Avis Budget Group, Inc. (NASDAQ:CAR - Get Free Report) gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $203.88, but opened at $183.62. Avis Budget Group shares last traded at $170.46, with a volume of 712,768 shares changing hands.
The business services provider reported $0.10 EPS for the quarter, missing the consensus estimate of $2.02 by ($1.92). The business had revenue of $3.04 billion during the quarter, compared to analysts' expectations of $3.02 billion. Avis Budget Group had a negative net margin of 19.06% and a negative return on equity of 14.74%. The company's revenue for the quarter was down .3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.41 EPS.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on the stock. Wall Street Zen raised shares of Avis Budget Group from a "sell" rating to a "hold" rating in a research note on Saturday, May 3rd. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $196.00 target price (up previously from $130.00) on shares of Avis Budget Group in a research report on Thursday, July 10th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $155.00 price objective on shares of Avis Budget Group in a research report on Thursday. Finally, The Goldman Sachs Group reissued a "sell" rating and set a $105.00 price target (up previously from $87.00) on shares of Avis Budget Group in a research report on Friday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $131.20.
View Our Latest Stock Analysis on CAR
Institutional Investors Weigh In On Avis Budget Group
Hedge funds and other institutional investors have recently bought and sold shares of the company. Fifth Third Bancorp grew its stake in Avis Budget Group by 32.6% during the second quarter. Fifth Third Bancorp now owns 228 shares of the business services provider's stock worth $39,000 after purchasing an additional 56 shares during the period. Aster Capital Management DIFC Ltd bought a new position in Avis Budget Group in the 4th quarter worth about $25,000. UMB Bank n.a. lifted its holdings in Avis Budget Group by 106.9% in the 1st quarter. UMB Bank n.a. now owns 478 shares of the business services provider's stock worth $36,000 after buying an additional 247 shares during the period. Parallel Advisors LLC increased its position in Avis Budget Group by 233.5% during the 2nd quarter. Parallel Advisors LLC now owns 527 shares of the business services provider's stock valued at $89,000 after buying an additional 369 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its holdings in shares of Avis Budget Group by 41.0% in the 4th quarter. Quadrant Capital Group LLC now owns 681 shares of the business services provider's stock worth $55,000 after purchasing an additional 198 shares in the last quarter. Institutional investors and hedge funds own 96.35% of the company's stock.
Avis Budget Group Price Performance
The company has a 50-day moving average of $159.33 and a two-hundred day moving average of $109.84. The company has a market capitalization of $5.81 billion, a PE ratio of -2.62 and a beta of 2.19.
About Avis Budget Group
(
Get Free Report)
Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the following segments: Americas, International, and Corporate and Other. The Americas segment includes the vehicle rental and car sharing operations in North America, South America, Central America, and the Caribbean.
Recommended Stories
Before you consider Avis Budget Group, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Avis Budget Group wasn't on the list.
While Avis Budget Group currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Just getting into the stock market? These 10 simple stocks can help beginning investors build long-term wealth without knowing options, technicals, or other advanced strategies.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.