Avis Budget Group (NASDAQ:CAR) Releases Quarterly Earnings Results, Misses Expectations By $2.19 EPS

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

Avis Budget Group Trading Up 0.8 %

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

Analyst Ratings Changes

Several equities research analysts recently commented on CAR shares. Deutsche Bank Aktiengesellschaft dropped their price objective on Avis Budget Group from $202.00 to $183.00 and set a “buy” rating on the stock in a research report on Thursday, April 18th. JPMorgan Chase & Co. lowered their target price on Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating on the stock in a report on Wednesday. The Goldman Sachs Group lowered their target price on Avis Budget Group from $140.00 to $120.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Bank of America lowered their target price on Avis Budget Group from $170.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. 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. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average 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.