Hertz Global Holdings (NYSE: HTZ)
Hertz Global is off to an incredibly strong start to the trading session today. When the opening bell rang, the stock was already trading well into the green. From there, we saw declines that nearly brought the stock into the red. That is, until minutes ago, when the stock started to soar. Below, we’ll talk about what we’re seeing from HTZ, why, and what we’ll be watching for ahead.
What We’re Seeing From HTZ
As mentioned above, Hertz Global was off to a relatively strong day early on. When the opening bell rang, the stock was already trading well into the green. However, shortly after the opening bell, we started to see declines. Then minutes ago, just before the stock fell into the red, we started to see a spike in value. Currently (10:23), HTZ is trading at $23.96 per share after a gain of $1.45 per share (6.44%) thus far today.
Why The Stock Is Climbing
As is almost always the case, our friends at Trade Ideas were the first to inform us of the upward run on HTZ. Of course, as soon as they did, the CNA Finance team started digging to see what we could find as the reason for the run. In this particular case, it didn’t take long to uncover the story. It seems as though the gains are being caused by an announcement associated with institutional ownership.
Minutes ago, we saw a report out of Gabelli. That report was that the investment firm has made a decision to buy a large stake of Hertz Global. In fact, the institution has purchased a 5.1% stake in the company. That’s a huge chunk, and it’s definitely going to cause excitement among investors.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on HTZ. In particular, we’re interested in seeing how Gabelli works into the company. In many cases, institutional investors will push for positive change that reflects the needs of retail investors. We’re interested in seeing if that’s the case here. We’ll watch the news closely and bring you the updates as they break!
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