Avis Budget Group (NASDAQ:CAR) Posts Earnings Results, Misses Estimates By $0.56 EPS

Avis Budget Group (NASDAQ:CAR) posted its 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. Avis Budget Group had a net margin of 10.05% and a negative return on equity of 480.48%. The company had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.41 billion. During the same quarter last year, the business posted $7.72 EPS. The firm’s revenue for the quarter was down .2% on a year-over-year basis.

Avis Budget Group Stock Performance

Shares of NASDAQ CAR opened at $115.60 on Friday. The stock’s 50-day simple moving average is $111.63 and its 200-day simple moving average is $150.53. The firm has a market capitalization of $4.12 billion, a PE ratio of 3.65 and a beta of 2.28. 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

A number of brokerages have recently weighed in on CAR. Bank of America dropped their price objective on Avis Budget Group from $170.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday. Northcoast Research raised shares of Avis Budget Group from a “neutral” rating to a “buy” rating and set a $155.00 target price on the stock in a research note on Monday, March 25th. Susquehanna cut their price target on Avis Budget Group from $145.00 to $117.00 and set a “neutral” rating on the stock in a report on Tuesday. StockNews.com cut Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Thursday. Finally, Morgan Stanley lowered their price objective on Avis Budget Group from $190.00 to $187.00 and set an “overweight” rating for the company in a research report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $164.57.

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.