Hertz will buy 65,000 cars from EV maker Polestar
The shares of Hertz Global Holdings Inc (NASDAQ:HTZ) are up 3.2% at $21.79 at last check, on news of a new electric vehicle (EV) partnership. Specifically, over the next five years, the car rental company has agreed to buy 65,000 vehicles from Swedish EV maker Polestar.
On the charts, Hertz stock is recently removed from its first weekly loss in four, and its first monthly loss in three. As a result, the equity is now trading at more than 13% below its year-to-date breakeven level.
The options pits have seen calls rule the roost. In the last two weeks, for example, nearly 9.5 calls have been scooped up for every put at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX).
It looks to be a good time to speculate on Hertz stock's next move with options, too. The equity's Schaeffer's Volatility Index (SVI) of 58% ranks in the low 5th percentile of its 12-month range. In other words, options players are pricing in low volatility expectations for HTZ at the moment.