Third Point LLC recently announced the acquisition of new stake in Hertz Global Holdings Inc. (NASDAQ:HTZ). The institutional investor has increased its shareholding in the Industrials company by 2.39% to 7.49 million shares with purchase of 0.18 million shares. This fresh investment now brings its stake to 2.44% valued currently at $63.18 million. In addition, Pentwater Capital Management LP raised its holdings by 3.76 million to 5.5 million shares. And Dimensional Fund Advisors LP has lifted its position by 20.48% or 0.89 million shares – to 5.22 million shares.
With over 6.86 million Hertz Global Holdings Inc. (HTZ) shares trading Monday and a closing price of $9.33 on the day, the dollar volume was approximately $63.99 million. The shares have shown a negative half year performance of -47.67% and its price on 12/11/23 lost nearly -0.53%. Currently, there are 323.48M common shares owned by the public and among those 137.17M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for HTZ have a consensus price objective of $13.57. The analysts have set the share’s price value over the next 12 months at a high of $17.00 and a low of $10.00. The average price target is 31.25% above its recent price level and an upside to the estimated low will see the stock gain 6.7% over that period. But an upside of 45.12% will see the stock hit the forecast high price target while median target price for the stock is $14.00.
Insiders at the company have transacted a total of 37 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 23 of these insider trades were purchases, accounting for 4,740,740 shares. Insider sales of the common stock occurred on 14 occasions, with total insider shares sold totaling 996,750 shares.
The top 3 mutual fund holders in Hertz Global Holdings Inc. are iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. iShares Core S&P Mid Cap ETF owns 4.14 million shares of the company’s stock, all valued at over $34.92 million. Vanguard Total Stock Market ETF bought 6656.0 shares to see its total holdings expand to 3.85 million shares valued at over $32.46 million and representing 1.25% of the shares outstanding. Vanguard Small Cap Index Fund bought 1568.0 shares to bring its total holdings to over 3.21 million shares at a value of $27.07 million. Vanguard Small Cap Index Fund now owns shares totaling to 1.04% of the shares outstanding.
Shares of Hertz Global Holdings Inc. (NASDAQ: HTZ) opened at $9.47, up $0.09 from a prior closing price of $9.38. However, the script later moved the day high at 9.64, down -0.53%. The company’s stock has a 5-day price change of 2.53% and -40.87% over the past three months. HTZ shares are trading -39.38% year to date (YTD), with the 12-month market performance down to -43.28% lower. It has a 12-month low price of $8.10 and touched a high of $20.48 over the same period. HTZ has an average intraday trading volume of 4.30 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 7.74%, -2.73%, and -37.42% respectively.
Institutional ownership of Hertz Global Holdings Inc. (NASDAQ: HTZ) 323.48M shares outstanding. Mutual fund holders own 2.58%, while other institutional holders and individual stakeholders account for 85.27% and 13.94% respectively.
It has a market capitalization of $1.33B and a beta (3y monthly) value of 2.04. The stock’s trailing 12-month PE ratio is 3.15, while the earnings-per-share (ttm) stands at $2.96. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.43% over the week and 5.07% over the month.
Analysts forecast that Hertz Global Holdings Inc. (HTZ) will achieve an EPS of -$0.02 for the current quarter, -$0.04 for the next quarter and $1.18 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.05 while analysts give the company a high EPS estimate of $0.04. Comparatively, EPS for the current quarter was $0.5 a year ago. Earnings per share for the fiscal year are expected to decrease by -51.95%, and -28.70% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Hertz Global Holdings Inc. (HTZ) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 4 of the 8 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the HTZ, a number of firms have released research notes about the stock. Goldman stated their Neutral rating for the stock in a research note on December 07, 2023, with the firm’s price target at $10.
