Hertz Global Holdings Inc. lost another bullish endorsement from a Wall Street analyst, and the car-rental company’s association with electric-vehicle giant Tesla Inc. is a big reason behind the latest downgrade.The downgrade comes a couple of weeks after Hertz said it was slashing the size of its EV fleet, citing weak demand and high expenses for damage.J.P. Morgan analyst Ryan Brinkman lowered his rating on Hertz’s stock HTZ, +3.12% to neutral from overweight and cut his price target by 35%, to $11 from $ ...

Hertz Global Holdings, Inc. (HTZ) shares rallied 7.5% in the last trading session to close at $8.99. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 16.2% loss over the past four weeks.The uptick followed an upgrade of the HTZ stock by Morgan Stanley to overweight from equalweight. The Morgan Stanley analyst also increased the target price on HTZ. The analyst upgrade and target price increase came following H ...

After Tesla's (TSLA -3.67%) dramatic rise in 2020 and 2021, investors seemed to be convinced of one thing. Electric vehicles (EVs) are the way of the future, and huge spoils will come to those who win the competition.Since Tesla's breakthrough moment when it generated its first profit, investors have awarded sky-high valuations to EV stocks. Tesla currently trades at a price-to-earnings ratio of 71, which compares to single-digit earnings multiples for legacy automakers like Ford Motor and General Motors.Un ...

A Hertz Tesla electric vehicle is displayed during the Hertz Corporation IPO at the Nasdaq Market site in Times Square in New York City, U.S., November 9, 2021.Hertz surprised many onlookers last week when the car-rental company announced it would be selling about a third of its global electric vehicle fleet, reversing course on several big bets it had placed on EVs.The move seemingly followed the rest of the auto industry, which has quickly shifted its position on EVs after years of aggressive plans and pr ...

Rental firm Hertz Global Holdings said Thursday it would sell about 20,000 electric vehicles from its US fleet due to higher expenses related to collision and damage, and will opt for gas-powered vehicles.Shares of the company, which operates vehicles from Elon Musk’s Tesla and Swedish EV maker Polestar among others, fell about 3% at market open.Hertz had said it would order 100,000 Teslas by the end of 2022 and followed that with a decision to buy up to 65,000 units over five years from Polestar.Hertz had ...

NEW YORK, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, is investigating Hertz Global Holdings Inc. ("Hertz" or the "Company") (NASDAQ:HTZ) for potential violations of the federal securities laws. If you are a shareholder of Hertz and wish to participate, learn more, or discuss the issues surrounding the investigation, please contact Radhika Gupta at rgupta@lowey.com or you can call us at (914) 733-7212. About Lowey Dannenber ...

Rental car giant Hertz on Thursday said it will sell about 20,000 electric vehicles from its U.S. fleet. The offloading of the vehicles will cut the company's global EV fleet by one-third, Hertz said in a filing with the Securities and Exchange Commission.GET FOX BUSINESS ON THE GO BY CLICKING HERE "The company expects this action to better balance supply against expected demand of EVs," the company said. Hertz said it expects the sale of the EVs to "take place in an orderly fashion over the course of 2024. ...

About this content About Stephen Gunnion Stephen Gunnion is a senior financial journalist and broadcaster at Proactive Investors. He has more than 25 years of experience in television, radio and print media, anchoring on a number of television channels including South Africa's Business Day TV, CNBC Africa and the South African Broadcasting Corporation, where he was the economics editor. He has also worked for Daily Maverick, Bloomberg, the Business Day newspaper and Investors' Chronicle. Read more About ...

Hertz Global Holdings Inc (NASDAQ: HTZ) plans on selling 20,000 electric vehicles it currently has in its U.S. fleet. Shares of the car rental company opened in the red on Thursday.Hertz will reinvest in gas-powered vehiclesCopy link to sectionThe Nasdaq-listed firm also confirmed in its regulatory filing today that part of the proceeds from this sale will be used to reinvest in gas-powered vehicles. Hertz cited higher repair costs and weak demand for electric vehicles for the switch that it expects will re ...

Tesla cars in a Hertz rental car parking garage in San Francisco. Photo: Dylan Stewart/Image of Sports/Newscom/ZUMA PressHertz is selling about a third of its global electric vehicle fleet, citing weaker demand for its electrified rentals.The car-rental company said in a regulatory filing on Thursday that it would use part of the proceeds from selling about 20,000 EVs in the U.S. to purchase internal-combustion-engine vehicles. ...