Avis Budget Group (CAR) Updates FY18 Earnings Guidance

Avis Budget Group (NASDAQ:CAR) issued an update on its FY18 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $2.90-3.05 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.02. The company issued revenue guidance of $9.20-9.45 billion, compared to the consensus revenue estimate of $9.08 billion.

Shares of Avis Budget Group (NASDAQ CAR) traded down $0.98 during trading on Wednesday, hitting $38.96. 3,141,382 shares of the stock traded hands, compared to its average volume of 2,276,588. The company has a debt-to-equity ratio of 35.24, a quick ratio of 1.28 and a current ratio of 1.28. Avis Budget Group has a 1-year low of $20.71 and a 1-year high of $49.41. The firm has a market cap of $3,258.49, a price-to-earnings ratio of 29.59 and a beta of 2.45.

CAR has been the topic of several recent research reports. TheStreet upgraded shares of Avis Budget Group from a c rating to a b- rating in a research report on Friday, November 10th. ValuEngine upgraded shares of Avis Budget Group from a hold rating to a buy rating in a research report on Monday, December 11th. BidaskClub lowered shares of Avis Budget Group from a strong-buy rating to a buy rating in a research report on Thursday, February 15th. Deutsche Bank decreased their target price on shares of Avis Budget Group from $49.00 to $48.00 and set a buy rating on the stock in a research report on Wednesday, November 8th. Finally, Northcoast Research reiterated a buy rating on shares of Avis Budget Group in a research report on Tuesday, November 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $37.30.

In other Avis Budget Group news, CMO W Scott Deaver sold 40,000 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $39.05, for a total value of $1,562,000.00. Following the completion of the transaction, the chief marketing officer now directly owns 125,674 shares of the company’s stock, valued at $4,907,569.70. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Ronald L. Nelson sold 275,000 shares of the business’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $40.22, for a total transaction of $11,060,500.00. Following the completion of the transaction, the chairman now directly owns 473,214 shares of the company’s stock, valued at $19,032,667.08. The disclosure for this sale can be found here. Insiders have sold a total of 463,750 shares of company stock valued at $18,702,638 over the last three months. 2.80% of the stock is currently owned by insiders.

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About Avis Budget Group

Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.

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