5 Best Travel Stocks to Buy Right Now

3. Avis Budget Group, Inc. (NASDAQ: CAR)

Number of Hedge Fund Holders: 28

Avis Budget Group, Inc. (NASDAQ: CAR) is a New Jersey-based company involved in the car rental and sharing business. It manages many car-related brands, including Avis Car Rental, Budget Car Rental, Budget Truck Rental, Zipcar, Payless Car Rental, Apex Car Rentals, Maggiore Group, and France Cars. The firm also provides insurance services for customers for protection against accidents. Avis was founded in 1946 and operates in more than 10,000 locations globally.

On March 16, investment bank Morgan Stanley downgraded the rating of Avis stock to Equal Weight from Outperform and revised the price target to $67. Although the shares of Avis fell 2.3% after the ratings update, they have since gained on the back of positive gains from the emerging post-pandemic situation in the United States. 

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm SRS Investment Management is a leading shareholder in the firm with 18.4 million shares worth more than $687 million.