BUZZ - Hertz shares rise after receiving an $80 million investment for its fleet management business

October 20 - ** Hertz Global, the car rental company, saw its shares HTZ.O rise by 12% on Tuesday to $2.06, after the company announced that its fleet management arm, Oro Mobility, secured (link) an $80 million equity investment from a group of investors

** Investors involved include Cohen Private Ventures, the family office of Steve Cohen (owner of the New York Mets and founder of Point72), Certares Opportunities, and funds or associated accounts of Knighthead Capital Management; this investment makes Oro an independently operating company

** HTZ stated it will retain a majority stake in Oro, but did not disclose further financial details; according to London Stock Exchange Group (LSEG) data, Knighthead holds around 51% of shares in HTZ

** HTZ Chief Executive Gil West will serve as Oro's Executive Chairman; Doria Holbrook will be Oro's Chief Executive Officer

** In April, Oro partnered with Uber UBER.N (link) to manage the ride-hailing company's autonomous robotaxi and driver-led fleet operations in the United States

** Despite the share price gain, HTZ remains down about 60% year-to-date

** According to London Stock Exchange Group (LSEG) data, short positions in HTZ have more than doubled since the end of June, now comprising around 35% of the stock's float

** Of nine analysts, six rate the stock as "hold," and three rate it as "sell"; the median target price is $2.25, down from $4.25 three months ago

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