Avis Budget Group (NASDAQ:CAR) Posts Quarterly Earnings Results, Misses Estimates By $0.56 EPS

Avis Budget Group (NASDAQ:CAR) released its quarterly earnings results on Wednesday. The business services provider reported ($3.21) EPS for the quarter, missing the consensus estimate of ($2.65) by ($0.56), Briefing.com reports. Avis Budget Group had a negative return on equity of 729.43% and a net margin of 10.05%. The company had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.41 billion. During the same period in the previous year, the firm posted $7.72 earnings per share. The company’s revenue was down .2% on a year-over-year basis.

Avis Budget Group Price Performance

NASDAQ:CAR traded up $0.60 during trading hours on Friday, reaching $114.37. The company’s stock had a trading volume of 209,415 shares, compared to its average volume of 841,742. The business’s 50-day moving average is $111.42 and its 200-day moving average is $150.95. Avis Budget Group has a one year low of $93.53 and a one year high of $244.95. The company has a market cap of $4.08 billion, a price-to-earnings ratio of 3.59 and a beta of 2.28.

Analyst Ratings Changes

CAR has been the topic of several research analyst reports. StockNews.com downgraded Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Thursday. Morgan Stanley lowered their target price on Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 10th. JPMorgan Chase & Co. lowered their price target on Avis Budget Group from $280.00 to $240.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 14th. Northcoast Research upgraded Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 price target on the stock in a research report on Monday, March 25th. Finally, Susquehanna reduced their target price on Avis Budget Group from $145.00 to $117.00 and set a “neutral” rating for the company in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Avis Budget Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $164.57.

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.