Avis Budget Group, Inc. (CAR) Updates FY17 Earnings Guidance
Avis Budget Group, Inc. (NASDAQ:CAR) updated its FY17 earnings guidance on Monday. The company provided earnings per share guidance of $2.40-2.85 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.82. The company issued revenue guidance of $8.80-8.95 billion, compared to the consensus revenue estimate of $8.77 billion.
CAR has been the topic of several recent analyst reports. ValuEngine raised Avis Budget Group from a hold rating to a buy rating in a research report on Thursday, July 6th. Morgan Stanley reduced their target price on Avis Budget Group from $23.00 to $19.00 and set an underweight rating on the stock in a research report on Monday, May 8th. BidaskClub raised Avis Budget Group from a hold rating to a buy rating in a research report on Wednesday, July 19th. Deutsche Bank AG reaffirmed a buy rating on shares of Avis Budget Group in a research report on Monday, June 26th. Finally, MKM Partners reaffirmed a buy rating and set a $40.00 target price on shares of Avis Budget Group in a research report on Wednesday, June 28th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $36.40.
Avis Budget Group, Inc. (NASDAQ:CAR) traded up 3.66% during mid-day trading on Monday, reaching $33.39. The company’s stock had a trading volume of 5,952,917 shares. The firm has a market cap of $2.81 billion, a PE ratio of 28.25 and a beta of 2.49. Avis Budget Group, Inc. has a one year low of $20.71 and a one year high of $41.53. The stock’s 50 day moving average is $28.18 and its 200 day moving average is $29.89.
Avis Budget Group (NASDAQ:CAR) last posted its earnings results on Monday, July 31st. The business services provider reported $0.30 EPS for the quarter, missing the Zacks’ consensus estimate of $0.62 by $0.32. Avis Budget Group had a return on equity of 74.55% and a net margin of 1.24%. The firm had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.27 billion. During the same quarter last year, the firm posted $0.63 EPS. The firm’s revenue for the quarter was down .2% on a year-over-year basis. On average, analysts anticipate that Avis Budget Group, Inc. will post $2.84 EPS for the current year.
In other news, Director John D. Jr. Hardy sold 992 shares of Avis Budget Group stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $27.20, for a total transaction of $26,982.40. Following the sale, the director now owns 992 shares in the company, valued at $26,982.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.80% of the stock is currently owned by insiders.
Avis Budget Group Company Profile
Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.
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