NEW YORK (TheStreet) -- Shares of Hertz Global Holdings Inc. (HTZ) are falling by -9.06% to $28.70 on very heavy volume in early afternoon trading on Wednesday.
So far, 46.49 million shares of Hertz exchanged hands, as compared to its average daily volume of 7.63 million shares.
The car rental service is continuing a dip it began in pre-market trading following a regulatory filing stating the company is withdrawing its full year 2014 earnings guidance, due to operational challenges and high costs relating to the continual audit of its results, dating back to 2011, the Wall Street Journal reported.
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Hertz has postponed the filing of its second-quarter results pending completion of a review, and said it expects its full year financial results to be "well below" its previous guidance, the Journal added.
The company's previous guidance called for full year adjusted profit of $1.70 to $2 per share, on revenue between $11.4 billion and $11.7 billion.
Analysts polled by Thomson Reuters forecast a profit of $1.82 per share on $11.48 billion in revenue, for the 2014 full year.
Separately, TheStreet Ratings team rates HERTZ GLOBAL HOLDINGS INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate HERTZ GLOBAL HOLDINGS INC (HTZ) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income, good cash flow from operations, solid stock price performance and expanding profit margins. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."