Tuesday, June 16, 2020 1:50:38 PM
1:35 pm ET June 16, 2020 (Benzinga) Print
On Monday, Hertz Global Holdings Inc (NYSE: HTZ) announced it would be selling up to $500 million in common stock. In the same filing, the bankrupt company said those shares of stock are unlikely to ultimately hold any value unless higher priority debtholders are fully paid, and short sellers seem to see that news as a slam-dunk trade.
On Tuesday, S3 Partners analyst Ihor Dusaniwsky said Hertz short sellers have covered $46 million of their positions over the past month. However, in recent days Hertz’s short interest has once again risen by 5.7 million shares worth about $9 million.
Hertz’s short interest now stands at $148 million, roughly 36.9% of the stock’s float. Dusaniwsky said Hertz’s borrow fee has jumped to 112%, and short sellers are currently paying more than $461,000 per day to maintain their positions.
Short Squeeze Potential: Year to date, Hertz has been an extremely profitable trade for short sellers, which have netted more than $378 million in profits. But Dusaniwsky said the Hertz short trade has become increasingly difficult this week due to rising borrow fees and broker recalls.
“HTZ has now become a short squeeze poster child with stock borrow rates sky rocketing, large amounts of stock borrow recalls hitting the street, retail investors driving the stock price up (except for today) and short sale locates as rare as vacationer car rentals,” Dusaniwsky said.
He said Hertz stock could take off like a rocket if retail traders begin buying the stock for a short-term trade.
It's "just money," enjoy it but can't let being upset about losing sometimes get in the way of enjoying your life.
Recent HTZ News
- HERTZ REPORTS FIRST QUARTER 2024 RESULTS • PR Newswire (US) • 04/25/2024 11:30:00 AM
- Hertz Global Holdings, Inc. to Announce First Quarter 2024 Financial Results on April 25th • PR Newswire (US) • 04/08/2024 08:01:00 PM
- Apple & Google in Talks for Gemini AI on iPhone, Nvidia’s GTC Conference Today, and Latest News • IH Market News • 03/18/2024 11:10:46 AM
- Hertz Announces Appointment of Gil West as Chief Executive Officer as Stephen Scherr Steps Down as CEO of the Company • PR Newswire (US) • 03/15/2024 08:30:00 PM
- HERTZ REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS • PR Newswire (US) • 02/06/2024 12:30:00 PM
- US Index Futures Mixed, Oil Prices Edge Higher • IH Market News • 02/06/2024 11:27:43 AM
- Wall Street Highlights: Tesla Cuts Prices in Germany, Interactive Brokers Increases Revenue by 17%, and More • IH Market News • 01/17/2024 11:33:30 AM
- Wall Street Highlights: DocuSign Acquisition Battle, Tesla Berlin Production Halt, and More • IH Market News • 01/12/2024 11:10:50 AM
- Hertz Global Holdings, Inc. to Announce Fourth Quarter 2023 Financial Results on February 6th • PR Newswire (US) • 01/11/2024 12:25:00 PM
- Hertz and EVgo Partner to Offer EV Renters One Year of Special Charging Rates • Business Wire • 11/17/2023 12:00:00 PM
- Friday’s Wall Street Highlights: Enphase Energy, GM, Intel, Sanofi, Masimo, and more • IH Market News • 10/27/2023 11:10:10 AM
- REVENUE OF $2.7 BILLION, NET INCOME OF $629 MILLION AND ADJUSTED CORPORATE EBITDA OF $359 MILLION • PR Newswire (US) • 10/26/2023 11:30:00 AM
- Hertz Names Justin Keppy as Chief Operating Officer • PR Newswire (US) • 10/24/2023 11:30:00 AM
- Hertz Global Holdings, Inc. to Announce Third Quarter 2023 Financial Results on October 26th • PR Newswire (US) • 10/03/2023 02:20:00 PM
- Sportsman’s Warehouse Appoints Paul Stone as Chief Executive Officer and Announces Chair Transition • GlobeNewswire Inc. • 09/26/2023 12:30:00 PM
- Hertz Expanding EV Presence in NYC • Dow Jones News • 09/20/2023 07:19:00 PM
- Hertz and Mayor Adams Launch "Hertz Electrifies New York City" • PR Newswire (US) • 09/20/2023 06:27:00 PM
- Hertz Announces Departure of Paul Stone; Search For New Chief Operating Officer Underway • PR Newswire (US) • 09/13/2023 11:30:00 AM
- REVENUE OF $2.4 BILLION, NET INCOME OF $139 MILLION AND ADJUSTED CORPORATE EBITDA OF $347 MILLION • PR Newswire (US) • 07/27/2023 11:30:00 AM
- Hertz Names Alexandra Brooks as Chief Financial Officer • PR Newswire (US) • 07/26/2023 08:05:00 PM
- Hertz Kicks Off One of the Country's Largest EV Test Drives • PR Newswire (US) • 07/19/2023 06:52:00 PM
- Thursday’s Wall Street Highlights: BofA, Meta, Stellantis, American Airlines and more • IH Market News • 07/06/2023 11:08:35 AM
- Hertz Global Holdings, Inc. to Announce Second Quarter 2023 Financial Results on July 27th • PR Newswire (US) • 07/05/2023 01:10:00 PM
- Tom Brady Reveals All in "Electrifying" New Hertz Ads Featuring Yvonne Orji • PR Newswire (US) • 05/22/2023 01:46:00 PM
VPR Brands (VPRB) Reports First Quarter 2024 Financial Results • VPRB • May 17, 2024 8:04 AM
ILUS Provides a First Quarter Filing Update • ILUS • May 16, 2024 11:26 AM
Cannabix Technologies and Omega Laboratories Inc. enter Strategic Partnership to Commercialize Marijuana Breathalyzer Technology • BLO • May 16, 2024 8:13 AM
Avant Technologies to Revolutionize Data Center Management with Proprietary AI Software Platform • AVAI • May 16, 2024 8:00 AM
HealthLynked Corp Announces First Quarter 2024 Results: Achieves 8% Revenue Growth Over Last Quarter • HLYK • May 16, 2024 8:00 AM
Integrated Ventures Files Q3/2024 With Mining Revenues Of $1,983,250 And Positive Earnings Of $0.05 Cents Per Share • INTV • May 15, 2024 10:30 AM