$2.84 Billion in Sales Expected for Avis Budget Group Inc. (CAR) This Quarter

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Equities analysts predict that Avis Budget Group Inc. (NASDAQ:CAR) will announce sales of $2.84 billion for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Avis Budget Group’s earnings, with estimates ranging from $2.82 billion to $2.87 billion. Avis Budget Group posted sales of $2.75 billion in the same quarter last year, which would indicate a positive year over year growth rate of 3.3%. The company is expected to issue its next earnings report after the market closes on Monday, November 5th.

On average, analysts expect that Avis Budget Group will report full-year sales of $9.19 billion for the current financial year, with estimates ranging from $9.14 billion to $9.28 billion. For the next financial year, analysts expect that the business will report sales of $9.41 billion, with estimates ranging from $9.29 billion to $9.59 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that that provide coverage for Avis Budget Group.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings results on Tuesday, August 7th. The business services provider reported $0.57 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.57. The company had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.39 billion. Avis Budget Group had a return on equity of 63.08% and a net margin of 4.46%. During the same period last year, the business posted $0.30 earnings per share.

CAR has been the topic of several research analyst reports. Northcoast Research raised Avis Budget Group from a “neutral” rating to a “buy” rating and set a $46.00 price target on the stock in a research report on Monday, July 30th. BidaskClub upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating in a research note on Thursday, August 16th. Barclays reduced their target price on shares of Avis Budget Group from $41.00 to $38.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 22nd. Zacks Investment Research cut shares of Avis Budget Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 1st. Finally, ValuEngine cut shares of Avis Budget Group from a “hold” rating to a “sell” rating in a research note on Monday, July 2nd. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $42.83.

Shares of NASDAQ:CAR traded up $0.67 during midday trading on Monday, hitting $31.37. The company’s stock had a trading volume of 1,499,065 shares, compared to its average volume of 2,113,043. The company has a market cap of $2.55 billion, a P/E ratio of 11.01 and a beta of 1.89. Avis Budget Group has a fifty-two week low of $29.94 and a fifty-two week high of $50.88. The company has a debt-to-equity ratio of 41.18, a quick ratio of 1.20 and a current ratio of 1.20.

In other Avis Budget Group news, Director Leonard S. Coleman, Jr. sold 13,000 shares of the firm’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $34.63, for a total transaction of $450,190.00. Following the completion of the transaction, the director now owns 2,339 shares in the company, valued at $80,999.57. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.60% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Cerebellum GP LLC acquired a new stake in shares of Avis Budget Group during the second quarter worth approximately $142,000. Summit Trail Advisors LLC increased its holdings in shares of Avis Budget Group by 3,465.8% in the first quarter. Summit Trail Advisors LLC now owns 177,078 shares of the business services provider’s stock valued at $177,000 after purchasing an additional 172,112 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Avis Budget Group by 12,509.1% in the first quarter. Sei Investments Co. now owns 4,161 shares of the business services provider’s stock valued at $195,000 after purchasing an additional 4,128 shares in the last quarter. Cornerstone Wealth Management LLC acquired a new stake in shares of Avis Budget Group in the second quarter valued at approximately $224,000. Finally, Stifel Financial Corp acquired a new stake in shares of Avis Budget Group in the first quarter valued at approximately $240,000.

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 5,450 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 19,000 vehicles, which are rented through a network of approximately 925 dealer-operated and 450 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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