Hertz Global Holdings Inc. shares opened 24% lower on June 24, the car rental company's largest single-day decline since April 2024. The stock fell to $3.99, giving the company a market value of $1.6 billion. Trading volume reached 1.58 million shares, below the 20-day average of 5.59 million.
Hertz Global Holdings Inc. shares opened 24% lower on June 24, the car rental company's largest single-day decline since April 2024. The stock fell to $3.99, giving the company a market value of $1.6 billion. Trading volume reached 1.58 million shares, below the 20-day average of 5.59 million.
Hertz Global Holdings Inc. plunged 24% at the open on June 24, its steepest single-day decline since April 2024, with shares falling to $3.99.
Of the 10 analysts covering the stock, 60% rate it a buy, 10% a hold and 30% a sell, according to data from Robinhood. The company carries a negative price-to-earnings ratio of 2.38, reflecting ongoing profitability challenges.
The stock traded between $3.66 and $5.30 during the session, with volume of 1.58 million shares compared with the 20-day average of 5.59 million. The 52-week high of $8.44 is more than double the current price, while the low of $3.66 was reached during the session. Hertz, founded in 1918 and based in Estero, Florida, employs about 26,000 people.
The 24% decline erased roughly $500 million in market value from the $1.6 billion company, intensifying pressure on Chief Executive Officer Wayne Gilbert West. Hertz's next quarterly earnings report is expected Aug. 6, with analysts projecting a loss of 19 cents per share, according to Robinhood data.
The selloff comes as the car rental company, which emerged from Chapter 11 bankruptcy in 2021, faces potential headwinds from elevated fleet costs and adverse industry trends. Hertz operates through its Hertz, Dollar and Thrifty brands across the Americas and internationally, with two business segments: Americas Rental Car and International Rental Car. Among retail investors on the Robinhood platform, Hertz shares are commonly held alongside other travel and consumer cyclical names including American Airlines Group Inc., Carnival Corp. and Ford Motor Co.
This article is for informational purposes only and does not constitute investment advice.
