(RTTNews) – Shares of Avis Budget Group Inc. (CAR) are climbing more than 12 percent or $2.02 in Tuesday’s morning trade at $18.74 despite no stock-specific news. The stock has traded in a range of $6.35 to $52.98 in the past 52 weeks.
Parsippany, New Jersey-based Avis Budget provides car and truck rentals, car sharing, and ancillary services to businesses and consumers.
Avis Budget has said it expects a gradual recovery in revenues from June and improving thereafter, as shelter in place restrictions are lifted and leisure travel begins to resume. The company’s current reservations show improvement in June and is expected to sequentially increase over the balance of the summer.
Meanwhile, Avis’ peer Hertz Global Holdings, Inc. (HTZ) said last Friday that it has filed for Chapter 11 reorganization in the U.S. Bankruptcy Court for the District of Delaware. Hertz noted that the impact of COVID-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company’s revenue and future bookings.
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