Hertz shares surged 56% on Wednesday after billionaire Bill Ackman’s investment firm disclosed a large stake in the troubled car rental company.
Ackman’s Pershing Square owned more than 12.7 million shares of the company, or about 4%, at the end of the fourth quarter.
Despite Wednesday’s gains, shares are still down about 11% over the past 12 months.
Hertz shares surged 56% on Wednesday to close at $5.71 after billionaire Bill Ackman’s investment firm Pershing Square disclosed a large stake in the troubled car rental company.
Pershing Square owned more than 12.7 million shares of the company, or about 4%, at the end of the fourth quarter, according to a regulatory filing Wednesday. Hertz did not respond to a request for comment.
Hertz reported a $2.86 billion loss in 2024, citing factors including vehicle depreciation and a failure to successfully convert its fleet to electric vehicles. Its shares fell by nearly two-thirds in 2024.
Despite Wednesday’s gains, shares are still down about 11% over the past 12 months.
Separately, Hertz announced a partnership with UVeye on Wednesday, a move the company said would “introduce advanced AI inspections to its U.S. operations.”
