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Oct. 8, 2021, 10:40 a.m. EDT

Avis Budget stock surges to another record, has nearly doubled over the past three months

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By Tomi Kilgore

Shares of Avis Budget Group Inc. /zigman2/quotes/203618115/composite CAR -2.57% shot up 7.3% in morning trading Friday, putting them on track for an eighth record close in the past month, and enough to pace the Dow Jones Transportation Average's /zigman2/quotes/210598063/realtime DJT +0.11% gainers. The auto rental company's stock has been by far the best performer among the Dow transports components over the past three months (up 92.4%), year to date (up 263.8%) and for the past year (up 335.3%), while the Dow transports has gained 0.9%, 16.8% and 24.2% over the same periods, respectively, and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.17% has gained 1.0%, 13.6% and 22.3%. On a bright note for Avis, the government's September employment report out earlier Friday showed "notable job gains" in the leisure and hospitality and transportation sectors. And analyst Michael Linenberg at Deutsche Bank said after a recent pullback, corporate airline bookings are "once again on the upswing" and are now approaching levels last seen in early July before the most recent surge in COVID-19 cases. Growth recreational and business travel can be a good sign for car rental companies.

/zigman2/quotes/203618115/composite
US : U.S.: Nasdaq
$ 261.22
-6.90 -2.57%
Volume: 869,404
Dec. 3, 2021 4:00p
P/E Ratio
21.13
Dividend Yield
N/A
Market Cap
$14.75 billion
Rev. per Employee
$270,100
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/zigman2/quotes/210598063/realtime
US : Dow Jones Indices
15,967.24
+18.01 +0.11%
Volume: 157.99M
Dec. 3, 2021 5:35p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,580.08
-59.71 -0.17%
Volume: 444.85M
Dec. 3, 2021 5:35p
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