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

Avis Budget Group (NASDAQ:CAR) posted its quarterly earnings data 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. The firm had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Avis Budget Group had a negative return on equity of 480.48% and a net margin of 10.05%. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $11.01 earnings per share.

Avis Budget Group Trading Up 0.7 %

Avis Budget Group stock opened at $84.57 on Tuesday. The company has a market cap of $3.01 billion, a P/E ratio of 2.65 and a beta of 2.21. The company has a fifty day simple moving average of $105.98 and a 200 day simple moving average of $117.45. Avis Budget Group has a 1-year low of $79.03 and a 1-year high of $235.64.

Analyst Ratings Changes

Several research firms have issued reports on CAR. StockNews.com lowered shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Saturday, July 6th. Deutsche Bank Aktiengesellschaft cut their price objective on Avis Budget Group from $202.00 to $183.00 and set a “buy” rating for the company in a report on Thursday, April 18th. Morgan Stanley decreased their target price on Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating for the company in a report on Wednesday, April 10th. The Goldman Sachs Group dropped their price objective on Avis Budget Group from $140.00 to $120.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Finally, Susquehanna decreased their price objective 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.