Avis Budget Group (NASDAQ:CAR) Announces Quarterly Earnings Results

Avis Budget Group (NASDAQ:CAR) issued its quarterly earnings data 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 firm had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.10 billion. The firm’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.10 EPS.

Avis Budget Group Trading Up 1.6%

Shares of Avis Budget Group stock opened at $166.32 on Wednesday. The company has a 50 day moving average of $168.51 and a 200-day moving average of $166.97. Avis Budget Group has a 1-year low of $85.96 and a 1-year high of $847.70. The company has a market cap of $5.88 billion, a PE ratio of -8.73 and a beta of 1.91.

Analyst Ratings Changes

Several research firms recently issued reports on CAR. Wall Street Zen upgraded Avis Budget Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Jefferies Financial Group cut Avis Budget Group from a “buy” rating to a “hold” rating and increased their price objective for the stock from $112.00 to $160.00 in a research report on Friday, May 1st. The Goldman Sachs Group lifted their target price on Avis Budget Group from $85.00 to $95.00 and gave the stock a “sell” rating in a report on Friday. Susquehanna boosted their target price on shares of Avis Budget Group from $105.00 to $140.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $125.00 price target on shares of Avis Budget Group in a research note on Friday, May 1st. Six analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Avis Budget Group currently 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 Ravi Simhambhatla sold 3,469 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president directly owned 13,876 shares in the company, valued at $2,554,432.84. The trade was a 20.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Edward P. Linnen sold 9,483 shares of the firm’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $182.32, for a total value of $1,728,940.56. Following the completion of the sale, the executive vice president directly owned 37,932 shares in the company, valued at approximately $6,915,762.24. This represents a 20.00% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 50.48% of the company’s stock.

Institutional Investors Weigh In On Avis Budget Group

A number of hedge funds have recently made changes to their positions in CAR. Voleon Capital Management LP bought a new position in Avis Budget Group in the 2nd quarter valued at approximately $440,000. Bayesian Capital Management LP bought a new stake in shares of Avis Budget Group during the second quarter worth $424,000. Polymer Capital Management US LLC acquired a new position in shares of Avis Budget Group during the third quarter worth $414,000. Sei Investments Co. bought a new position in shares of Avis Budget Group in the 2nd quarter valued at $375,000. Finally, Boothbay Fund Management LLC lifted its stake in shares of Avis Budget Group by 52.0% in the 4th quarter. Boothbay Fund Management LLC now owns 2,588 shares of the business services provider’s stock valued at $332,000 after acquiring an additional 885 shares during the last quarter. 96.35% of the stock is currently owned by institutional investors and hedge funds.

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.