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Hertz Global Gains on New $2 Billion Buyback Plan, Covering 31% of Market Cap

June 15, 2022

Hertz Global (NASDAQ:HTZ) shares jumped 5% in pre-open trading Wednesday after the company announced that its Board of Directors approved a new $2 billion share repurchase program.

The new repurchase program is in addition to the $0.2 billion remaining under the previous $2 billion authorization, giving the company a total of $2.2 billion to spend on share repurchases.

The $2.2 billion buyback authorization compares to the company’s entire market cap of $7.1 billion, or 31% of the current market cap.