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Hertz received delisting notice from NYSE – stock still up 5x from bankruptcy lows

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The stock market is still on an absolute tear as retail investors flood into the market from brokerages like Robinhood. I wrote an article a couple weeks ago highlighting several travel based stocks that have rallied off their March lows as they face the strongest headwinds to growth in modern times. None is more confounding, or represents the mania behind this rally better than Hertz. Hertz declared bankruptcy on May 22nd and immediately saw a surge in investor activity who I’d presume were looking to make bets on a bailout? Not really sure…

You can see in the Robintrack chart below  that investor activity skyrocketed between the March lows ( 4k invested ) and its bankruptcy announcement May 22nd ( 40k invested ). One would think this would have caused a major sell off.

Wrong.

Since their bankruptcy announcement, inflows from Robinhood have surged another 4x to almost 160k accounts invested – a whopping 40x from the lockdowns and an unclear travel sector future. Today, Hertz announced it was appealing a delisting notice served on May 26th, 4 days after their May 22nd bankruptcy announcement. Hertz is down 40% on the day and one has to wonder…how many of these retail investors are going to get caught holding a big fat nothing burger.

If you’re interested, you should read more on Hertz and their car liquidations here.

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