Equities Analysts Issue Forecasts for Avis Budget Group, Inc.’s Q2 2023 Earnings (NASDAQ:CAR)

Posted by on Jun 5th, 2023

Avis Budget Group, Inc. (NASDAQ:CAR – Get Rating) – Analysts at Zacks Research upped their Q2 2023 earnings per share (EPS) estimates for Avis Budget Group in a research note issued to investors on Friday, June 2nd. Zacks Research analyst S. Dey now expects that the business services provider will post earnings of $8.95 per share for the quarter, up from their previous forecast of $8.90. The consensus estimate for Avis Budget Group’s current full-year earnings is $34.21 per share. Zacks Research also issued estimates for Avis Budget Group’s FY2023 earnings at $31.24 EPS, Q1 2024 earnings at $2.63 EPS, Q2 2024 earnings at $8.16 EPS, Q1 2025 earnings at $4.07 EPS and FY2025 earnings at $17.99 EPS.

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

A number of other brokerages have also weighed in on CAR. Deutsche Bank Aktiengesellschaft upgraded Avis Budget Group from a “hold” rating to a “buy” rating and upped their target price for the stock from $239.00 to $263.00 in a research note on Wednesday, May 31st. Susquehanna reduced their price objective on Avis Budget Group from $240.00 to $195.00 in a research report on Wednesday, May 3rd. JPMorgan Chase & Co. increased their target price on Avis Budget Group from $270.00 to $275.00 and gave the company an “overweight” rating in a report on Wednesday, February 15th. Morgan Stanley upgraded 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 research note on Friday, May 5th. Finally, StockNews.com initiated coverage on Avis Budget Group in a report on Thursday, May 18th. They issued a “hold” rating for the company. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $224.43.

Avis Budget Group Stock Performance

Shares of CAR opened at $174.82 on Monday. The stock’s 50-day simple moving average is $173.02 and its 200 day simple moving average is $189.84. The stock has a market capitalization of $6.95 billion, a price-to-earnings ratio of 3.17 and a beta of 2.34. Avis Budget Group has a 52-week low of $131.83 and a 52-week high of $251.26.

Institutional Investors Weigh In On Avis Budget Group

Several large investors have recently added to or reduced their stakes in the stock. Nomura Holdings Inc. lifted its stake in Avis Budget Group by 70.4% in the 1st quarter. Nomura Holdings Inc. now owns 1,534,724 shares of the business services provider’s stock valued at $298,964,000 after buying an additional 634,040 shares in the last quarter. Toronto Dominion Bank acquired a new position in shares of Avis Budget Group during the fourth quarter worth $97,480,000. Renaissance Technologies LLC boosted its stake in Avis Budget Group by 97.0% in the fourth quarter. Renaissance Technologies LLC now owns 469,180 shares of the business services provider’s stock valued at $76,913,000 after acquiring an additional 230,980 shares in the last quarter. Cibc World Markets Corp acquired a new position in Avis Budget Group in the fourth quarter valued at $37,540,000. Finally, Citigroup Inc. boosted its stake in Avis Budget Group by 1,413.8% in the fourth quarter. Citigroup Inc. now owns 242,376 shares of the business services provider’s stock valued at $39,733,000 after acquiring an additional 226,365 shares in the last quarter. 98.31% of the stock is owned by institutional investors.

Avis Budget Group Company Profile

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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.

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

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