Hertz Global Holdings, the company numerous investors have been avoiding made a surprise jump this morning increasing by a whopping 130%+ premarket.
What caused this company to increase so much all of a sudden?
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Hertz Global Holdings Info
Hertz Global Holdings run many vehicle rental brands with over 10,000+ locations throughout the world. They are known to be one of the biggest companies in their niche. The following areas are listed below.
- North America
- The Caribbean
- Latin America
- Middle East
- New Zealand
As you can see, Hertz is located in many areas and they’re widely known.
Products & Services
Other things worth mentioning about Hertz is about its services and products.
Below are a few examples of what the company provides to give you an idea:
- Hertz Gold Plus Rewards
- Ultimate Choice
- Mobile Wi-Fi
Hertz Global Holdings even offers vehicles through Adrenaline, Dream, and other notable platforms.
For a company that appears to be so strong, you might wonder what caused the stock to stay so low within the last year.
Simple – debt, pandemic, and loss of sales.
Why Investors Avoided $HTZ
During the rise of the pandemic, the company not only lost its business to many consumers but they also filed for bankruptcy protection with a $19 billion debt and 700,000 idle car rentals.
This caused the company’s stock value to hit its lowest ever.
For certain stock communities, $HTZ even became a meme because it was so low and it wasn’t moving any direction after bottoming out.
What Made $HTZ Go Up?
On October 16th, 2020, during premarket hours – $HTZ skyrocketed 130%+ surprising many investors, including us!
According to a press release, Hertz Global Holdings Inc. secured a $1.65 billion DIP financing.
What does this mean for the company?
- The company can use $1 billion of the DIP to provide equity for vehicle purchases
- $800 million can be used for general corporate purposes
With this deal, this will help Hertz move forward after an unfortunate year.
$HTZ Market Info
As of October 16th, 2020, $HTZ is at $1.85 at the time of writing this article. Comparing to yesterday, $HTZ was around ~$1. It’s the last trading day of the week and we’re looking at the market movements. The market cap is currently at $293 million and so far, the volume is at 385,000,000 traded shares within 2 hours of the market opening. It’s definitely worth keeping an eye on this to see how it’ll move next week.
At the moment, it’s worth keeping an eye on this company. The movements are strong. For a low market cap company, what do you think will happen by next week?
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