Hertz Shares Move Skyward Erasing All Losses Suffered Post-Bankruptcy

Shares of Hertz Global Holdings Inc. were moving higher on Monday, erasing the post-bankruptcy losses the stock had suffered since it declared bankruptcy.

The company saw its share price move up around 115% on record trading volume. This past Friday share prices had also climbed about 71% and last Thursday they were up about 83%.

Hertz had declared bankruptcy after the Friday, May 22 closing bell. The company has not issued any press releases recently to explain the bounce back. Traders may be riding the volatility for now.

At the time of the bankruptcy, Hertz had said it intends to stay in business while restructuring its debts and emerging a financially healthier company.

“The impact of Covid-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company’s revenue and future bookings,” said the company’s statement. It said while it too immediate action in response to the crisis, “uncertainty remains as to when revenue will return and when the used-car market will fully re-open for sales, which necessitated today’s action.”

According to Securities and Exchange Commission filings over the past several days, Henry Keizer, a member of the board of directors, sold 7,438 shares of common stock on June 4 and fellow Director Daniel Ninivaggi sold 3,000 shares on June 5. And Joseph McPherson, executive vice president of North America Operations, recently sold 11,865 shares of common stock.

Disclaimer: We have no position in Hertz Global Holdings Inc. (NYSE: HTZ) and have not been compensated for this article.