Avis shares soar in meme-like rally, hedge fund makes possibly billions

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Go back to Avis shares soar in meme-like rally, hedge fund makes possibly billions

Avis Budget Group (CAR): JPM Double Downgrades to Underweight After Gaining Over 100% Yesterday, DB Analyst Says Sell the Stock as it Doesn't Trade on Fundamentals; Up 900%+ YTD

November 3, 2021 6:39 AM EDT

Shares of Avis Budget Car (NASDAQ: CAR) are down over 6% in pre-open Wednesday after gaining 108.3% yesterday.

On Monday, the car rental company reported Q3 EPS of $10.74 to crush the analyst estimate of $6.52. Revenue for the quarter came in at $3 billion versus the consensus estimate of $2.71 billion.

Avis stock skyrocketed to over 200% at one moment yesterday, prompting several halts on volatility. Shares closed at $357.17 at the end of the day.

The short squeeze prompted JPMorgan analyst Ryan Brinkman to deliver a two-notch downgrade to... More

JPMorgan Double Downgrades Avis Budget Group (CAR) to Underweight

November 3, 2021 5:42 AM EDT

JPMorgan analyst Ryan Brinkman downgraded Avis Budget Group (NASDAQ: CAR) from Overweight to Underweight with a price target of $225.00 (from $100.00).

The analyst comments "As one of the leading players in the global rental car industry, we believe Avis is well positioned to leverage growth in the industry and represents an... More