Bill Ackman’s Pershing Square has taken a sizable stake in the rental car company
Hertz Global Holdings Inc (NASDAQ:HTZ) is surging, last seen up 23.2% to trade at $7.03, extending yesterday’s 56% rally. The sharp move follows news that Bill Ackman’s Pershing Square has taken a sizable stake in the rental car company. A regulatory filing showed Pershing held a 4.1% position at the end of 2024, but that stake has reportedly grown to 19.8% via shares and swaps -- making the activist investor Hertz’s second-largest shareholder.
Hertz stock is in the midst of a historic breakout. The equity is pacing for its best weekly performance on record, following Wednesday's largest single-day gain ever. HTZ is now up 97.3% in 2025 and has vaulted back above its year-over-year breakeven level. Earlier in the session, the stock surged as high as $7.75, marking a fresh 52-week peak.
In the options pits, puts have ruled the roost -- particularly among short-term traders. HTZ’s Schaeffer’s put/call open interest ratio (SOIR) sits in the 77th percentile of annual readings. An unwinding of this pessimism could provide additional tailwinds for the stock.
So far today, 64,000 calls have traded -- 35 times the average intraday volume. But puts are also seeing unusual activity, with 79 000 contracts exchanged, or 21 times the norm. Notably, the most active strike is the January 16, 2026 3-strike put.
Analysts remain cautious, with all 10 in coverage maintaining “hold” or worse ratings. Should sentiment begin to shift, it could add even more fuel to HTZ's fire. Meanwhile, short interest jumped 19% in the most recent reporting period. The 53.13 million shares sold short account for 18% of the stock's total float, and would take nearly eight trading days to cover -- setting the stage for a potential short squeeze.