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

Key Points

• Avis Budget Group reported quarterly EPS of $5.15, missing the $8.01 analyst consensus by $2.86.
• Quarterly revenue was $3.44 billion, slightly above the $3.42 billion consensus estimate.
• Analyst sentiment was broadly negative: MarketBeat listed an average “Reduce” rating and a consensus price target of $119.29, while shares traded at $109.34 on Tuesday.

Avis Budget Group (NASDAQ:CAR - Get Free Report) released its earnings results on Tuesday. The business services provider reported $5.15 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $8.01 by ($2.86), FiscalAI reports. The company had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.42 billion.

Avis Budget Group Price Performance

Shares of NASDAQ CAR traded down $2.18 during mid-day trading on Tuesday, reaching $109.34. 408,376 shares of the company's stock traded hands, compared to its average volume of 1,213,732. The stock has a market cap of $3.86 billion, a P/E ratio of -6.02 and a beta of 2.12. The business has a 50-day simple moving average of $116.31 and a 200 day simple moving average of $153.06. Avis Budget Group has a 1-year low of $85.96 and a 1-year high of $847.70.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. dropped their price objective on shares of 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 raised their target price on Avis Budget Group from $85.00 to $95.00 and gave the company a "sell" rating in a research note on Friday, July 24th. Zacks Research lowered Avis Budget Group from a "hold" rating to a "strong sell" rating in a research report on Monday, October 19th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Avis Budget Group in a research note on Monday, August 17th. Finally, Wall Street Zen downgraded Avis Budget Group from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. Five investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus 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.

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