The next memestock? Avis shares rocket 218 per cent in a single day
Shares in car rental giant Avis are surging this afternoon after positive earnings data, leading some to compare the jump to those of memestocks Gamestop and AMC.
Its stock price is currently trading up 81.5 per cent to $316, after paring some early gains.
Avis shares were rallying as much as 218 per cent immediately following its results, in which it said it would play a major part on the switch tho electric vehicles (EVs).
The update from the company caught the eye of Redditors, with Avis one of the most frequently mentioned stocks to watch among retail investors on the online forum.
Although it has no concrete orders to snap up EVs (unlike its rival Hertz), Avis hinted that it will step up activity in the greener transport option.
“You’ll see us going forward be much more active in electric scenarios as the situation develops over time,” CEO Joe Ferraro told analysts today.