Avis Budget Group (NASDAQ:CAR) Releases Quarterly Earnings Results, Misses Expectations By $1.90 EPS

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

Avis Budget Group Price Performance

Shares of Avis Budget Group stock opened at $92.06 on Friday. The business’s fifty day moving average price is $81.98 and its two-hundred day moving average price is $96.76. The company has a market capitalization of $3.28 billion, a P/E ratio of 4.37 and a beta of 2.13. Avis Budget Group has a 1-year low of $65.73 and a 1-year high of $204.77.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CAR shares. Susquehanna lowered their price objective on Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. StockNews.com lowered Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 14th. Deutsche Bank Aktiengesellschaft lowered their price objective on Avis Budget Group from $155.00 to $146.00 and set a “buy” rating for the company in a research note on Friday, August 30th. Barclays started coverage on Avis Budget Group in a research note on Thursday, September 19th. They set an “equal weight” rating and a $105.00 price objective for the company. Finally, The Goldman Sachs Group lowered 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. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price 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.