Avis Budget Group (NASDAQ:CAR) Posts Earnings Results

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Avis Budget Group (NASDAQ:CAR) announced its quarterly earnings data on Sunday. The business services provider reported ($0.46) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.38) by $1.92, MarketWatch Earnings reports. Avis Budget Group had a negative net margin of 7.28% and a negative return on equity of 199.17%. The firm had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the company earned ($1.40) earnings per share. The business’s quarterly revenue was down 21.7% compared to the same quarter last year.

Shares of Avis Budget Group stock traded down $5.63 on Tuesday, hitting $83.38. The company’s stock had a trading volume of 73,673 shares, compared to its average volume of 1,504,278. The company has a market capitalization of $5.82 billion, a price-to-earnings ratio of -12.58 and a beta of 2.31. Avis Budget Group has a 1 year low of $9.44 and a 1 year high of $90.29. The firm has a fifty day moving average price of $75.74 and a 200-day moving average price of $49.83.

CAR has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft boosted their price target on Avis Budget Group from $50.00 to $69.00 and gave the company a “hold” rating in a research note on Tuesday. Bank of America reiterated a “neutral” rating on shares of Avis Budget Group in a research report on Monday, April 26th. Morgan Stanley reissued an “equal weight” rating and set a $67.00 price target on shares of Avis Budget Group in a research report on Monday, March 22nd. JPMorgan Chase & Co. dropped their price objective on shares of Avis Budget Group from $38.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, February 18th. Finally, Barclays raised their target price on shares of Avis Budget Group from $42.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 21st. Six research analysts have rated the stock with a hold rating, The company presently has a consensus rating of “Hold” and an average price target of $54.83.

In other news, EVP Edward P. Linnen sold 8,300 shares of the firm’s stock in a transaction that occurred on Friday, March 5th. The stock was sold at an average price of $62.49, for a total value of $518,667.00. Following the transaction, the executive vice president now owns 35,038 shares in the company, valued at $2,189,524.62. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Brian J. Choi purchased 23,735 shares of the company’s stock in a transaction that occurred on Friday, February 19th. The shares were purchased at an average price of $45.88 per share, with a total value of $1,088,961.80. Following the completion of the transaction, the chief financial officer now directly owns 22,000 shares of the company’s stock, valued at approximately $1,009,360. The disclosure for this purchase can be found here. Corporate insiders own 23.20% of the company’s stock.

Avis Budget Group Company Profile

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers. It operates the Avis brand, a vehicle rental system that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 515 dealer-operated and 410 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car sharing network.

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Earnings History for Avis Budget Group (NASDAQ:CAR)

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