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

Avis Budget Group (NASDAQ:CAR) released its quarterly earnings results on Tuesday. The business services provider reported $5.15 EPS for the quarter, missing analysts’ consensus estimates of $8.01 by ($2.86), FiscalAI reports. The company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.42 billion.

Avis Budget Group Trading Down 2.0%

Shares of CAR stock traded down $2.18 during trading hours on Tuesday, hitting $109.34. 408,376 shares of the company were exchanged, compared to its average volume of 1,213,732. The firm has a fifty day simple moving average of $116.31 and a 200 day simple moving average of $153.06. Avis Budget Group has a 52-week low of $85.96 and a 52-week high of $847.70. The stock has a market capitalization of $3.86 billion, a price-to-earnings ratio of -6.02 and a beta of 2.12.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CAR shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avis Budget Group in a report on Monday, August 17th. Morgan Stanley dropped their price target on shares of Avis Budget Group from $99.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Friday, September 11th. Barclays cut 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 report on Monday. Zacks Research downgraded shares of Avis Budget Group from a “hold” rating to a “strong sell” rating in a research report on Monday, October 19th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Avis Budget Group from $145.00 to $105.00 and set an “underweight” rating for the company in a research note on Thursday, October 8th. Five analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $119.29.

About Avis Budget Group

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.