Avis Budget Group, Inc. to Post Q3 2024 Earnings of $10.41 Per Share, Zacks Research Forecasts (NASDAQ:CAR)

Avis Budget Group, Inc. (NASDAQ:CAR) – Zacks Research reduced their Q3 2024 earnings per share (EPS) estimates for Avis Budget Group in a report released on Wednesday, May 22nd. Zacks Research analyst S. Dey now anticipates that the business services provider will post earnings of $10.41 per share for the quarter, down from their previous forecast of $10.65. The consensus estimate for Avis Budget Group’s current full-year earnings is $13.21 per share. Zacks Research also issued estimates for Avis Budget Group’s Q4 2024 earnings at $1.95 EPS and FY2025 earnings at $13.93 EPS.

Avis Budget Group (NASDAQ:CAR) last posted its quarterly earnings results on Wednesday, May 1st. The business services provider reported ($3.21) EPS for the quarter, missing the consensus estimate of ($2.65) by ($0.56). The business had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.41 billion. Avis Budget Group had a net margin of 10.05% and a negative return on equity of 480.48%. The company’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $7.72 EPS.

Several other equities analysts have also issued reports on the company. StockNews.com lowered Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Avis Budget Group from $202.00 to $183.00 and set a “buy” rating for the company in a research note on Thursday, April 18th. Susquehanna decreased their target price on shares of Avis Budget Group from $145.00 to $117.00 and set a “neutral” rating for the company in a research report on Tuesday, April 30th. Bank of America cut their price target on shares of Avis Budget Group from $170.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. decreased their price objective on Avis Budget Group from $280.00 to $240.00 and set an “overweight” rating for the company in a report on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $164.57.

Avis Budget Group Stock Down 3.3 %

Avis Budget Group stock opened at $109.86 on Thursday. The firm has a market cap of $3.92 billion, a P/E ratio of 3.47 and a beta of 2.28. Avis Budget Group has a twelve month low of $93.53 and a twelve month high of $244.95. The business has a fifty day moving average of $114.50 and a two-hundred day moving average of $145.66.

Institutional Investors Weigh In On Avis Budget Group

Institutional investors and hedge funds have recently modified their holdings of the company. Tidal Investments LLC lifted its position in Avis Budget Group by 133.0% during the first quarter. Tidal Investments LLC now owns 22,775 shares of the business services provider’s stock valued at $2,789,000 after purchasing an additional 13,000 shares during the period. B. Riley Wealth Advisors Inc. lifted its holdings in shares of Avis Budget Group by 26.9% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 4,759 shares of the business services provider’s stock valued at $583,000 after buying an additional 1,009 shares during the period. Bayesian Capital Management LP acquired a new stake in Avis Budget Group during the first quarter worth about $595,000. Black Maple Capital Management LP purchased a new position in Avis Budget Group during the first quarter valued at approximately $2,033,000. Finally, Caxton Associates LP acquired a new position in Avis Budget Group in the first quarter valued at approximately $391,000. Institutional investors and hedge funds own 96.35% of the company’s stock.

About Avis Budget Group

Avis Budget Group, Inc, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. It operates the Avis brand, that offers vehicle rental and other mobility solutions to the premium commercial and leisure segments of the travel industry; and the Zipcar brand, a car sharing network, as well as the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers comprising Budget car rental, and Budget Truck, a local, and one-way truck and cargo van rental businesses with a fleet of approximately 19,000 vehicles, which are rented through a network of dealer-operated and company-operated locations that serve the light commercial and consumer sectors in the continental United States.