The Dow Jones Transportation Average is one of the top U.S. equity indexes this year with a 34% gain through Monday, and it owes much of the move to one stock— Avis Budget Group. .
The “meme stock” spirits of years past have been reawakened on Wall Street this Tuesday, as Avis Budget (NASDAQ: CAR) and Beyond Meat (NASDAQ: BYND) – both opened about 20% higher. The catalyst?
The wild trading in Avis Budget Group CAR +7.28% stock continued on Tuesday as shares of the rental-car company gained another 14% and have risen more than six-fold over the past month—and it could result in a regulatory inquiry.
Shares of car rental company Avis Budget hit a record high on Tuesday, having quadrupled so far in April, as analysts pointed to a short squeeze that has dealt steep losses to investors betting against the stock.
Avis Budget Group (NASDAQ:CAR) shares are up 15% in early trading this Tuesday morning, defying a fresh Barclays downgrade to Underweight issued directly into the teeth of one of the most parabolic stock rallies in recent memory.
Avis Budget Group (NASDAQ:CAR) stock is up 11% midday Monday, climbing from $493.86 to $550 as short-sellers scramble to cover positions they can no longer afford to hold.