Oppenheimer slashed its rating to "perform"
Hertz Global Holdings Inc (NASDAQ:HTZ) attracted a downgrade from Oppenheimer to "perform" from "outperform" today, with the analyst highlighting several possible challenges in the year ahead, including higher vehicle interest expense and distribution per unit (DPU), as well as potential struggles for its electric vehicle (EV) initiative.
Last seen down 1.9% to trade at $8.70, the security just ran into pressure from its 50-day moving average, which has been in place since July. The shares are down more than 44% in 2023, and not too far removed from their Nov. 28 record low of $8.10, as they pace for a third-straight daily loss.
An unwinding of optimism in the options pits could pressure HTZ even lower. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), HTZ's 10-day call/put volume ratio of 17.80 ranks higher than 92% of readings from the past year, meaning calls have been getting picked up at a quicker-than-usual clip.