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Industry news

Car rental company in a world of Hertz ahead of earnings


08 August 2017 London
Reporter: Drew Nicol

Generic business image for news article
Image: Shutterstock
American car rental firm Hertz was the star of the show for short sellers ahead of earnings with a 50 percent increase in demand to borrow shares, according to IHS Markit.

The flood of interest took shares on loan to an all time high of 35 percent.

The high demand to borrow Hertz demonstrates that short sellers are still wary of the ongoing weakness in the rental market and the firms exposure to cratering secondhand car values, explained IHS Markit analyst Simon Colvin in a research note on short regional interest ahead of earnings.

Colvin also noted that more than a quarter of analysts that cover Hertz have a sell or underweight rating despite the rental companys shares rallying in recent weeks.

Hertz just beat LGI homes, a Texas-based housing developer, and Axon Enterprises, an aerospace manufacturer, to the top spot, according to IHS Markit data.

LGI Homes has currently has 31.5 percent of shares out on loan, while Axon hit 30.5 percent, as of last week.
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