Following in the footsteps of GameStop and AMC, rental car company Avis’ share price skyrocketed by 218 percent Tuesday—it’s highest ever—in yet another retail-fueled trade. The surge came after the company announced plan to purchase electric vehicles, and came shortly after Hertz’s shares skyrocketed on the news they would buy 100,000 Tesla electric cars. “You’ll see us going forward be much more active in electric scenarios as the situation develops,” Avis CEO Joe Ferraro said.
Avis’ stock tripled to a record $545.11 on Tuesday morning, bringing total gains for the year to 1,300 percent. It was the No. 1 trending company on Stocktwits and occupied much of the discussion in Reddit’s WallStreetBets forum, the same subreddit that previously sent GameStop, Tesla and the movie theater business AMC soaring. Tuesday’s surge was so volatile it prompted 11 trading halts and caused TD Ameritrade to put a temporary halt on allowing short sales.
Read it at Bloomberg
