On June 26, Avis Budget Group fell 5.3% in regular trading, trading at $166.00/share, with turnover of $32.51 million.

On the news front, peer Hertz Global Holdings recently cut its Q2 earnings guidance citing weaker-than-expected used car market demand, projecting adjusted EBITDA to land at the lower end of its guidance range of $50-80 million. Hertz also filed a public offering of up to $100 million in additional shares, with its stock plunging 10.83% on the same session. Hertz disclosed that vehicle dispositions turned to losses in May after generating gains in April, with per-unit monthly fleet depreciation now expected at approximately $300 — significantly higher than management had previously guided.

As a major vehicle rental operator in the same Passenger Ground Transportation sector, Avis Budget was weighed down by negative sentiment spillover. The broader sector came under pressure, with Uber declining 1.73%, Lyft falling 1.63%, and Grab Holdings dropping 0.86%.

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