Brian Choi, CFO of Avis Budget Group (CAR), recently picked up 23,735 shares. The buy set him back $1.09 million, and represents an initial stake in the company.
This marks the first insider buy of the year. Insiders, largely led by a major holder, have been big buyers in the past year. Company executives have generally been light sellers, provided you go back to 2018 or 2019.
The insider buy occurs as shares hit a 52-week high. Shares are up nearly nine-fold from their lows of last year, when a shutdown economy spelled big trouble for the car rental industry. Even with that big move higher, shares have performed about the same as the S&P 500 over the past year.
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Action to take: The company is currently sitting on losses but look set to return to profitability. It’s already been moving higher as a “reopening” trade, and traders could do well on this play, as it doesn’t have the industry-specific issues as cruise lines or airlines.
The August 2021 $50 calls are about $3 in-the-money. Going for about $12 right now, traders can likely make mid double-digit returns with a continued uptrend over the past few months. Buying an in-the-money call on a momentum trade looks like a safe way to keep playing the trend.