Update: This report falsely stated that Tiger Global is Carl Icahn's investment firm. The company does not in fact have anything to do with Icahn.
NEW YORK (TheStreet) -- Hertz Global (HTZ) shares are up 5.8% to $22.55 in trading on Thursday after investment firm Tiger Global revealed an increased stake in the car rental company after the closing bell yesterday.
The firm purchased 2.63 million shares on the open market at an average cost of $21.36 per share for a total transaction cost of $56,244,361.68, according to SEC filings.
With the purchase, Tiger Global investment firm upped its stake in the company to 10.77% from 8.48%. The firm had reported owning 3,042,800 shares at the end of the second quarter, a number that increased to 15,851,100 at the end of the third quarter.
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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 a number of 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 compelling growth in net income, revenue growth, good cash flow from operations, expanding profit margins and notable return on equity. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."