Ackman Maintains $78 Million Hertz Stake as Q4 Utilization Reaches 84%
Bill Ackman’s Pershing Square held more than 15 million Hertz shares worth over $78 million, representing 0.50% of its portfolio at the end of Q4 2025. Hertz reported an 84% Q4 utilization rate, a fleet average age under one year and its first profitable quarter in two years.
1. Ackman’s Position
By the end of Q4 2025, Bill Ackman’s Pershing Square held over 15 million Hertz shares valued at more than $78 million, representing 0.50% of its total portfolio. The stake remained unchanged from the prior quarter, underscoring persistent confidence in the rental car firm’s recovery prospects.
2. Stock Performance Trends
Hertz shares rose 40% in 2025 but have slid over 16% so far in 2026 and nearly 55% below their 52-week high, reflecting volatility as investors weigh the company’s turnaround against broader industry headwinds.
3. Operational Improvements
During Q4, Hertz achieved an 84% fleet utilization rate and reported a fully refreshed vehicle fleet with an average age under one year, driving depreciation costs below management’s targets and yielding the company’s first profitable quarter in two years.
4. Hedge Fund and Analyst Activity
The number of hedge funds holding Hertz increased from 44 to 48 in the latest quarter, even as total hedge fund stakes fell from roughly $1.50 billion to $1.16 billion. Morgan Stanley began coverage with an Equal Weight rating and set a $5.50 price target.