This move also marks a “critical milestone” in making retail the company’s primary car selling channel, West said. The company has been trying to right its business after filing for bankruptcy in May 2020 amid the height of the COVID-19 pandemic. Last year, it announced a “Back-to-Basics Roadmap” for a turnaround plan focused in part on fleet management. Ackman is also optimistic about management’s capability to turn around the company. He believes Hertz’s CEO, Gil West, has the wherewithal to manage the company’s debt load, curtail operating expenses, increase unit revenue, and boost profit margins in the coming years. Short interest in Hertz stock price has risen marginally, now at 5.4% of float. Technical charts display a consolidation zone between $4.15 and $4.35, prompting swing traders to position for breakout catalysts linked to upcoming earnings.
