Avis Budget Group (NASDAQ:CAR) Releases Earnings Results, Beats Estimates By $0.24 EPS
Avis Budget Group (NASDAQ:CAR) issued its quarterly earnings results on Tuesday. The business services provider reported ($5.60) EPS for the quarter, topping the Zacks’ consensus estimate of ($5.84) by $0.24, MarketWatch Earnings reports. The company had revenue of $760.00 million for the quarter, compared to analysts’ expectations of $732.05 million. Avis Budget Group had a negative return on equity of 44.49% and a negative net margin of 4.15%. Avis Budget Group’s revenue was down 67.5% on a year-over-year basis. During the same quarter last year, the business earned $0.79 earnings per share.
Shares of NASDAQ:CAR traded down $1.55 during mid-day trading on Thursday, hitting $25.91. 166,475 shares of the company traded hands, compared to its average volume of 3,741,965. The stock has a market cap of $1.76 billion, a P/E ratio of -5.88 and a beta of 2.30. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 60.25. Avis Budget Group has a 12-month low of $6.35 and a 12-month high of $52.98. The stock has a 50-day moving average price of $26.54 and a two-hundred day moving average price of $24.52.
CAR has been the topic of several research analyst reports. Barclays raised their price objective on Avis Budget Group from $18.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday. They noted that the move was a valuation call. JPMorgan Chase & Co. raised their price objective on Avis Budget Group from $13.00 to $22.00 and gave the company a “neutral” rating in a research note on Friday, June 19th. ValuEngine raised Avis Budget Group from a “hold” rating to a “buy” rating in a research note on Monday, June 1st. BidaskClub lowered Avis Budget Group from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Morgan Stanley reissued a “buy” rating and set a $37.00 price target on shares of Avis Budget Group in a research note on Thursday, July 16th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $27.40.
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 worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,500 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.
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