Hertz Global Holdings Inc. (NASDAQ:HTZ) stock traded lower Thursday after Pershing Square CEO Bill Ackman stated on a conference call that the fund fully exited its stake in the company, according to Benzinga Pro.

Pershing Square owned approximately 15.2 million shares of Hertz, making the stock the 10th-largest holding in the firm’s portfolio, according to its disclosed holdings.

The movement follows Wednesday’s trading trends tied to continued chatter about short interest. Retail traders crowded into the stock following last week’s earnings surprise, drawn by high short interest with roughly 73% of available stock sold short. As of Wednesday, Hertz remained among the most mentioned names on Reddit’s WallStreetBets, raising expectations for squeeze-style price action if buying pressure persisted.

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Second-Quarter Financial Results

Last week’s second-quarter report showed revenue of $2.4 billion compared to the $2.28 billion estimate. Adjusted loss reached 11 cents per share, beating the estimated 24-cent loss.

Vehicle utilization increased 80 basis points to 79% while operating a 1% smaller fleet. Adjusted Corporate EBITDA rose to $81 million from $18 million in the second quarter of 2025, exceeding the upper end of management’s revised guidance.

Vehicles from model years 2025 and 2026 now comprise 94% of the U.S. core fleet. Hertz ended the quarter with nearly $1 billion in total liquidity to fund its operations and mobility initiatives.

Hertz (HTZ) Stock: Key Levels To Watch

From a trend perspective, HTZ is still trying to stabilize after a steep 12-month slide of 52.42%, and it remains pinned under longer-term trend gauges. The stock is trading 11.3% below its 50-day SMA ($2.89) and about 45.6% below its 200-day SMA ($4.71), which keeps the bigger-picture bias bearish.

Near-term, the picture is more two-sided: HTZ is trading 33.1% above its 20-day SMA ($1.93), suggesting the recent bounce hasn’t fully broken down yet. But the 20-day SMA remains below the 50-day SMA (bearish), and the death cross (50-day SMA below the 200-day SMA) that formed in June is still an overhang for longer-term trend followers.

HTZ Stock Price Activity: Hertz Global shares were down 6.60% at $2.62 at the time of publication on Thursday, according to Benzinga Pro data.

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