Carl Icahn just doubled down on Hertz

Hedge fund manager Carl Icahn has more than doubled his stake in
Hertz Global Holdings, the parent company of Hertz car rental franchises.
That’s according to a new filing with the Securities and Exchange Commission.

Icahn doubled his holding from about 15.6% to about 33.7%, according to Bloomberg.

Hertz shares collapsed nearly 50% on Tuesday following the release of third-quarter earnings.

As Business Insider’s Bob Bryan reported, the company missed earnings per share significantly, posting adjusted earnings of $1.50 per share against analyst estimates of $2.73 per share. Revenue also whiffed, albeit by less, at $2.54 billion against projections of $2.59 billion.

CEO John Tague said in a press release that the company is still aiming to cut costs in the long run, but recent events impacted the quarterly performance.

Following the news, the stock has lost nearly half of its value, falling 49% to $18.19 a share.

Icahn first bought into Hertz in early 2014.

NOW WATCH: Twitter will lay off more than 300 employees to cut costs

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.