Avis Budget stock goes haywire
Avis Budget stock has advanced 857% this year
Avis Budget shares soared on Tuesday as traders scrambled to keep up with heavy volatility giving it new meme status.
|CAR||AVIS BUDGET GROUP INC.||179.70||-1.37||-0.76%|
The stock, at one point, hit a high of $545 per share, rising well over 200% and triggering numerous trading halts.
Shares settled at $185.71 a gain of 108.31% the biggest percentage gain since March of 2009, as noted by Dow Jones Market Data Group.
Short interest has been on the rise, hitting 13.4 million shares. That's up from 8.1 million in June.
Inquires into Avis by FOX Business about the unusual trading were not returned.
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The rental car company reported revenues nearly doubled from 2020 and were 9% higher from the third quarter of 2019 to $3 billion, driven by "increased revenue per day and rental days" as the pandemic recovery continues.
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"We are seeing the benefits of initiatives we began during the early days of the pandemic and look to build on this positive momentum as the travel environment continues to normalize," said Joe Ferraro, Avis Budget Group chief executive officer, in the earnings release.
The action helped drive the Dow Jones Transportation Index to record terrority.
|IYT||ISHARES TRUST U.S.TRANSPORTATION ETF||216.12||+0.56||+0.26%|
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Shares this year have jumped over 1,100% and Tuesday's jump is on pace to be the biggest day in the company's history, according to Dow Jones Market Data Group.