Jun. 16 at 8:33 PM
$UPWK Avis Budget Group (CAR) – April 2026 Short SqueezeAvis Budget Group experienced one of the most extreme short squeezes in recent years, with shares surging 300–500%+ in roughly a month (from around
$100 to intraday highs near
$700–850 before pulling back sharply).
What made it happen (the "captured float" dynamic):Extremely concentrated ownership crushed the available free float. Two large hedge funds (SRS Investment Management and Pentwater Capital Management) owned roughly 71% of shares outright.
Through cash-settled swaps and derivatives, their effective economic interest exceeded 100% of the shares outstanding.
This left a tiny tradeable free float (estimates around 10 million shares or less after accounting for options/hedging).
Short interest became extreme relative to the remaining float — reports showed it spiking to 54–86%+ of the actual free float at peaks (Nasdaq data showed ~54%, with Ortex/S3 Partners data higher on the effective float).
