Hertz Global Holdings (HTZ) shares traded significantly lower on Thursday. Bill Ackman’s Pershing Square completely sold its stake in the car rental company.
Pershing Square previously held approximately 15.2 million shares. This position represented a top-ten holding for the hedge fund.
The exit follows a late June capital raise through a stock offering. Ackman reportedly grew discouraged by the potential for shareholder dilution.
The sell-off interrupted a recent stock rally. Retail investor interest previously fueled the stock's performance. Better-than-expected second-quarter results also supported the recent rally.