Avis Budget Group (NASDAQ:CAR) Releases Quarterly Earnings Results, Misses Expectations By $21.13 EPS

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

Avis Budget Group Stock Performance

CAR stock traded up $2.26 during trading on Wednesday, reaching $124.36. 635,206 shares of the company traded hands, compared to its average volume of 533,449. The business has a 50 day simple moving average of $124.79 and a 200 day simple moving average of $140.36. Avis Budget Group has a 12 month low of $54.03 and a 12 month high of $212.81. The company has a market capitalization of $4.38 billion, a price-to-earnings ratio of -2.08 and a beta of 2.33.

Analyst Ratings Changes

A number of brokerages have weighed in on CAR. Susquehanna decreased their target price 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. Weiss Ratings restated a “sell (d)” rating on shares of Avis Budget Group in a research note on Wednesday, January 21st. Barclays decreased their price objective on Avis Budget Group from $150.00 to $120.00 and set an “equal weight” rating for the company in a report on Monday, November 3rd. Zacks Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 18th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $142.00 target price (up previously from $115.00) on shares of Avis Budget Group in a research report on Monday, December 8th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $137.57.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Quarry LP purchased a new stake in Avis Budget Group during the fourth quarter valued at approximately $27,000. Northwestern Mutual Wealth Management Co. grew its holdings in Avis Budget Group by 26.5% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock worth $58,000 after purchasing an additional 76 shares during the last quarter. Aster Capital Management DIFC Ltd increased its position in shares of Avis Budget Group by 956.5% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 486 shares of the business services provider’s stock worth $62,000 after purchasing an additional 440 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Avis Budget Group by 19.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 427 shares of the business services provider’s stock valued at $72,000 after purchasing an additional 70 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Avis Budget Group during the 4th quarter valued at $78,000. 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.