Q3 2023 EPS Estimates for Avis Budget Group, Inc. (NASDAQ:CAR) Raised by Analyst

Avis Budget Group, Inc. (NASDAQ:CAR – Get Rating) – Research analysts at Zacks Research raised their Q3 2023 earnings per share (EPS) estimates for Avis Budget Group in a research report issued on Monday, May 15th. Zacks Research analyst S. Dey now anticipates that the business services provider will earn $11.87 per share for the quarter, up from their prior forecast of $11.61. The consensus estimate for Avis Budget Group’s current full-year earnings is $32.32 per share. Zacks Research also issued estimates for Avis Budget Group’s Q4 2024 earnings at $2.96 EPS and Q1 2025 earnings at $3.91 EPS.

CAR has been the topic of a number of other research reports. Morgan Stanley raised Avis Budget Group from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $175.00 to $185.00 in a report on Friday, May 5th. Susquehanna cut their price objective on Avis Budget Group from $240.00 to $195.00 in a report on Wednesday, May 3rd. JPMorgan Chase & Co. raised their price objective on Avis Budget Group from $270.00 to $275.00 and gave the company an “overweight” rating in a report on Wednesday, February 15th. StockNews.com started coverage on Avis Budget Group in a report on Thursday, March 16th. They set a “hold” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on Avis Budget Group from $261.00 to $239.00 in a report on Wednesday, May 3rd. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $221.00.

Avis Budget Group Stock Performance

Shares of CAR stock opened at $163.13 on Wednesday. The stock’s fifty day moving average price is $177.56 and its two-hundred day moving average price is $195.62. The company has a market cap of $6.49 billion, a PE ratio of 2.96 and a beta of 2.31. Avis Budget Group has a fifty-two week low of $131.83 and a fifty-two week high of $251.26.

Avis Budget Group (NASDAQ:CAR – Get Rating) last issued its earnings results on Monday, May 1st. The business services provider reported $7.72 earnings per share for the quarter, beating analysts’ consensus estimates of $3.34 by $4.38. The firm had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. Avis Budget Group had a negative return on equity of 448.41% and a net margin of 21.02%. The company’s revenue was up 5.1% compared to the same quarter last year. During the same quarter last year, the business posted $9.99 EPS.

Insider Buying and Selling

In related news, Director Lynn Krominga sold 887 shares of the firm’s stock in a transaction on Wednesday, February 22nd. The stock was sold at an average price of $226.30, for a total transaction of $200,728.10. Following the completion of the transaction, the director now directly owns 628 shares of the company’s stock, valued at approximately $142,116.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 48.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. AXS Investments LLC bought a new stake in Avis Budget Group in the 4th quarter valued at about $25,000. Headlands Technologies LLC bought a new stake in Avis Budget Group in the 1st quarter valued at about $38,000. National Bank of Canada FI increased its position in Avis Budget Group by 150.4% in the 4th quarter. National Bank of Canada FI now owns 303 shares of the business services provider’s stock valued at $50,000 after buying an additional 182 shares in the last quarter. Signaturefd LLC increased its position in Avis Budget Group by 160.7% in the 3rd quarter. Signaturefd LLC now owns 352 shares of the business services provider’s stock valued at $52,000 after buying an additional 217 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new stake in Avis Budget Group in the 1st quarter valued at about $70,000. 98.31% of the stock is owned by institutional investors.

About Avis Budget Group

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Avis Budget Group, Inc engages in the provision of vehicle sharing and rental services. It operates through the Americas and International segments. The Americas segment includes the company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America, and the Caribbean.