Hertz’s stock doubles to erase all post-bankrupty losses

Shares of Hertz Global Holdings Inc. were vaulted higher in very active trading on Monday, enough to erase all the losses suffered since the car rental company declared bankruptcy, amid increasing signs that travel demand continues to improve.

The stock shot up 115.2% to $5.53 on record trading volume of more than 517.5 million shares. After running up 71.3% on Friday on 342.2 million shares, and 83.8% on Thursday on 268.0 million shares, the stock has now gained nearly 7-fold (up 574.4%) in three days, and almost 10-fold since closing at a record low of 56 cents on May 26.

That record low was set the next business day after Hertz declared bankruptcy after the Friday, May 22 closing bell, as the debt-laden company suffered as the COVID-19 pandemic brought travel to a near standstill.

Tomi Kilgore

Source:marketwatch.com