Avis Budget Group (NASDAQ:CAR) Releases Quarterly Earnings Results, Misses Expectations By $0.56 EPS

Avis Budget Group (NASDAQ:CAR) posted its quarterly earnings results on Wednesday. The business services provider reported ($3.21) EPS for the quarter, missing analysts’ consensus estimates of ($2.65) by ($0.56), Briefing.com reports. Avis Budget Group had a negative return on equity of 696.69% and a net margin of 13.59%. The company had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.41 billion. During the same period last year, the firm posted $7.72 EPS. The company’s revenue for the quarter was down .2% compared to the same quarter last year.

Avis Budget Group Price Performance

CAR opened at $94.75 on Thursday. Avis Budget Group has a one year low of $93.53 and a one year high of $244.95. The firm has a market capitalization of $3.38 billion, a P/E ratio of 2.22 and a beta of 2.28. The company has a fifty day moving average price of $111.15 and a 200-day moving average price of $151.21.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Northcoast Research upgraded 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. Deutsche Bank Aktiengesellschaft cut their target price on shares of Avis Budget Group from $202.00 to $183.00 and set a “buy” rating for the company in a research report on Thursday, April 18th. JPMorgan Chase & Co. reduced their price objective on shares of Avis Budget Group from $280.00 to $240.00 and set an “overweight” rating for the company in a research note on Wednesday, February 14th. The Goldman Sachs Group upgraded Avis Budget Group from a “sell” rating to a “neutral” rating and increased their target price for the stock from $118.00 to $130.00 in a research report on Thursday, April 4th. Finally, StockNews.com upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Monday, February 12th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target 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.