Avis Budget Group (NASDAQ:CAR) Issues Earnings Results, Misses Estimates By $1.90 EPS

Avis Budget Group (NASDAQ:CAR) issued its earnings results on Thursday. The business services provider reported $6.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $3.53 billion. During the same quarter in the prior year, the business earned $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 during mid-day trading on Friday, hitting $99.11. 1,395,278 shares of the stock traded hands, compared to its average volume of 716,081. The stock has a market cap of $3.53 billion, a P/E ratio of 4.51 and a beta of 2.13. Avis Budget Group has a 52-week low of $65.73 and a 52-week high of $204.77. The stock’s fifty day moving average is $81.90 and its two-hundred day moving average is $96.90.

Analyst Upgrades and Downgrades

CAR has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft reduced 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. StockNews.com lowered shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. Susquehanna cut their target price 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. The Goldman Sachs Group dropped their target price on Avis Budget Group from $105.00 to $90.00 and set a “neutral” rating for the company in a report on Friday, October 11th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Avis Budget Group from $205.00 to $175.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Avis Budget Group has an average rating of “Hold” and an average target price of $136.63.

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.