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A Car Rental Stock Soared 700% In A Month. Is It A Meme Stock?
A pair of hedge funds built a 71% stake, forcing short sellers to cover as retail trading joined the rally, data firms said.
3 Articles
3 Articles
Inside the sharp rise and fall of Avis, the market's latest meme stock
Bloomberg/Getty ImagesThe world of meme stocks is volatile, and Avis is the latest to see a huge rally and a sudden collapse. A short-squeeze set off a parabolic rally in the stock this month. The tight supply of publicly traded shares and speculative interest fueled the gains. Avis Budget Group, the car rental company that lost nearly $1 billion last year and is carrying more than $6 billion in debt, was the latest target of retail traders look…
Avis Budget Group (CAR), a car rental company in the United States, has skyrocketed almost 500% in the last month, amid disruptions at airports that boosted demand for car rentals, while growing pressure on short positions has amplified the rise of an action that has already received criticism from investors like Michael Burry.See more: More lives than a cat: the reasons Bradesco BBI believes in Brazil's rallyThe title went from about US$80 to o…
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