Editor’s Note: This story has been updated to correct the market capitalization and 52-week trading range data for Avis Budget Group.
Avis Budget Group, Inc. (NASDAQ:CAR) shares are trending on Friday.
Shares of the car rental agency holding company were unchanged at $163.44 after the bell on Thursday.
According to Benzinga Pro data, CAR shares surged 11.23% to $163.44 in the regular session.
Credit Agreement Amendment Drives the Move
The stock move followed a Wednesday filing detailing an Eleventh Amendment to Avis Budget’s credit agreement, led by JPMorgan Chase Bank, N.A., a subsidiary of JPMorgan Chase & Co. (NYSE:JPM), as administrative agent. The amendment, which closed on Monday, refinances a $2 billion revolving loan facility and extends its maturity to 2031. It also establishes a new $200 million revolving facility maturing in 2028.
According to the SEC filing, BofA Securities, Morgan Stanley (NYSE:MS), Wells Fargo (NYSE:WFC), Royal Bank of Canada (NYSE:RY) and several other banks served as joint lead arrangers on the deal.
What Investors Should Know
JP Morgan maintained its Underweight rating on CAR on Jun. 23, while raising its price target from $155 to $170.
Benzinga’s Take: CAR carries a notably high short interest of 61.6%, indicating significant bearish positioning and potential for volatility, including possible short-covering rallies.
Trading Metrics, Technical Analysis
Avis Budget Group has a market capitalization of $5.77 billion, with a 52-week high of $847.70 and a 52-week low of $85.97.
The Relative Strength Index (RSI) of CAR stands at 44.55.
Over the past 12 months, the stock of the New Jersey-based company has dropped 9.86%.
CAR is currently positioned at about 10% of its 52-week range.
Benzinga’s Edge Stock Rankings indicate that CAR has a negative price trend across all time frames.
Photo: Ian Dewar Photography / Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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