Overview
- Avis Budget shares set fresh records Tuesday after a 23% jump Monday, pushing April gains to well over 500%.
- Data firm Ortex estimated 86.2% of the shares available to trade were sold short, which raises the odds of forced buying.
- Filings show SRS Investment Management and Pentwater Capital control about 71% of outstanding shares, leaving little stock for trading.
- Reuters calculated short sellers are down about $4.09 billion for the month, including roughly $1.01 billion lost on Monday alone.
- Wall Street cautions that recent GAAP losses and a roughly $518 million write-down on the U.S. EV fleet do not support the new price levels.