Hertz rises on $80 mln investment in fleet management unit

By Reuters News

** Rental car firm Hertz Global's HTZ.O shares up 12% at $2.06 on Tues after saying its fleet management arm Oro Mobility secured an $80 mln equity investment from a group of investors

** Cohen Private Ventures, family office of New York Mets owner and Point72 founder Steve Cohen, funds or accounts affiliated with Certares Opportunities and Knighthead Capital Management participated in the investment, which establishes Oro as a standalone company

** HTZ said it will retain majority ownership of Oro, without providing other financial details; Knighthead owns roughly 51% stake in HTZ, per LSEG data

** HTZ CEO Gil West to serve as exec chairman of Oro; Doria Holbrook is Oro's CEO

** In Apr, Oro forged a partnership with Uber UBER.N to manage the ride-hailing co's autonomous robotaxi and driver‑led operations in the US

** Even with the advance, HTZ stock has shed ~60% YTD

** Short interest in HTZ has more than doubled since end-Jun and now stands at about 35% of stock's float, per LSEG

** 6 of 9 analysts rate the stock "hold", 3 rate "sell"; median PT of $2.25 down from $4.25 three months ago

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