NEW YORK (TheStreet) -- Shares of Avis Budget (CAR) were spiking 13.63% to $36.76 on heavy trading volume on Thursday afternoon after the company reported better-than-anticipated results for the 2016 third quarter.
Following yesterday's closing bell, the Parsippany, NJ-based car rental company posted adjusted earnings of $2.47 per diluted share, surpassing analysts' estimates of $2.33 per share, according to FactSet.
Revenue for the quarter was $2.66 billion, while analysts had projected $2.65 billion.
For 2016, Avis sees adjusted earnings of about $2.93 per diluted share, below analysts' forecasts. Analysts surveyed by FactSet are looking for earnings of $2.98 per share for the full year.
"Looking forward, pricing continues to be positive in the Americas, although demand is softer than expected both in the Americas and in Europe," CEO Larry De Shon said in a statement.
More than 3.42 million of the company's shares changed hands so far today compared to its average 30-day volume of 1.91 million shares.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and expanding profit margins. But the team also finds weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and generally higher debt management risk.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.