Avis Budget Group Inc. (NASDAQ:CAR) Expected to Post Quarterly Sales of $1.79 Billion

Wall Street analysts forecast that Avis Budget Group Inc. (NASDAQ:CAR) will report sales of $1.79 billion for the current quarter, Zacks reports. Two analysts have made estimates for Avis Budget Group’s earnings, with estimates ranging from $1.70 billion to $1.89 billion. Avis Budget Group posted sales of $2.75 billion during the same quarter last year, which would indicate a negative year over year growth rate of 34.9%. The company is scheduled to issue its next earnings report on Thursday, October 29th.

According to Zacks, analysts expect that Avis Budget Group will report full-year sales of $5.76 billion for the current year, with estimates ranging from $5.46 billion to $6.24 billion. For the next fiscal year, analysts forecast that the firm will report sales of $7.66 billion, with estimates ranging from $7.22 billion to $8.36 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover Avis Budget Group.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Tuesday, July 28th. The business services provider reported ($5.60) earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $732.05 million. During the same quarter in the previous year, the company posted $0.79 earnings per share. Avis Budget Group’s revenue for the quarter was down 67.5% compared to the same quarter last year.

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

NASDAQ CAR traded down $0.64 on Tuesday, reaching $25.90. The stock had a trading volume of 4,349,762 shares, compared to its average volume of 3,424,069. The business has a 50 day moving average price of $26.49 and a 200 day moving average price of $24.44. The company has a current ratio of 1.07, a quick ratio of 0.85 and a debt-to-equity ratio of 60.25. Avis Budget Group has a 1 year low of $6.35 and a 1 year high of $52.98. The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of -5.55 and a beta of 2.30.

In related news, Director Srs Investment Management, Llc purchased 282,566 shares of Avis Budget Group stock in a transaction on Thursday, May 28th. The stock was bought at an average price of $20.59 per share, with a total value of $5,818,033.94. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 23.20% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of CAR. First Trust Advisors LP lifted its position in shares of Avis Budget Group by 13.2% during the 1st quarter. First Trust Advisors LP now owns 37,787 shares of the business services provider’s stock worth $1,317,000 after purchasing an additional 4,400 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Avis Budget Group by 28.8% during the 4th quarter. Victory Capital Management Inc. now owns 30,881 shares of the business services provider’s stock worth $996,000 after purchasing an additional 6,914 shares during the last quarter. Guggenheim Capital LLC lifted its position in shares of Avis Budget Group by 5.9% during the 4th quarter. Guggenheim Capital LLC now owns 14,887 shares of the business services provider’s stock worth $480,000 after purchasing an additional 828 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Avis Budget Group by 4.9% during the 4th quarter. Bank of New York Mellon Corp now owns 873,267 shares of the business services provider’s stock worth $28,154,000 after purchasing an additional 41,084 shares during the last quarter. Finally, UBS Asset Management Americas Inc. lifted its position in shares of Avis Budget Group by 93.3% during the 4th quarter. UBS Asset Management Americas Inc. now owns 237,829 shares of the business services provider’s stock worth $7,668,000 after purchasing an additional 114,762 shares during the last quarter.

About Avis Budget Group

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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