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

Avis Budget Group (NASDAQ:CAR) issued its quarterly earnings results on Wednesday. The business services provider reported ($3.21) earnings per share for the quarter, missing the consensus estimate of ($2.65) by ($0.56), Briefing.com reports. The business had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.41 billion. Avis Budget Group had a net margin of 10.05% and a negative return on equity of 480.48%. The company’s revenue was down .2% on a year-over-year basis. During the same quarter last year, the firm posted $7.72 earnings per share.

Avis Budget Group Stock Up 1.6 %

NASDAQ CAR opened at $115.60 on Friday. The stock has a market cap of $4.12 billion, a PE ratio of 3.65 and a beta of 2.28. The business has a 50 day moving average price of $111.63 and a two-hundred day moving average price of $150.53. Avis Budget Group has a fifty-two week low of $93.53 and a fifty-two week high of $244.95.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Morgan Stanley cut their price objective on shares of Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating on the stock in a report on Wednesday, April 10th. Susquehanna cut their target price on Avis Budget Group from $145.00 to $117.00 and set a “neutral” rating on the stock in a research report on Tuesday. Bank of America lowered their price target on Avis Budget Group from $170.00 to $140.00 and set a “buy” rating for the company in a research report on Wednesday. The Goldman Sachs Group raised Avis Budget Group from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $118.00 to $130.00 in a research note on Thursday, April 4th. Finally, Northcoast Research raised shares of Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 target price for the company in a research report on Monday, March 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Avis Budget Group has a consensus rating of “Moderate Buy” and an average 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.