Investing.com -- Shares in car rental company Hertz have seen a significant rise, extending gains to 29%, following the disclosure of a new stake by Pershing Square Capital Management.

The hedge fund has revealed a purchase of 12.7 million shares in Hertz, which has a value of approximately $46.5 million.

This news has had a positive impact on Hertz’s stock performance, with a more than 21% increase in premarket trading observed.

The involvement of Pershing Square, a significant player in the hedge fund industry, has likely contributed to this upward trend in Hertz’s share price.

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