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

Avis Budget Group (NASDAQ:CAR) released its quarterly earnings data on Thursday. The business services provider reported $6.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.55 by ($1.90), Briefing.com reports. Avis Budget Group had a negative return on equity of 230.71% and a net margin of 6.58%. The firm had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.53 billion. During the same quarter in the previous year, the business posted $16.78 earnings per share. Avis Budget Group’s revenue for the quarter was down 2.4% on a year-over-year basis.

Avis Budget Group Price Performance

Shares of CAR stock traded up $16.11 on Friday, hitting $99.11. 1,395,278 shares of the stock traded hands, compared to its average volume of 716,081. Avis Budget Group has a 1-year low of $65.73 and a 1-year high of $204.77. The company’s fifty day moving average is $81.90 and its 200 day moving average is $96.90. The company has a market capitalization of $3.53 billion, a PE ratio of 4.51 and a beta of 2.13.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CAR. The Goldman Sachs Group dropped their price objective on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Friday, October 11th. JPMorgan Chase & Co. decreased their price target on Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Susquehanna cut their price target on shares of Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Avis Budget Group from $155.00 to $146.00 and set a “buy” rating for the company in a research report on Friday, August 30th. Finally, Barclays assumed coverage on Avis Budget Group in a report on Thursday, September 19th. They issued an “equal weight” rating and a $105.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Avis Budget Group presently has an average rating of “Hold” and a consensus price target of $136.63.

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.