Key Takeaways
- Hertz shares soared 56% Wednesday after billionaire Bill Ackman’s investment firm disclosed a sizable stake in the struggling rental car company.
- Ackman’s Pershing Square held over 12.7 million shares in the company at the end of the fourth quarter, a roughly 4% stake.
- Even with Wednesday’s gains, shares are down about 11% over the past 12 months.
Hertz (HTZ) shares soared 56% to close at $5.71 Wednesday after billionaire Bill Ackman’s investment firm Pershing Square disclosed a sizable stake in the struggling rental car company.
Pershing Square held over 12.7 million shares in the company at the end of the fourth quarter, a roughly 4% stake, according to a regulatory filing Wednesday. Hertz did not immediately respond to a request for comment.
Hertz reported a loss of $2.86 billion in 2024 as the company took a hit from vehicle depreciation and the fallout from its unsuccessful efforts to switch its fleet to electric vehicles, among other things. The company’s stock lost close to two-thirds of its value in 2024.
Even with Wednesday’s gains, shares are down about 11% over the past 12 months.
Separately, Hertz on Wednesday announced a partnership with UVeye, a move the company said will “introduce advanced AI inspection to its U.S. operations.”