Avis Budget Group (NASDAQ:CAR) Announces Earnings Results

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

Avis Budget Group Price Performance

Shares of CAR stock traded up $2.27 during midday trading on Wednesday, hitting $88.54. The company had a trading volume of 173,882 shares, compared to its average volume of 739,337. The company’s 50 day simple moving average is $104.92 and its 200 day simple moving average is $116.34. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of 2.72 and a beta of 2.21. Avis Budget Group has a 52-week low of $79.03 and a 52-week high of $235.64.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CAR. Morgan Stanley cut their target price on Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 10th. Deutsche Bank Aktiengesellschaft dropped their price target on Avis Budget Group from $202.00 to $183.00 and set a “buy” rating on the stock in a research note on Thursday, April 18th. Susquehanna dropped their price target on Avis Budget Group from $145.00 to $117.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 30th. The Goldman Sachs Group dropped their price target on Avis Budget Group from $140.00 to $120.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Finally, StockNews.com upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Avis Budget Group has an average rating of “Moderate Buy” and a consensus price target of $163.14.

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.