Avis Budget Group (NASDAQ:CAR) Announces Earnings Results, Misses Estimates By $2.86 EPS

Avis Budget Group (NASDAQ:CAR) announced its earnings results on Tuesday. The business services provider reported $5.15 EPS for the quarter, missing the consensus estimate of $8.01 by ($2.86), FiscalAI reports. The company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.42 billion. During the same quarter last year, the firm posted $10.11 EPS. Avis Budget Group’s quarterly revenue was down 2.4% compared to the same quarter last year.

Avis Budget Group Stock Performance

CAR stock opened at $119.81 on Thursday. The company has a market cap of $4.23 billion, a price-to-earnings ratio of -5.18 and a beta of 1.95. The business’s 50-day moving average is $115.06 and its two-hundred day moving average is $152.96. Avis Budget Group has a fifty-two week low of $85.96 and a fifty-two week high of $847.70.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CAR. Susquehanna reiterated a “neutral” rating and issued a $125.00 target price on shares of Avis Budget Group in a research note on Wednesday. Wall Street Zen cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avis Budget Group in a report on Monday, August 17th. Barclays reduced their price target on shares of Avis Budget Group from $160.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Monday. Finally, Zacks Research downgraded Avis Budget Group from a “hold” rating to a “strong sell” rating in a report on Monday, October 19th. Five analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $117.14.

Avis Budget Group Company Profile

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.