Avis Budget Group Inc. (NASDAQ:CAR) Expected to Announce Earnings of -$0.15 Per Share

Equities analysts forecast that Avis Budget Group Inc. (NASDAQ:CAR) will post ($0.15) earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Avis Budget Group’s earnings, with estimates ranging from ($0.57) to $0.30. Avis Budget Group posted earnings of $2.96 per share during the same quarter last year, which suggests a negative year over year growth rate of 105.1%. The business is scheduled to issue its next quarterly earnings report on Thursday, October 29th.

On average, analysts expect that Avis Budget Group will report full year earnings of ($6.73) per share for the current fiscal year, with EPS estimates ranging from ($9.19) to ($4.63). For the next fiscal year, analysts anticipate that the firm will report earnings of $1.01 per share, with EPS estimates ranging from ($1.08) to $2.78. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of analysts that cover Avis Budget Group.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Tuesday, July 28th. The business services provider reported ($5.60) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($5.84) by $0.24. Avis Budget Group had a negative return on equity of 66.36% and a negative net margin of 4.15%. The business had revenue of $760.00 million during the quarter, compared to analyst estimates of $732.05 million. During the same quarter last year, the company posted $0.79 EPS. Avis Budget Group’s revenue for the quarter was down 67.5% on a year-over-year basis.

A number of equities analysts recently weighed in on the company. JPMorgan Chase & Co. increased their price target on Avis Budget Group from $13.00 to $22.00 and gave the company a “neutral” rating in a research report on Friday, June 19th. Barclays increased their price objective on Avis Budget Group from $18.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 28th. They noted that the move was a valuation call. Morgan Stanley increased their price objective on Avis Budget Group from $37.00 to $40.00 and gave the stock an “overweight” rating in a research note on Friday. ValuEngine raised Avis Budget Group from a “hold” rating to a “buy” rating in a research note on Monday, June 1st. Finally, BidaskClub downgraded Avis Budget Group from a “buy” rating to a “hold” rating in a research note on Thursday. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $28.00.

In other news, Director Srs Investment Management, Llc purchased 282,566 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was bought at an average cost of $20.59 per share, with a total value of $5,818,033.94. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 23.20% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Avitas Wealth Management LLC purchased a new stake in shares of Avis Budget Group during the 2nd quarter worth about $214,000. State of Michigan Retirement System raised its stake in shares of Avis Budget Group by 24.4% during the 2nd quarter. State of Michigan Retirement System now owns 19,524 shares of the business services provider’s stock worth $447,000 after purchasing an additional 3,824 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Avis Budget Group during the 2nd quarter worth about $271,000. New York State Teachers Retirement System raised its stake in shares of Avis Budget Group by 1,725.7% during the 2nd quarter. New York State Teachers Retirement System now owns 127,800 shares of the business services provider’s stock worth $2,925,000 after purchasing an additional 120,800 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its stake in shares of Avis Budget Group by 56.6% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 43,829 shares of the business services provider’s stock worth $1,003,000 after purchasing an additional 15,842 shares in the last quarter.

Shares of NASDAQ:CAR traded down $0.64 during midday trading on Friday, reaching $25.90. The company had a trading volume of 4,349,762 shares, compared to its average volume of 3,424,069. The company has a debt-to-equity ratio of 60.25, a quick ratio of 0.85 and a current ratio of 1.07. Avis Budget Group has a 1-year low of $6.35 and a 1-year high of $52.98. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of -5.55 and a beta of 2.30. The company has a fifty day simple moving average of $26.49 and a two-hundred day simple moving average of $24.44.

Avis Budget Group Company Profile

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary services to businesses and consumers worldwide. It operates the Avis brand, a vehicle rental system with approximately 5,500 locations that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget brand, a vehicle rental and other mobility solutions primarily focuses on the value-conscious segments of the industry; the Zipcar brand, a membership-based car sharing network; and the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 18,000 vehicles, which are rented through a network of approximately 640 dealer-operated and 430 company-operated locations that serve the consumer and light commercial sectors in the continental United States.

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Earnings History and Estimates for Avis Budget Group (NASDAQ:CAR)

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