Hertz Down 7% After 56% Rally as Car-Rental Squeeze Fades
After a 56% rally from March 31 to April 14, Hertz shares slid 11% Wednesday and sank 7% midday on April 15 as the car-rental squeeze lost momentum. Avis Budget saw short interest hit a ten-year high of 58% while shares surged 200% in ten sessions, dragging Hertz shares lower.
1. Hertz Rally Stalls
Hertz stock gained 56% between March 31 and April 14, but gave back most of those gains with an 11% drop on April 14 followed by a 7% midday decline on April 15, reflecting waning momentum in the sector.
2. Peer Squeeze Pressures Hertz
Avis Budget Group's shares spiked over 200% in ten sessions as short interest climbed to 58% of free float, prompting short-covering and increased volatility that has weighed on Hertz and other rental peers.
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Sources
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