Avis Budget Group (NASDAQ:CAR) Announces Earnings Results

Avis Budget Group (NASDAQ:CAR) released its quarterly earnings data on Wednesday. The business services provider reported ($21.25) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($21.13), FiscalAI reports. The business had revenue of $2.66 billion during the quarter, compared to analyst estimates of $2.75 billion.

Avis Budget Group Stock Performance

Shares of CAR stock traded up $1.20 during trading hours on Wednesday, reaching $123.30. The company had a trading volume of 955,670 shares, compared to its average volume of 548,417. The business has a fifty day moving average price of $124.79 and a 200-day moving average price of $140.36. Avis Budget Group has a one year low of $54.03 and a one year high of $212.81. The firm has a market cap of $4.34 billion, a PE ratio of -2.06 and a beta of 2.33.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CAR shares. Morgan Stanley reaffirmed an “equal weight” rating and issued a $142.00 target price (up from $115.00) on shares of Avis Budget Group in a research report on Monday, December 8th. Zacks Research raised shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 18th. Barclays cut their price objective on Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Monday, November 3rd. Weiss Ratings restated a “sell (d)” rating on shares of Avis Budget Group in a report on Wednesday, January 21st. Finally, Susquehanna reduced their price objective on Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating for the company in a research report on Wednesday, October 29th. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $137.57.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Sei Investments Co. purchased a new stake in shares of Avis Budget Group during the 2nd quarter valued at about $375,000. Polymer Capital Management US LLC purchased a new position in shares of Avis Budget Group in the third quarter worth approximately $414,000. Bayesian Capital Management LP purchased a new stake in Avis Budget Group during the second quarter valued at approximately $424,000. Voleon Capital Management LP bought a new position in Avis Budget Group in the second quarter worth approximately $440,000. Finally, Inspire Investing LLC raised its position in Avis Budget Group by 28.9% in the fourth quarter. Inspire Investing LLC now owns 3,634 shares of the business services provider’s stock worth $466,000 after acquiring an additional 814 shares during the period. Institutional investors own 96.35% of the company’s stock.

About Avis Budget Group

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company’s roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.