Brokers Issue Forecasts for Avis Budget Group, Inc.’s Q3 2024 Earnings (NASDAQ:CAR)

Avis Budget Group, Inc. (NASDAQ:CAR) – Stock analysts at Zacks Research decreased their Q3 2024 EPS estimates for Avis Budget Group in a research report issued to clients and investors on Monday, August 26th. Zacks Research analyst S. Dey now anticipates that the business services provider will earn $8.86 per share for the quarter, down from their previous forecast of $10.34. The consensus estimate for Avis Budget Group’s current full-year earnings is $12.28 per share. Zacks Research also issued estimates for Avis Budget Group’s Q4 2024 earnings at $1.08 EPS, FY2024 earnings at $7.14 EPS, Q1 2025 earnings at ($2.46) EPS, Q2 2025 earnings at $3.46 EPS, Q3 2025 earnings at $8.82 EPS, Q4 2025 earnings at $2.43 EPS, FY2025 earnings at $12.24 EPS, Q1 2026 earnings at $0.31 EPS and FY2026 earnings at $10.21 EPS.

Avis Budget Group (NASDAQ:CAR) last issued its earnings results on Monday, August 5th. The business services provider reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.60 by ($2.19). Avis Budget Group had a net margin of 10.05% and a negative return on equity of 480.48%. The company had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same period last year, the business posted $11.01 earnings per share. The company’s quarterly revenue was down 2.4% on a year-over-year basis.

CAR has been the subject of a number of other reports. StockNews.com cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 14th. JPMorgan Chase & Co. lowered their price target 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. The Goldman Sachs Group lowered their price target on shares of Avis Budget Group from $120.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Susquehanna lowered their price target on shares of Avis Budget Group from $120.00 to $95.00 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Finally, Bank of America lowered their price target on shares of Avis Budget Group from $170.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $148.57.

Avis Budget Group Trading Down 3.1 %

Shares of Avis Budget Group stock opened at $86.24 on Wednesday. Avis Budget Group has a 12-month low of $79.03 and a 12-month high of $226.14. The stock has a market cap of $3.07 billion, a PE ratio of 2.72 and a beta of 2.21. The company has a 50-day moving average of $98.47 and a two-hundred day moving average of $107.88.

Institutional Trading of Avis Budget Group

Hedge funds have recently bought and sold shares of the company. Central Valley Advisors LLC acquired a new position in shares of Avis Budget Group in the 2nd quarter valued at $25,000. Denali Advisors LLC boosted its holdings in shares of Avis Budget Group by 94.1% in the 1st quarter. Denali Advisors LLC now owns 231 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 112 shares during the last quarter. EntryPoint Capital LLC boosted its holdings in shares of Avis Budget Group by 119.2% in the 1st quarter. EntryPoint Capital LLC now owns 228 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 124 shares during the last quarter. TFO Wealth Partners LLC boosted its holdings in shares of Avis Budget Group by 15,550.0% in the 4th quarter. TFO Wealth Partners LLC now owns 313 shares of the business services provider’s stock valued at $55,000 after purchasing an additional 311 shares during the last quarter. Finally, Signaturefd LLC boosted its holdings in shares of Avis Budget Group by 180.0% in the 2nd quarter. Signaturefd LLC now owns 714 shares of the business services provider’s stock valued at $75,000 after purchasing an additional 459 shares during the last quarter. Institutional investors and hedge funds own 96.35% of the company’s stock.

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.