Hertz Global Holdings Inc (NASDAQ:HTZ) is trading higher Thursday after the company reported fourth-quarter financial results. The stock initially traded lower, but reversed following positive analyst coverage.
Hertz said fourth-quarter revenue increased 78% year-over-year to $1.95 billion, which came in below the $1.98 billion estimate. The rental vehicle company reported quarterly earnings of 91 cents per share, which beat the estimate of 76 cents per share.
"Sustained structural improvements and disciplined fleet management contributed to a strong performance across our top and bottom line, despite the challenges presented by COVID, supply chain constraints and labor shortages," said Mark Fields, interim CEO of Hertz.
Following the company's financial results, Deutsche Bank analyst Chris Woronka maintained Hertz with a Buy rating and raised the price target from $34 to $36.
HTZ Price Action: Hertz has traded as low as $14.15 and as high as $46 over a 52-week period.
The stock was up 10.2% at $18.94 at time of publication.
Photo: enjosmith from Flickr.
