Avis's option soared over 10000%, as its stock price jumped as much as 212%
$Avis Budget(CAR.US$ soared to record highs on Tuesday, jumping as much as 212% as a short-squeeze took over the stock, while its option soared over 10000%!
I just missed a chance to turn $1000 bucks to $10,000.![]()
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I just missed a chance to turn $1000 bucks to $10,000.
The car rental company has just over 20% of its shares shorted, according to data from Koyfin. With the stock at all-time-highs, that means every short position is underwater. And given Tuesday's market value gain of more than $25 billion, the shorts are already down billions of dollars.
Avis is a popular short with institutional investors that employ a pair-trading strategy, meaning while they're betting against the stock, they're also long shares of $HERTZ GLOBAL HOLDINGS INC(HTZGQ.US$, a competing car rental company. Hertz only has a short interest of 0.5%.
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