Key Highlights

  • Shares are trading 4.03% lower at $1.90 on Wednesday, October 28, 2026, after closing at $1.94 on Monday, October 26.
  • Short-interest data for the September 30 settlement date show 123.27 million shares short, 34.92% of float, or 10.6 days to cover.
  • Market capitalisation was $691.52 million at the Monday close, against total debt of $21.09 billion.
  • Second-quarter adjusted corporate EBITDA was $81 million, and third-quarter EBITDA is guided to $275 million to $325 million.
  • Third-quarter results are due on Thursday, November 5, 2026.

Hertz Shares Slip: Why Is the Stock Lower With Short Interest So High?

Hertz (NASDAQ:HTZ) shares are trading 4.03% lower at $1.90 on Wednesday, October 28, 2026. No company announcement is dated to the day, and the move follows a $1.94 close on Monday, October 26, on 21.1 million shares. Closing prices since October 9 have run from $1.73 to $2.18, with volume of 48.6 million shares on October 20 and 49.8 million on October 22.

Because the price is below $5 and the stock is heavily shorted, it appears on the most shorted list. Over 52 weeks the shares have fallen about 63%, and the five-year beta is 2.49.

Hertz Short Interest: What Does 34.92% of Float Mean for Price Swings?

Short-interest data for the settlement date of September 30, 2026 show 123,265,904 shares sold short, up 6.4% from 115,867,216 in the prior report. That equals 34.92% of float and 10.6 days of average volume to cover. Of the 356.45 million shares outstanding, the position is about 34.6% (calculated).

A short position of this size means a rise in price can force covering purchases, which can add to a rally, while heavy short selling can also deepen a decline. The data say nothing about direction on their own.

Hertz Balance Sheet and Debt: Why Are Lenders and Directors in Focus?

Cash was $635 million against total debt of $21.09 billion, with trailing revenue of $8.91 billion and a trailing net loss of $279 million. Second-quarter revenue was $2.396 billion and net income was $64 million, a figure that included gains on warrants, financial instruments and asset sales, while the adjusted net loss was $47 million. Corporate liquidity was $984 million at June 30.

A media report on September 30 said the company had engaged an advisory firm to pursue debt extensions, and no completed agreement has been reported. On October 1 three directors resigned and three were appointed. A $200 million maturity in December is planned to be paid in cash. A July 24 shareholder class action concerns statements about liquidity and used-car conditions, and allegations are not findings.

Hertz Financing Moves: What Did the October Oro Mobility and Note Deals Change?

On October 20 outside investors bought stakes in Oro Mobility, the affiliate behind fleet services for autonomous programs including one with Uber Technologies (NYSE:UBER), for about $80.89 million, taking 50% of voting units. On the same date Hertz agreed to repurchase about $51.1 million of its 8% second-lien exchangeable notes for about $20.86 million.

In June the company issued first-lien exchangeable notes with an initial exchange price of about $3.58, totalling $380 million after a July add-on. On October 15, Morgan Stanley kept an Equal-Weight rating and cut its price target to $2.50 from $3.00.

What to Watch Next: Does the November 5 Report Confirm the Third-Quarter EBITDA Range?

The company reports third-quarter 2026 results on Thursday, November 5, with a call the same day. Guidance calls for third-quarter EBITDA of $275 million to $325 million, full-year EBITDA of $225 million to $275 million, and year-end liquidity of $1.0 billion to $1.4 billion. Updates on debt extensions and the next short-interest release are also due.