Avis Budget Group (NASDAQ:CAR) Announces Quarterly Earnings Results

Avis Budget Group (NASDAQ:CAR) posted its earnings results on Monday. The business services provider reported $0.41 EPS for the quarter, missing the consensus estimate of $2.60 by ($2.19), Briefing.com reports. The firm had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.13 billion. Avis Budget Group had a net margin of 10.05% and a negative return on equity of 480.48%. Avis Budget Group’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $11.01 earnings per share.

Avis Budget Group Trading Up 0.8 %

NASDAQ CAR traded up $0.66 during trading hours on Wednesday, hitting $86.93. 1,790,052 shares of the company’s stock were exchanged, compared to its average volume of 750,040. The stock has a 50-day simple moving average of $104.92 and a 200 day simple moving average of $116.34. Avis Budget Group has a 1-year low of $79.03 and a 1-year high of $235.64. The firm has a market cap of $3.10 billion, a price-to-earnings ratio of 2.72 and a beta of 2.21.

Analyst Upgrades and Downgrades

Several equities analysts have commented on CAR shares. The Goldman Sachs Group dropped their target price on Avis Budget Group from $140.00 to $120.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Bank of America lowered their price objective on Avis Budget Group from $170.00 to $140.00 and set a “buy” rating for the company in a research report on Wednesday, May 1st. JPMorgan Chase & Co. lowered their price objective on Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating for the company in a research report on Wednesday. Morgan Stanley lowered their price objective on Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating for the company in a research report on Wednesday, April 10th. Finally, Susquehanna lowered their price objective on Avis Budget Group from $145.00 to $117.00 and set a “neutral” rating for the company in a research report on Tuesday, April 30th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $153.86.

Avis Budget Group Company Profile

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.