Avis Budget Group (NASDAQ:CAR) Announces Earnings Results, Misses Estimates By $0.56 EPS

Avis Budget Group (NASDAQ:CAR - Get Free Report) released its quarterly earnings results on Wednesday. The business services provider reported ($3.21) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $2.55 billion during the quarter, compared to analysts' expectations of $2.41 billion. During the same period in the prior year, the firm posted $7.72 earnings per share. Avis Budget Group's revenue for the quarter was down .2% compared to the same quarter last year.

Avis Budget Group Stock Performance

Shares of CAR traded down $0.70 during mid-day trading on Wednesday, hitting $94.75. 900,426 shares of the company were exchanged, compared to its average volume of 831,230. Avis Budget Group has a 1-year low of $93.53 and a 1-year high of $244.95. The company has a 50 day moving average of $111.27 and a 200-day moving average of $151.61. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of 2.23 and a beta of 2.22.

Analysts Set New Price Targets

Several research firms have issued reports on CAR. JPMorgan Chase & Co. cut their price target on shares of Avis Budget Group from $280.00 to $240.00 and set an "overweight" rating on the stock in a report on Wednesday, February 14th. Morgan Stanley cut their price target on shares of Avis Budget Group from $190.00 to $187.00 and set an "overweight" rating on the stock in a report on Wednesday, April 10th. The Goldman Sachs Group raised shares of Avis Budget Group from a "sell" rating to a "neutral" rating and boosted their price objective for the company from $118.00 to $130.00 in a report on Thursday, April 4th. Bank of America dropped their price objective on shares of Avis Budget Group from $170.00 to $140.00 and set a "buy" rating on the stock in a report on Wednesday. Finally, Northcoast Research upgraded shares of Avis Budget Group from a "neutral" rating to a "buy" rating and set a $155.00 target price for the company in a research report on Monday, March 25th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $164.57.

About Avis Budget Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.