Avis Budget Group (NASDAQ:CAR) Posts Earnings Results, Misses Expectations By $1.07 EPS

Avis Budget Group (NASDAQ:CAR) released its quarterly earnings data on Tuesday. The business services provider reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($1.07), FiscalAI reports. The firm had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.10 billion.

Avis Budget Group Stock Up 1.6%

Shares of CAR traded up $2.64 during midday trading on Tuesday, reaching $166.32. 732,681 shares of the stock were exchanged, compared to its average volume of 1,606,244. The stock’s 50 day simple moving average is $168.21 and its 200 day simple moving average is $166.69. The company has a market cap of $5.88 billion, a P/E ratio of -8.73 and a beta of 1.91. Avis Budget Group has a twelve month low of $85.96 and a twelve month high of $847.70.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CAR. The Goldman Sachs Group increased their price target on Avis Budget Group from $85.00 to $95.00 and gave the company a “sell” rating in a research note on Friday. Barclays set a $160.00 price objective on shares of Avis Budget Group and gave the company an “equal weight” rating in a report on Monday, June 8th. Wall Street Zen raised shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. JPMorgan Chase & Co. raised their target price on shares of Avis Budget Group from $155.00 to $170.00 and gave the stock an “underweight” rating in a research note on Tuesday, June 23rd. Finally, Jefferies Financial Group downgraded shares of Avis Budget Group from a “buy” rating to a “hold” rating and lifted their target price for the stock from $112.00 to $160.00 in a report on Friday, May 1st. Six research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $132.75.

Insider Transactions at Avis Budget Group

In related news, EVP Edward P. Linnen sold 9,483 shares of the firm’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $182.32, for a total transaction of $1,728,940.56. Following the transaction, the executive vice president directly owned 37,932 shares of the company’s stock, valued at approximately $6,915,762.24. This trade represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ravi Simhambhatla sold 3,469 shares of Avis Budget Group stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $184.09, for a total transaction of $638,608.21. Following the completion of the sale, the executive vice president owned 13,876 shares of the company’s stock, valued at approximately $2,554,432.84. The trade was a 20.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 50.48% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Avis Budget Group

Several institutional investors and hedge funds have recently bought and sold shares of CAR. Quarry LP bought a new position in Avis Budget Group in the 4th quarter valued at about $27,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Avis Budget Group by 26.5% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock worth $58,000 after acquiring an additional 76 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Avis Budget Group by 19.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock worth $72,000 after acquiring an additional 70 shares during the period. Aster Capital Management DIFC Ltd boosted its position in shares of Avis Budget Group by 956.5% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 486 shares of the business services provider’s stock worth $62,000 after acquiring an additional 440 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Avis Budget Group during the 4th quarter worth approximately $78,000. Institutional investors own 96.35% of the company’s stock.

Avis Budget Group Company Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.