Hertz Stock Downgraded on Potential 2024 Challenges

The security is not too far off its recent record lows

Digital Content Manager
Dec 13, 2023 at 10:41 AM
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Hertz Global Holdings Inc (NASDAQ:HTZ) attracted a downgrade from Oppenheimer to "perform" from "outperform" today, with the analyst highlighting several possible challenges in the year ahead, including higher vehicle interest expense and distribution per unit (DPU), as well as potential struggles for its electric vehicle (EV) initiative.

Last seen down 1.9% to trade at $8.70, the security just ran into pressure from its 50-day moving average, which has been in place since July. The shares are down more than 44% in 2023, and not too far removed from their Nov. 28 record low of $8.10, as they pace for a  third-straight daily loss.

An unwinding of optimism in the options pits could pressure HTZ even lower. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), HTZ's 10-day call/put volume ratio of 17.80 ranks higher than 92% of readings from the past year, meaning calls have been getting picked up at a quicker-than-usual clip.

Also of note is the fact that the security has tended to exceed these volatility expectations on an annual basis, per its elevated Schaeffer's Volatility Scorecard (SVS) of 95 out of 100. 

 

 

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