10 Best US Stocks to Buy Under $10

3. Hertz Global Holdings Inc. (NASDAQ:HTZ)

Share Price as of October 16: $2.92

Number of Hedge Fund Holders: 38

Hertz Global Holdings Inc. (NASDAQ:HTZ) is a global car rental company that operates in over 100 countries and territories, offering a range of rental vehicles, from economy cars to luxury SUVs. It provides car rental services for both leisure and business travelers, and it also offers additional services such as car sales, truck rentals, and mobility solutions.

Recently, Teamsters reached a tentative agreement with Hertz Global Holdings Inc. (NASDAQ:HTZ), averting a potential strike. Nearly 3,000 Hertz Teamsters members at 20 local unions had voted last week to strike if a new agreement was not reached by Monday. Teamsters members at Hertz were negotiating for higher pay and language in an agreement that they feared would create a “two-tier system.”

The company reported increased direct operating expenses due to non-recurring charges, insurance, personnel, collision, and damage costs in Q2 2024. Rental vehicles increased by 3%, but utilization dropped 2%, leading to overall revenue of $2.35 billion, down 3.45% year-over-year. Q2 revenue resulted from pricing discipline and managed capacity. DPU increased due to fleet refresh acceleration. It renegotiated national contracts and reduced maintenance and collision costs by 12%.

The company is making progress on its strategic priorities, including strengthening its balance sheet, building a strong leadership team, and accelerating its fleet rotation. Hertz Global Holdings Inc. (NASDAQ:HTZ) is confident that these actions will improve its financial performance and create long-term shareholder value.