Hertz Global reported wider-than-expected first-quarter losses per share
Car rental name Hertz Global Holdings Inc (NASDAQ:HTZ) was last seen down 19% at $5.62, after the company's wider-than-expected first-quarter losses per share and revenue miss.
Falling further from its April 22, 52-week high of $9.39, HTZ is now trading at its lowest level since mid April. The shares are headed for their worst single-day percentage drop since their 19.3% fall after their first-quarter report last year. Year to date, the equity is up roughly 57%.
In the options pits, 25,000 calls and 24,000 puts have been exchanged, which is double the average options volume typically seen at this point in the day. Expiring at the end of the week, the May 5.50 put is the most popular, with new positions opening there.
Analysts have yet to chime in today, but all 10 in coverage already carry a "hold" or worse rating on Hertz Global stock. Plus, the 12-month consensus price target of $3.74 is a 34% discount to current levels, so today's post-earnings drop is likely considered to be priced in already.
It's worth noting that short interest represents 20.4% of the stock's available float, even after the stock's recent peak. It would take 3.5 days for shorts to cover their bets, at HTZ's average pace of trading.