Why Avis Budget Group Stock Veered off Course Monday

Avis Budget Group (NASDAQ: CAR) is going to the well for new financing, and investors weren't happy about it. On Monday, they traded out of the stock to leave it with a nearly 9% loss that trading session. The main reason why is that the company announced it's planning a new, secondary share issue. Late Friday, Avis disclosed in a regulatory filing that it has entered into an equity distribution agreement to potentially float up to 5 million shares of its common stock. Those sales could take place from time to time, and will be effected in at-the-market offerings (i.e., sales to the public at current market prices). Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool