Hertz stock powered higher Thursday after a Wednesday filing revealed that Bill Ackman's Pershing Square investment firm revealed a sizable stake in the car rental company.
A Wednesday SEC filing from Pershing Square shows that Ackman's firm has taken a 12.7 million-share stake in Hertz Global, representing a 4.1% share of the company. Hertz stock was originally omitted from Pershing Square's Q4 holdings report on Feb. 14, "pursuant to a request for confidential treatment," which is no longer requested, according to the filing.
The holdings are worth about $46.53 million, according to the form.
Hertz stock spiked nearly 44% Thursday to trade at 8.21 — its highest level since February 2024. Shares advanced 56% Wednesday.
The stock remains deep in a long consolidation stretching back to November 2024. However, shares broke past a buy point this week in what is technically a bottoming base.
Hertz has rebounded after falling to a 2025 low of 3.26 in late March amid President Donald Trump's tariff announcements.
Shares have rallied 124% so far this year.
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