Car rental company Avis Budget Group had its GameStop/AMC moment on Tuesday as shares popped by +108.31% to reach a new record high amid a wave of Reddit fueled trading, after the company announced stronger-than-expected third quarter earnings and the potential adoption of electric vehicles in the future.
The company reported $10.74 in per-share earnings for the third quarter, $4 higher than a Refinitiv consensus estimate. Revenue also topped expectations. At one point, Avis briefly became the largest component of the Russell 2000 Index with a $30 billion market cap after shares more than tripled during the day, surpassing another meme-stock favorite, AMC Entertainment Holdings Inc. The company ended Tuesday?s session valued at $20 billion.
Investors in ETFs holding Avis got a kick out of it, with Invesco DWA Industrials Momentum ETF (Avis, 4.82%), SPDR S&P Transportation ETF (Avis, 4.05%), and SPDR S&P Kensho Smart Mobility ETF (Avis, 2.98%) gaining +6.06%, +4.22% and +2.96% respectively.
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