Avis Budget (NASDAQ:CAR) stock is charging higher on Tuesday after releasing its earnings report for the third quarter of 2021.
To begin with, Avis Budget reported adjusted earnings per share of $10.74 during its most recent quarter. That’s an impressive beat compared to Wall Street’s estimate of $6.52 for the period. It’s also an 850% increase year-over-year from $1.13.
Next up is revenue of $3 billion sending CAR stock soaring today. This is due to it smashing Wall Street’s estimate of $2.67 billion for the quarter. That’s a 96% jump from the company’s revenue of $1.53 billion from the same period of the year prior.
Joe Ferraro, CEO of Avis Budget, said the following about the earnings boosting CAR stock today.
“Our third quarter results are a testament to our team’s on-going focus around cost discipline and ability to execute operationally. We are seeing the benefits of initiatives we began during the early days of the pandemic and look to build on this positive momentum as the travel environment continues to normalize.”
It’s more than just the earnings report that has CAR stock on the move today. Shares are also facing a short-squeeze with the earnings report acting as a catalyst for traders. As a result, heavy trading has some 21 million shares of CAR changing hands today. That’s a massive surge from its daily average trading volume of almost 2 million shares.
CAR stock is up 94.6% as of Tuesday afternoon and is up 848.1% since the start of the year.
Investors looking for more hot stock market news are in luck!
We’ve got all the latest trending stories for Tuesday that traders need to know about. Among them is what’s happening with Rogers Corporation (NYSE:ROG), SilverBox Engaged Merger (NASDAQ:SBEA), and Under Armour (NYSE:UAA) shares today. You can get all that news from the links below!
More Stock Market News for Tuesday
- ROG Stock: 9 Things to Know About the DuPont Deal That Has Rogers Corp. Rallying Today
- Is SBEA Stock the Next DWAC? 8 Things to Know About the Black Rifle Coffee SPAC Merger.
- UAA Stock: 12 Reasons Why Under Armour Investors Are Overjoyed Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.