Billionaire Bill Ackman Just Bought Hertz. Is the Car Rental Stock a Buy?

Billionaire Bill Ackman is one of the most closely followed investors. The head of Pershing Square Capital Management is known for betting on beaten-down big-brand stocks like Chipotle and Nike, and he's never hesitant to share his opinion, whether it's on the markets, politics, or another issue.So it wasn't a surprise to see Hertz Global (NASDAQ: HTZ) stock skyrocket after Ackman's fund disclosed a stake in the car rental business. Hertz shares jumped 126% in a two-day span as of trading on Thursday afternoon as his purchase of a nearly 20% stake in the longtime laggard breathed new life into the stock.In a filing Wednesday, Pershing Square disclosed a purchase of 12.7 million shares in the struggling car rental stock worth $46.5 million at the time, though that value has since more than doubled. The purchase made Pershing Square Hertz's second-largest shareholder. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool