Hertz (HTZ.US) shares soared ahead of the market after Pershing Square revealed significant holdings

The Zhitong Finance App learned that according to a document submitted on Wednesday, Bill Ackman (Bill Ackman)'s investment company Pershing Square Capital Management purchased 12.7 million HTZ.US (HTZ.US) shares worth about US$46.5 million at the time of purchase, making it one of Hertz's largest shareholders. Hertz shares rose sharply after the agency revealed that it held a large amount of shares in the troubled car rental company.

Following the disclosure of this news, Hertz surged 27.39% before the US market on Wednesday. As of press release, the stock had risen 19.18%. Over the past 12 months, the company's stock price has dropped 47% cumulatively.

Previously, Hertz was in trouble because it rashly bet on Tesla (TSLA.US) electric cars, which were unpopular with customers and were expensive to maintain. Since then, Hertz has been working hard to update the fleet and rearrange the company's development. Hertz emerged from bankruptcy in 2021.