Avis Budget Group, Inc. (NASDAQ:CAR) Expected to Post Quarterly Sales of $2.81 Billion

Brokerages predict that Avis Budget Group, Inc. (NASDAQ:CAR) will post $2.81 billion in sales for

Brokerages predict that Avis Budget Group, Inc. (NASDAQ:CAR) will post $2.81 billion in sales for the current quarter, Zacks reports. Two analysts have issued estimates for Avis Budget Group’s earnings. The lowest sales estimate is $2.64 billion and the highest is $2.99 billion. Avis Budget Group reported sales of $1.53 billion in the same quarter last year, which indicates a positive year over year growth rate of 83.7%. The company is scheduled to report its next quarterly earnings report on Thursday, November 4th.

According to Zacks, analysts expect that Avis Budget Group will report full-year sales of $8.42 billion for the current financial year, with estimates ranging from $8.04 billion to $8.76 billion. For the next financial year, analysts forecast that the firm will report sales of $8.97 billion, with estimates ranging from $8.66 billion to $9.47 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Avis Budget Group.

Avis Budget Group (NASDAQ:CAR) last released its quarterly earnings results on Monday, August 2nd. The business services provider reported $5.90 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $4.69. Avis Budget Group had a negative return on equity of 385.05% and a net margin of 2.76%. The firm had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.08 billion.

A number of brokerages have commented on CAR. Morgan Stanley increased their target price on Avis Budget Group from $73.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, June 14th. Deutsche Bank Aktiengesellschaft raised their price target on Avis Budget Group from $75.00 to $91.00 and gave the stock a “hold” rating in a research report on Monday, August 2nd. JPMorgan Chase & Co. upgraded Avis Budget Group from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $75.00 to $100.00 in a research report on Thursday, August 5th. TheStreet upgraded Avis Budget Group from a “d+” rating to a “c” rating in a report on Tuesday, August 3rd. Finally, Barclays decreased their target price on Avis Budget Group from $83.00 to $70.00 and set an “equal weight” rating for the company in a report on Wednesday, July 21st. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $80.67.

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Shares of CAR opened at $86.63 on Monday. Avis Budget Group has a 52 week low of $25.54 and a 52 week high of $97.16. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 159.62. The company has a market capitalization of $5.76 billion, a price-to-earnings ratio of 34.11, a PEG ratio of 0.13 and a beta of 2.34. The stock’s 50-day moving average price is $84.06 and its 200-day moving average price is $80.13.

Several large investors have recently made changes to their positions in CAR. Exchange Traded Concepts LLC acquired a new position in shares of Avis Budget Group during the 2nd quarter worth approximately $31,000. IFP Advisors Inc raised its position in shares of Avis Budget Group by 185.9% during the 2nd quarter. IFP Advisors Inc now owns 426 shares of the business services provider’s stock worth $33,000 after purchasing an additional 277 shares during the last quarter. D Orazio & Associates Inc. acquired a new position in Avis Budget Group in the 2nd quarter valued at $43,000. Allred Capital Management LLC acquired a new position in Avis Budget Group in the 1st quarter valued at $44,000. Finally, Samalin Investment Counsel LLC acquired a new position in Avis Budget Group in the 2nd quarter valued at $51,000.

About Avis Budget Group

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 licenses 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.

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Earnings History and Estimates for Avis Budget Group (NASDAQ:CAR)

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