Hertz Global Holdings Inc (NASDAQ:HTZ) stock floored the gas pedal Wednesday morning, soaring over 25% in pre-market trading after hedge fund billionaire Bill Ackman threw his weight behind the embattled car rental firm.

Ackman's Pershing Square Capital Management disclosed a fresh stake of 12.7 million shares, worth roughly $46.5 million, in an amended 13F filing.

The market took the cue fast, sending Hertz shares up over 25% in regular trading as traders cheered the sudden U-turn from Wall Street's sidelines.

Bill Ackman's In, Bears Take The Back Seat

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While Hertz has been stuck in reverse — down over 44% in the past year and 2% year to date — Pershing Square's vote of confidence has investors reassessing the road ahead. Known for its hands-on investment style and activist approach, Ackman's entry suggests a bullish stance that the rental car company may be due for a turnaround.

That optimism is supported by Hertz's technicals, which are bullish across the board, thanks to the pre-market bump. The stock price is trading above its five, 20, 50 and 200-day exponential moving averages. Most indicators continue to show bullish trends. HTZ stock, which has been trending downwards for some time now, finally has respite, as bears take the back seat.

But with Pershing Square behind the wheel, some investors clearly think the car's about to change lanes.

One Foot On The Gas, One On The Brake

The MACD (Moving Average Convergence/Divergence) indicator, at a positive 0,05, also offers a bullish signal. The broader trend remains fragile. Meanwhile, the RSI (Relative Strength Index) sits at 57.45 is neither oversold nor overheated. It’s steadily treading towards the overbought zone at 70.

Still, when Bill Ackman shows up with $46.5 million and a plan, traders tend to listen. Whether the Hertz rebound has real mileage or just a brief pop remains to be seen. But for now, Wall Street is watching this ride with the parking brake off.

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