Hertz Global Announces Buyback Plan, Call Traders Respond

HTZ has added more than 47% over the last three months

Fernanda Horner

Digital Content Manager

Nov 29, 2021 at 1:35 PM

The shares of Hertz Global Holdings Inc (NASDAQ:HTZ) are popping today, last seen up 5.9% at $25.27, after the company announced a share buyback program. Hertz plans to repurchase up to $2 billion of its outstanding common stock, after the car rental name bounced back from bankruptcy in late June.

The last time we checked on HTZ, call traders were blasting the equity as the company reportedly weighed bankruptcy loan options. Shares had been trending lower prior to today's pop, cooling from a Nov. 2 all-time high of $46, though the $20 level was able to contain further losses. During the past three months, Hertz stock has added over 49%.

HTZ

Options bulls are blasting the security in response to today's news. So far, 28,000 calls have crossed the tape, which is double the intraday average, as opposed to 4,475 puts. Most popular is the December 30 call, followed by the 27.50 call in the same series, with new positions being opened at the latter.

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