ChainThink report, on August 10, according to BIT market data, U.S. penny stock Hertz Global (HTZ) surged continuously after releasing its second-quarter earnings, rising approximately 30% on Thursday and continuing to climb during Friday's trading session, with significant volume expansion, sparking discussions in Reddit retail investor communities such as WallStreetBets.

MarketBeat data shows that as of July 15, short interest in HTZ stood at approximately 97.54 million shares, representing about 31.2% of float, with a days-to-cover ratio of roughly 3.9 days.

The high short interest ratio combined with an unexpected surge in share price has made short covering a key driver of this rally. Hertz reported Q2 revenue of approximately $239.6 million, up about 10% year-over-year; net profit reached around $64 million, compared to a loss of $294 million in the same period last year.

The company posted a loss of $0.11 per share, outperforming the market’s expected loss of $0.24 per share; adjusted EBITDA came in at approximately $81 million, near the upper end of guidance range.

However, compared to GME in 2021, HTZ’s current short squeeze structure still falls short. SEC filings from that year revealed GME’s short interest once exceeded 100% of float, whereas HTZ currently has only about 30% of its float shorted, not yet reaching extreme levels.