Avis Budget Group (NASDAQ:CAR) Releases Earnings Results, Misses Estimates By $2.86 EPS

Avis Budget Group (NASDAQ:CAR) posted its quarterly earnings data on Tuesday. The business services provider reported $5.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.01 by ($2.86), FiscalAI reports. The firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.42 billion.

Avis Budget Group Price Performance

NASDAQ CAR traded down $2.18 during mid-day trading on Tuesday, reaching $109.34. The stock had a trading volume of 416,571 shares, compared to its average volume of 1,214,023. The company has a fifty day moving average price of $116.31 and a 200 day moving average price of $153.06. Avis Budget Group has a 1 year low of $85.96 and a 1 year high of $847.70. The stock has a market cap of $3.86 billion, a PE ratio of -6.02 and a beta of 2.12.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. The Goldman Sachs Group boosted their price objective on shares of Avis Budget Group from $85.00 to $95.00 and gave the company a “sell” rating in a research report on Friday, July 24th. Morgan Stanley dropped their target price on shares of Avis Budget Group from $99.00 to $95.00 and set an “equal weight” rating for the company in a research report on Friday, September 11th. Zacks Research cut shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a research report on Monday, October 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avis Budget Group in a research note on Monday, August 17th. Finally, Barclays reduced their price target on shares of Avis Budget Group from $160.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Monday. Five research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, Avis Budget Group presently has a consensus rating of “Reduce” and an average target price of $119.29.

About Avis Budget Group

Avis Budget Group, Inc is a provider of mobility and vehicle-rental services. Through its Avis and Budget brands, the company offers car and truck rentals to business and leisure customers, serving travelers through airport and neighborhood locations as well as digital booking channels.

The company also operates Zipcar, a car-sharing service that provides members with access to vehicles for short-term use. Its brand portfolio has also included Payless, which serves value-oriented rental customers.