Avis Budget Group, Inc. (NASDAQ:CAR) Issues Earnings Results
Avis Budget Group, Inc. (NASDAQ:CAR) posted its earnings results on Monday. The business services provider reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by $0.32, Bloomberg Earnings reports. Avis Budget Group had a net margin of 1.24% and a return on equity of 74.55%. The business had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same period in the previous year, the firm posted $0.63 earnings per share. The firm’s revenue was down .2% on a year-over-year basis. Avis Budget Group updated its FY17 guidance to $2.40-2.85 EPS.
Shares of Avis Budget Group (NASDAQ CAR) traded down 9.64% during mid-day trading on Tuesday, hitting $30.17. The stock had a trading volume of 5,660,617 shares. The company has a market cap of $2.54 billion, a P/E ratio of 25.52 and a beta of 2.49. Avis Budget Group has a 1-year low of $20.71 and a 1-year high of $41.53. The firm’s 50 day moving average price is $28.18 and its 200 day moving average price is $29.89. Avis Budget Group also saw some unusual options trading on Monday. Stock investors bought 11,831 put options on the stock. This represents an increase of 706% compared to the typical volume of 1,468 put options.
A number of research analysts have issued reports on the company. ValuEngine raised Avis Budget Group from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Morgan Stanley decreased their target price on Avis Budget Group from $23.00 to $19.00 and set an “underweight” rating for the company in a research note on Monday, May 8th. BidaskClub raised Avis Budget Group from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Deutsche Bank AG reissued a “buy” rating on shares of Avis Budget Group in a research note on Monday, June 26th. Finally, MKM Partners reissued a “buy” rating and issued a $40.00 target price on shares of Avis Budget Group in a research note on Wednesday, June 28th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $36.40.
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About Avis Budget Group
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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