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

Avis Budget Group (NASDAQ:CAR) announced its earnings results on Tuesday. The business services provider reported $5.15 earnings per share 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. The firm’s revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $10.11 EPS.

Avis Budget Group Price Performance

Shares of NASDAQ CAR opened at $109.34 on Wednesday. The stock has a fifty day simple moving average of $115.56 and a two-hundred day simple moving average of $152.99. Avis Budget Group has a 1-year low of $85.96 and a 1-year high of $847.70.

Trending Headlines about Avis Budget Group

Here are the key news stories impacting Avis Budget Group this week:

• Neutral Sentiment: Revenue was $3.44 billion, slightly ahead of the $3.42 billion analyst estimate, but down 2.4% from a year earlier. MarketWatch: Avis Budget Group 3Q Profit, Revenue Fall As Costs Increased
• Negative Sentiment: Third-quarter EPS was $5.15, well below the $8.01 consensus estimate cited in the earnings report and down from $10.11 a year ago. The earnings miss and year-over-year decline are likely weighing on sentiment. Zacks: Avis Budget Group Misses Q3 Earnings Estimates
• Negative Sentiment: Coverage points to mobility competition and fleet costs as pressures on profits, reinforcing concerns that costs are eroding earnings. Seeking Alpha: Competition and Fleet Costs Weigh on Profits
• Negative Sentiment: Barclays cut its price target from $160 to $115 and maintained an Equal Weight rating, signaling reduced expectations for the shares. Barclays stock recommendation information

Wall Street Analyst Weigh In

A number of analysts recently commented on CAR shares. JPMorgan Chase & Co. dropped their price target on Avis Budget Group from $145.00 to $105.00 and set an “underweight” rating on the stock in a report on Thursday, October 8th. The Goldman Sachs Group lifted their target price on Avis Budget Group from $85.00 to $95.00 and gave the stock a “sell” rating in a research note on Friday, July 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Avis Budget Group in a report on Monday, August 17th. Barclays reduced their price target on shares of Avis Budget Group from $160.00 to $115.00 and set an “equal weight” rating for the company in a research report on Monday. Finally, Wall Street Zen lowered shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Five research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the stock currently 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.