Skip to Content
AP National Business

Avis’ stock soars on earnings blowout, burning short sellers

<i></i><br/>
KMIZ

By
Published 3:43 PM

PARSIPPANY, N.J. (AP) — Shares of Avis doubled after the rental car company’s third-quarter results showed it is well on the road to recovery from damage inflicted by the pandemic on the global travel industry. Its third-quarter profit easily beat Wall Street expectations and its sales rose above pre-pandemic levels. Shares in Avis Budget Group close up $185.71, to an all-time high of $357.17 on massive volume. Prior to Tuesday, many investors appeared to be pessimistic about the company’s future. According to FactSet, about 20% of shares in Avis had been sold short by investors expecting to profit if the stock fell. 

Article Topic Follows: AP National Business

Jump to comments ↓

associatedpress

BE PART OF THE CONVERSATION

ABC 17 News is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content