Hertz (HTZ) shares soared 56% to close at $5.71 Wednesday after billionaire 澳洲幸运5官方开奖结果体彩网:Bill Ackman’s investment firm Pershing Square disclosed a sizable stak🧜e in the stru♌ggling rental car company.

Pershing Square held over 12.7 million shares in the company at the end of the fourth quarter, a roughly 4% stake, according to a regulatory filing Wednesday. Hertz did not immediately respond to ꧂a request 🧔for comment. 

Hertz reported a loss of $2.86 billion in 2024 as the company took a hit from vehicle depreciation and the fallout from its 澳洲幸运5官方开奖结果体彩网:unsuccessful efforts to switch its fleet to electric vehicles, among other things. The company’s stock l൩♍ost close to two-thirds of its value in 2024.

Even with Wednesday’s gains, ༺shares are down about 11% over the past 12 months. 

Separately, Hertz on Wednesday announced a partnership with UVeye, a move the company said will “introduce advanced AI inspection to its U.S. operations.”