Wall Street brokerages expect Avis Budget Group, Inc. (NASDAQ:CAR) to announce $1.84 billion in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Avis Budget Group’s earnings, with estimates ranging from $1.83 billion to $1.85 billion. Avis Budget Group reported sales of $760.00 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 142.1%. The business is scheduled to report its next earnings results on Tuesday, July 27th.
On average, analysts expect that Avis Budget Group will report full-year sales of $7.47 billion for the current financial year, with estimates ranging from $7.43 billion to $7.50 billion. For the next fiscal year, analysts expect that the firm will report sales of $8.74 billion, with estimates ranging from $8.48 billion to $9.16 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Avis Budget Group.
Avis Budget Group (NASDAQ:CAR) last announced its earnings results on Sunday, May 2nd. The business services provider reported ($0.46) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.38) by $1.92. The company had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.24 billion. Avis Budget Group had a negative return on equity of 199.17% and a negative net margin of 13.86%. Avis Budget Group’s revenue for the quarter was down 21.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.40) earnings per share.
A number of research firms have recently issued reports on CAR. Morgan Stanley boosted their price target on shares of Avis Budget Group from $73.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, June 14th. Bank of America reissued a “neutral” rating on shares of Avis Budget Group in a research note on Monday, April 26th. Deutsche Bank Aktiengesellschaft upped their price target on Avis Budget Group from $50.00 to $69.00 and gave the company a “hold” rating in a research report on Tuesday, May 4th. Zacks Investment Research upgraded Avis Budget Group from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a report on Monday, May 10th. Finally, Barclays upped their target price on Avis Budget Group from $70.00 to $83.00 and gave the company an “equal weight” rating in a report on Wednesday, May 5th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $68.33.
NASDAQ CAR opened at $80.75 on Friday. The business’s 50-day moving average is $84.72. The firm has a market cap of $5.64 billion, a P/E ratio of -8.08 and a beta of 2.35. Avis Budget Group has a 1 year low of $20.10 and a 1 year high of $95.10.
In other Avis Budget Group news, Director Lynn Krominga sold 5,760 shares of the stock in a transaction on Friday, May 14th. The shares were sold at an average price of $83.50, for a total transaction of $480,960.00. Following the transaction, the director now directly owns 8,623 shares of the company’s stock, valued at $720,020.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Bernardo Hees bought 63,000 shares of the stock in a transaction on Wednesday, May 12th. The shares were acquired at an average cost of $79.39 per share, for a total transaction of $5,001,570.00. The disclosure for this purchase can be found here. Corporate insiders own 27.40% of the company’s stock.
Several hedge funds have recently modified their holdings of CAR. Principal Financial Group Inc. grew its holdings in Avis Budget Group by 13.8% during the first quarter. Principal Financial Group Inc. now owns 185,403 shares of the business services provider’s stock valued at $13,449,000 after purchasing an additional 22,421 shares during the last quarter. Public Sector Pension Investment Board raised its holdings in Avis Budget Group by 133.3% in the 4th quarter. Public Sector Pension Investment Board now owns 192,497 shares of the business services provider’s stock worth $7,180,000 after acquiring an additional 109,990 shares during the period. SummerHaven Investment Management LLC acquired a new position in Avis Budget Group during the 4th quarter worth $548,000. Canton Hathaway LLC acquired a new position in Avis Budget Group during the 1st quarter worth $73,000. Finally, Morgan Stanley boosted its holdings in Avis Budget Group by 8.0% during the fourth quarter. Morgan Stanley now owns 473,730 shares of the business services provider’s stock valued at $17,669,000 after acquiring an additional 35,092 shares during the period. 95.79% of the stock is currently owned by institutional investors and hedge funds.
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. It operates the Avis brand, a vehicle rental system that supply rental cars to the premium commercial and leisure segments of the travel industry; the Budget Truck brand, a local and one-way truck rental businesses with a fleet of approximately 20,000 vehicles, which are rented through a network of approximately 515 dealer-operated and 410 company-operated locations that serve the consumer and light commercial sectors in the continental United States; and the Zipcar brand, a car sharing network.
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