Avis Budget Group (NASDAQ:CAR) Posts Earnings Results, Beats Estimates By $1.92 EPS

Avis Budget Group (NASDAQ:CAR) released its earnings results on Sunday. The business services provider reported ($0.46) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($2.38) by $1.92, MarketWatch Earnings reports. The company had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.24 billion. Avis Budget Group had a negative net margin of 7.28% and a negative return on equity of 199.17%. The firm’s quarterly revenue was down 21.7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.40) EPS.

Shares of CAR stock traded down $5.63 on Tuesday, reaching $83.38. The company’s stock had a trading volume of 73,673 shares, compared to its average volume of 1,504,278. The stock’s fifty day simple moving average is $75.74 and its 200-day simple moving average is $49.83. Avis Budget Group has a 1 year low of $9.44 and a 1 year high of $90.29. The company has a market capitalization of $5.82 billion, a price-to-earnings ratio of -12.58 and a beta of 2.31.

In related news, CFO Brian J. Choi bought 10,000 shares of the company’s stock in a transaction dated Thursday, February 25th. The stock was purchased at an average price of $55.68 per share, for a total transaction of $556,800.00. Following the acquisition, the chief financial officer now owns 28,200 shares in the company, valued at $1,570,176. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Edward P. Linnen sold 8,300 shares of the business’s stock in a transaction that occurred on Friday, March 5th. The shares were sold at an average price of $62.49, for a total value of $518,667.00. Following the transaction, the executive vice president now directly owns 35,038 shares in the company, valued at approximately $2,189,524.62. The disclosure for this sale can be found here. 23.20% of the stock is owned by corporate insiders.

CAR has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft upped their target price on shares of Avis Budget Group from $50.00 to $69.00 and gave the stock a “hold” rating in a report on Tuesday. Morgan Stanley reiterated an “equal weight” rating and set a $67.00 target price on shares of Avis Budget Group in a research report on Monday, March 22nd. JPMorgan Chase & Co. lowered their price target on Avis Budget Group from $38.00 to $35.00 and set a “neutral” rating on the stock in a report on Thursday, February 18th. Bank of America reaffirmed a “neutral” rating on shares of Avis Budget Group in a report on Monday, April 26th. Finally, Barclays boosted their target price on shares of Avis Budget Group from $42.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 21st. Six research analysts have rated the stock with a hold rating, Avis Budget Group currently has a consensus rating of “Hold” and a consensus price target of $54.83.

About Avis Budget Group

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers. It operates the Avis brand, a vehicle rental system that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 515 dealer-operated and 410 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car sharing network.

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Earnings History for Avis Budget Group (NASDAQ:CAR)

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