Avis Budget Group (NASDAQ:CAR) Issues Earnings Results

Avis Budget Group (NASDAQ:CAR) released its quarterly earnings data 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 business had revenue of $2.66 billion during the quarter, compared to analyst estimates of $2.75 billion.

Avis Budget Group Price Performance

Shares of CAR traded up $2.26 during mid-day trading on Wednesday, reaching $124.36. 635,206 shares of the company’s stock traded hands, compared to its average volume of 533,449. The stock’s 50-day moving average is $124.79 and its two-hundred day moving average is $140.36. Avis Budget Group has a 12 month low of $54.03 and a 12 month high of $212.81. The stock has a market cap of $4.38 billion, a P/E ratio of -2.08 and a beta of 2.33.

Institutional Trading of Avis Budget Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quarry LP bought a new stake in shares of Avis Budget Group during the fourth quarter worth $27,000. Northwestern Mutual Wealth Management Co. increased its stake in Avis Budget Group by 26.5% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 363 shares of the business services provider’s stock worth $58,000 after buying an additional 76 shares during the period. Aster Capital Management DIFC Ltd increased its stake in Avis Budget Group by 956.5% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 486 shares of the business services provider’s stock worth $62,000 after buying an additional 440 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in 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 buying an additional 70 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in Avis Budget Group in the 4th quarter valued at about $78,000. Hedge funds and other institutional investors own 96.35% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Zacks Research upgraded shares of Avis Budget Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 18th. Barclays decreased their target price on shares of 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 reiterated a “sell (d)” rating on shares of Avis Budget Group in a research report on Wednesday, January 21st. Morgan Stanley reissued an “equal weight” rating and set a $142.00 price objective (up from $115.00) on shares of Avis Budget Group in a research note on Monday, December 8th. Finally, Susquehanna decreased their price objective on Avis Budget Group from $145.00 to $130.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 29th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $137.57.

Avis Budget Group Company Profile

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.