Hertz skids after Q1 report disappoints

Shares of Hertz Global HTZ.O down ~19% at $5.64 early Tues, snapping four-day winning streak, after rental car firm's Q1 results miss Wall Street's expectations

Estero, Florida-based Hertz late Mon posted adj loss/sh of $1.12, marking 6th straight qtrly loss. Analysts anticipated loss of 97 cents

Rev in qtr fell 13% y/y to $1.8 bln, missing analysts' projection of $2 bln, driven primarily by reduced fleet capacity

Co said it has recently seen demand moderate for corporate, government and international travelers visiting the U.S., but added bookings for leisure are up y/y

The fleet rotation is delivering results, with vehicle depreciation down 45% from last year, co said

With move on Tues, stock is up ~55% YTD

Over the course of Apr 16 and Apr 17, HTZ shares more than doubled to $8.24 from $3.65 after billionaire investor Bill Ackman disclosed his investment co Pershing Square recently accumulated nearly 20% stake

Of 10 analysts covering HTZ, 6 rate "hold" and 4 recommend "sell" and median PT is $3

Short interest in HTZ stood at ~20% of float as of May 12, according to latest LSEG data