From October 22 until the end of October, Avis Budget Group (CAR) stock traded at $170 and on November 1, CAR rose from $171,38 to $489,96, marking an increase of 185%. The growth of the company engaged in the rental of cars and trucks is associated with the financial results for the third quarter of 2021, which announced a decrease in profit as a result of a sharp increase in short-term interest in the last few months. The last jump is considered the largest one-day growth since the company went public in 1984.
Six times since the open, the stock has been suspended due to volatility. Prior to the findings, which were released late Monday, the stock had risen 131% since the business released its second-quarter results. Let’s remember what was in the results for the third quarter. The company’s revenue this time amounted to $ 3.0 billion, which is twice as much as in the previous year. Net profit rose to $674 million and adjusted EBITDA to $1.057 million, which is the best quarterly adjusted EBITDA in the Company’s history.