Avis Budget Group (NASDAQ:CAR) Announces Earnings Results

Avis Budget Group (NASDAQ:CAR) released its quarterly earnings results on Tuesday. The business services provider reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($1.07), FiscalAI reports. The business had revenue of $3 billion for the quarter, compared to the consensus estimate of $3.10 billion.

Avis Budget Group Price Performance

Shares of Avis Budget Group stock traded up $2.64 during trading on Tuesday, hitting $166.32. 705,434 shares of the company’s stock traded hands, compared to its average volume of 1,602,576. The company has a market cap of $5.88 billion, a PE ratio of -8.73 and a beta of 1.91. The firm’s fifty day moving average price is $168.21 and its 200 day moving average price is $166.69. Avis Budget Group has a twelve month low of $85.96 and a twelve month high of $847.70.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CAR shares. JPMorgan Chase & Co. boosted their price objective on Avis Budget Group from $155.00 to $170.00 and gave the stock an “underweight” rating in a research report on Tuesday, June 23rd. Susquehanna increased their price objective on Avis Budget Group from $105.00 to $140.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Morgan Stanley raised their price objective on shares of Avis Budget Group from $97.00 to $99.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 20th. Wall Street Zen upgraded shares of Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, Barclays set a $160.00 price target on shares of Avis Budget Group and gave the stock an “equal weight” rating in a research report on Monday, June 8th. Six analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $132.75.

Insider Buying and Selling

In other Avis Budget Group news, EVP Edward P. Linnen sold 9,483 shares of the stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $182.32, for a total transaction of $1,728,940.56. Following the completion of the transaction, the executive vice president directly owned 37,932 shares in the company, valued at $6,915,762.24. This represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ravi Simhambhatla sold 3,469 shares of the business’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $184.09, for a total transaction of $638,608.21. Following the completion of the sale, the executive vice president owned 13,876 shares in the company, valued at $2,554,432.84. This represents a 20.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 50.48% of the company’s stock.

Institutional Investors Weigh In On Avis Budget Group

A number of large investors have recently bought and sold shares of the business. Polymer Capital Management US LLC acquired a new position in Avis Budget Group in the third quarter worth $414,000. AQR Capital Management LLC raised its holdings in shares of Avis Budget Group by 12.1% in the fourth quarter. AQR Capital Management LLC now owns 2,934 shares of the business services provider’s stock valued at $376,000 after buying an additional 317 shares during the last quarter. Prudential Financial Inc. bought a new position in shares of Avis Budget Group in the second quarter valued at about $352,000. Boothbay Fund Management LLC lifted its position in Avis Budget Group by 52.0% during the 4th quarter. Boothbay Fund Management LLC now owns 2,588 shares of the business services provider’s stock worth $332,000 after buying an additional 885 shares in the last quarter. Finally, VARCOV Co. acquired a new position in Avis Budget Group during the 4th quarter worth about $331,000. 96.35% of the stock is currently owned by institutional investors.

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.