Avis Soars as Lofty Car-Rental Demand Meets Supply Shortages
- Higher prices and recovering travel are powering stock gains
- Hertz’s bankruptcy troubles are also giving Avis a boost
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Avis Budget Group Inc. is on a tear. The car renter’s stock closed at a record high Wednesday as an economic reopening that’s boosting travel demand collides with industrywide inventory tightness.
Shares of Parsippany, New Jersey-based Avis rose 1.9% to $77.24, more than doubling so far this year and soaring from a pandemic low of $7.78 in March 2020.