Published on 17 Sep 2021 on Zacks via Yahoo Finance
Avis Budget Group (CAR) shares soared 9.8% in the last trading session to close at $98.79. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 3.8% loss over the past four weeks.
This increased investor optimism can be attributed to the rising demand for rental vehicles as an increasingly vaccinated population are opting to travel out. Also, incoming vehicle supply and tight average fleet have been aiding revenues per day.
This car rental company is expected to post quarterly earnings of $6.44 per share in its upcoming report, which represents a year-over-year change of +469.9%. Revenues are expected to be $2.81 billion, up 83.5% from the year-ago quarter.