In a crazy turn of events over the past week, Hertz (HTZ) was able to turn bankruptcy news into a stock value increase of over 308%.
Analysts are perplexed. Generally a bankrupt company would not be attractive to investors. But this is a different type of investor.
It is the millennial investor on their phone. And according to economist Arthur Schwartz, the large volume from Robinhood users was “likely the main reason for the turnaround”.
With this new high stock value Hertz no longer needs to declare bankruptcy and according to a snippet of a document a Todays Five reporter believes a delisting appeal is in the works.