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Hertz Global Holdings, Inc. (NASDAQ:HTZ) shares are trading higher Tuesday amid a rally in ‘meme stocks’ and high-short interest stocks after Roaring Kitty returned to social media.
The Details:
BofA Securities reiterated its rating of Underperform and price target of $3 on Hertz Global Tuesday amidst rising costs and liquidity concerns. BofA noted the company's inability to effectively match supply with demand via its fleeting and de-fleeting of vehicles and weaker used vehicle pricing which could keep Hertz's fleet costs elevated.
The firm also sees softer macro-economic conditions potentially leading to weakness in rental days and transactions for the company.
Hertz shares are moving higher on heavy volume Tuesday as the return of Roaring Kitty has led to a rally in high-short interest stocks and meme stocks. According to data from Benzinga Pro, 19.42% of Hertz shares are being sold short and more than 11.9 million shares have already been traded in the session.
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Hertz Global Holdings’ revenue growth in fiscal year 2023 was 7.9%, reflecting the influence of various factors including the macroeconomic environment, demand for its products and services, and its position relative to competitors. This growth is a critical indicator for investors assessing the company’s future prospects.
Some macro factors that could impact the company's performance in the next year include higher interest rates, progress on reeling in inflation and labor market strength. The Fed's benchmark rate is currently at 5.33%, while PPI recently came in at 0.5%, growing 2.2% from last year. The unemployment rate was most recently reported as 3.9%.
An investor should pay attention to economic conditions to decide whether they think the macro environment is positive or negative for Hertz Global Holdings stock. For real time economic data and breaking market updates, check out Benzinga Pro. Try it for free.
How does this stack up against Hertz Global Holdings's peers?
Investors may also want to analyze a stock in comparison to companies with similar products or in similar industries. Hertz Global Holdings operates in the Industrials sector. The stock has experienced average annual growth of -38.59% compared to the -27.4% average of its peer companies. This is below the broader sector movement of Hertz Global Holdings.
HTZ Price Action: According to Benzinga Pro, Hertz Global shares are up 9.05% at $5.96 at the time of publication Tuesday.
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Posted In: HTZ
