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

Avis Budget Group (NASDAQ:CAR) released its quarterly 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. Avis Budget Group had a negative net margin of 7.28% and a negative return on equity of 199.17%. The company had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same period last year, the company earned ($1.40) EPS. The firm’s revenue for the quarter was down 21.7% compared to the same quarter last year.

CAR stock traded down $5.97 during trading on Tuesday, hitting $83.04. 71,044 shares of the company’s stock traded hands, compared to its average volume of 1,504,278. The stock has a market capitalization of $5.80 billion, a price-to-earnings ratio of -12.58 and a beta of 2.31. The stock has a fifty day moving average price of $75.74 and a two-hundred day moving average price of $49.83. Avis Budget Group has a 52 week low of $9.44 and a 52 week high of $90.29.

Several equities research analysts recently issued reports on CAR shares. Deutsche Bank Aktiengesellschaft raised their target price on shares of Avis Budget Group from $50.00 to $69.00 and gave the stock a “hold” rating in a research report on Tuesday. JPMorgan Chase & Co. reduced their price target on shares of Avis Budget Group from $38.00 to $35.00 and set a “neutral” rating on the stock in a research report on Thursday, February 18th. Morgan Stanley reaffirmed an “equal weight” rating and set a $67.00 price target on shares of Avis Budget Group in a research report on Monday, March 22nd. Barclays lifted their price target on shares of Avis Budget Group from $42.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 21st. Finally, Bank of America reaffirmed a “neutral” rating on shares of Avis Budget Group in a research report on Monday, April 26th. Six investment analysts have rated the stock with a hold rating, The company presently has a consensus rating of “Hold” and an average price target of $54.83.

In other Avis Budget Group news, CFO Brian J. Choi bought 10,000 shares of the company’s stock in a transaction dated Thursday, February 25th. The shares were bought 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 directly owns 28,200 shares of the company’s stock, valued at $1,570,176. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian J. Choi bought 23,735 shares of the company’s stock in a transaction dated Friday, February 19th. The stock was acquired at an average price of $45.88 per share, for a total transaction of $1,088,961.80. Following the acquisition, the chief financial officer now directly owns 22,000 shares in the company, valued at $1,009,360. The disclosure for this purchase can be found here. 23.20% of the stock is currently owned by insiders.

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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