Avis Budget Group, Inc. (NASDAQ:CAR – Free Report) – Zacks Research lowered their Q3 2024 earnings estimates for Avis Budget Group in a report issued on Wednesday, May 22nd. Zacks Research analyst S. Dey now forecasts that the business services provider will post earnings of $10.41 per share for the quarter, down from their previous estimate 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 – Get Free Report) last released its quarterly earnings results on Wednesday, May 1st. The business services provider reported ($3.21) earnings per share for the quarter, missing the consensus estimate of ($2.65) by ($0.56). The firm had revenue of $2.55 billion for the quarter, compared to analysts’ expectations of $2.41 billion. Avis Budget Group had a net margin of 10.05% and a negative return on equity of 480.48%. The business’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $7.72 EPS.
View Our Latest Research Report on CAR
Avis Budget Group Stock Performance
CAR stock opened at $113.65 on Thursday. The firm has a fifty day moving average price of $114.50 and a 200 day moving average price of $145.66. Avis Budget Group has a fifty-two week low of $93.53 and a fifty-two week high of $244.95. The firm has a market cap of $4.05 billion, a PE ratio of 3.59 and a beta of 2.28.
Hedge Funds Weigh In On Avis Budget Group
A number of large investors have recently bought and sold shares of the business. Teacher Retirement System of Texas raised its stake in shares of Avis Budget Group by 2.3% during the third quarter. Teacher Retirement System of Texas now owns 5,759 shares of the business services provider’s stock valued at $1,035,000 after acquiring an additional 132 shares in the last quarter. Versor Investments LP lifted its holdings in shares of Avis Budget Group by 16.2% in the 3rd quarter. Versor Investments LP now owns 4,098 shares of the business services provider’s stock worth $736,000 after buying an additional 572 shares during the period. Arizona State Retirement System grew its position in shares of Avis Budget Group by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 6,226 shares of the business services provider’s stock worth $1,119,000 after buying an additional 84 shares in the last quarter. Barclays PLC increased its stake in shares of Avis Budget Group by 9.8% during the third quarter. Barclays PLC now owns 190,582 shares of the business services provider’s stock valued at $34,242,000 after buying an additional 17,082 shares during the period. Finally, New York Life Investment Management LLC bought a new stake in shares of Avis Budget Group in the third quarter valued at about $391,000. Hedge funds and other institutional investors 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.
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