Car Rental Stock Hits, Rebounds Off Post-Earnings Record Low

The stock is surging after earlier hitting an all-time low

Deputy Editor
Feb 6, 2024 at 3:00 PM
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It's been a volatile day for Hertz Global Holdings Inc (NASDAQ:HTZ). The stock is rebounding after earlier hitting a record low of $7.73, last seen up 8.2% at $8.88. The company reported wider-than-expected losses of $1.36 per share before the bell this morning, compared to analyst estimates of a -0.76 EPS. 

Analysts have yet to chime in on the results, though over in the options pits, HTZ has already seen 2.3 times the average daily options volume. So far, 13,000 calls and 10,000 puts have been exchanged, with the most activity at the February 7.50 put and March 10 call. 

Over the last 12 months, Hertz stock has fallen roughly 50%. The $9 level has provided a ceiling since mid-January, though if these gains hold, the equity will jump above recent pressure at its 20-day moving average. 

It's also worth noting that short interest represents 6.8% of the stock's available float. It would take shorts over four days to buy back their bets, at HTZ's average pace of trading. 

HTZ Feb6

 

 

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