10 Oversold NASDAQ Stocks To Invest In Now

8. Avis Budget Group, Inc. (NASDAQ:CAR)  

Number of Hedge Fund Investors: 33  

Forward P/E Ratio as of October 23: 3.39  

YTD Performance as of October 23: -55.07%  

Avis Budget Group, Inc. (NASDAQ:CAR) is a leading global provider of car and truck rentals, car sharing, and ancillary products. The company operates well-known brands such as Avis, Budget, and Zipcar. Avis Budget Group, Inc. (NASDAQ:CAR) has approximately 10,250 rental locations in approximately 180 countries around the world including North America, Europe, Australia and Asia.

On August 5, Avis Budget Group, Inc. (NASDAQ:CAR) announced its financial results for the second quarter, reporting a revenue of over $3.05 billion, a 2.4% decline compared to the same quarter in the previous year. Vehicle utilization for the quarter stood at 70.2%, with an improvement of approximately one point in June compared to June 2023. The company’s liquidity position remained solid, with $822 million available at the end of the quarter, complemented by an additional $2.9 billion in fleet funding capacity. The company also benefits from well-structured corporate debt, with no major maturities due until 2027.

Avis Budget Group, Inc. (NASDAQ:CAR) is investing in technology, including analytics on in-life vehicle costs and process enhancements, which are anticipated to lower operating and SG&A expenses and improve the overall cost structure and profitability of the company.

Avis Budget Group, Inc. (NASDAQ:CAR) is also focusing on fleet rightsizing by selling a record number of vehicles which aims to position the company for improved utilization and pricing benefits, which will positively impact future revenue and margins.