Stock Track | Avis Budget Plummets 13.78% Intraday as Traders Reassess Overheated Short Squeeze Run

Stock Track04-11 01:02

Avis Budget Group Inc (NASDAQ:CAR) shares plummeted 13.78% during intraday trading on Friday, marking a sharp reversal from recent gains.

The decline comes as traders reassess an overheated short squeeze run that had pushed the stock approximately 160% higher over the past month. Technical indicators signaled extreme overbought conditions, with the stock's relative strength index (RSI) reaching 91.90, a level that often precedes accelerated pullbacks when buying pressure subsides.

Fundamental challenges also contributed to the sell-off, including a reported $856 million GAAP net loss last quarter and a roughly $518 million impairment charge related to its U.S. electric vehicle fleet. The stock's valuation had become stretched, trading 73.8% above its 20-day simple moving average before the correction began.

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