$1.84 Billion in Sales Expected for Avis Budget Group, Inc. (NASDAQ:CAR) This Quarter

Wall Street analysts forecast that Avis Budget Group, Inc. (NASDAQ:CAR) will report $1.84 billion in

Wall Street analysts forecast that Avis Budget Group, Inc. (NASDAQ:CAR) will report $1.84 billion in sales for the current quarter, according to Zacks. Two analysts have issued estimates for Avis Budget Group’s earnings, with the lowest sales estimate coming in at $1.83 billion and the highest estimate coming in at $1.85 billion. Avis Budget Group reported sales of $760.00 million in the same quarter last year, which indicates a positive year-over-year growth rate of 142.1%. The business is scheduled to report its next quarterly earnings report after the market closes on Tuesday, August 3rd.

On average, analysts expect that Avis Budget Group will report full-year sales of $7.47 billion for the current year, with estimates ranging from $7.43 billion to $7.50 billion. For the next 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 analysts that follow Avis Budget Group.

Avis Budget Group (NASDAQ:CAR) last issued its quarterly earnings data on Sunday, May 2nd. The business services provider reported ($0.46) EPS for the quarter, topping analysts’ consensus estimates of ($2.38) by $1.92. The firm had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter in the prior year, the firm earned ($1.40) EPS. The business’s quarterly revenue was down 21.7% compared to the same quarter last year.

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A number of brokerages have recently issued reports on CAR. Zacks Investment Research upgraded shares of Avis Budget Group from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a research note on Monday, May 10th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Avis Budget Group from $50.00 to $69.00 and gave the company a “hold” rating in a research note on Tuesday, May 4th. Morgan Stanley upped their target price on shares of Avis Budget Group from $73.00 to $85.00 and gave the company an “equal weight” rating in a research note on Monday, June 14th. Bank of America restated a “neutral” rating on shares of Avis Budget Group in a research note on Monday, April 26th. Finally, Barclays increased their price objective on shares of Avis Budget Group from $70.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 5th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Avis Budget Group has a consensus rating of “Hold” and an average price target of $68.33.

In other Avis Budget Group news, EVP Veresh Sita bought 1,685 shares of Avis Budget Group stock in a transaction that occurred on Thursday, June 10th. The stock was purchased at an average cost of $89.00 per share, for a total transaction of $149,965.00. Also, Chairman Bernardo Hees bought 63,000 shares of Avis Budget Group stock in a transaction that occurred on Wednesday, May 12th. The shares were acquired at an average price of $79.39 per share, with a total value of $5,001,570.00. The disclosure for this purchase can be found here. 27.40% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of the stock. New Mexico Educational Retirement Board lifted its position in shares of Avis Budget Group by 18.9% in the 2nd quarter. New Mexico Educational Retirement Board now owns 10,700 shares of the business services provider’s stock valued at $833,000 after acquiring an additional 1,700 shares in the last quarter. Junson Asset Management Hong Kong Ltd purchased a new stake in Avis Budget Group in the 2nd quarter worth approximately $779,000. Principal Financial Group Inc. lifted its position in Avis Budget Group by 13.8% in the 1st quarter. Principal Financial Group Inc. now owns 185,403 shares of the business services provider’s stock worth $13,449,000 after buying an additional 22,421 shares in the last quarter. Virtu Financial LLC purchased a new stake in Avis Budget Group in the 1st quarter worth approximately $256,000. Finally, Canada Pension Plan Investment Board lifted its position in Avis Budget Group by 335.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,941,500 shares of the business services provider’s stock worth $140,837,000 after buying an additional 1,495,300 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Shares of Avis Budget Group stock opened at $71.29 on Friday. The firm has a market cap of $4.98 billion, a price-to-earnings ratio of -7.13 and a beta of 2.35. The firm has a 50-day moving average of $82.28. Avis Budget Group has a 1 year low of $24.44 and a 1 year high of $95.10.

About Avis Budget Group

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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