analysts give the company a high EPS estimate of $4.97. Comparatively, EPS for the current quarter was $10.46 a year ago. Earnings per share for the fiscal year are expected to decrease by -30.83%, and -39.19% over the next financial year. EPS should shrink at an annualized rate of 19.40% over the next five years, compared to 68.08% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Avis Budget Group Inc (CAR) as a “Moderate Buy” at a consensus score of 2.43. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 3 of the 7 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the CAR, a number of firms have released research notes about the stock. Deutsche Bank stated their Hold rating for the stock in a research note on July 20, 2023, with the firm’s price target at $263.
