Does Bill Ackman Know Something That Wall Street Doesn't? The Billionaire Is Piling Into a Stock That Analysts Recommend Selling, but That Ackman Thinks Will Soar 306%.
Bill Ackman's fund, Pershing Square Capital Management, owns less than a dozen stocks, so when the fund takes a new position, the market pays close attention. Ackman rose to fame as an activist short-seller, making large bets against companies and doing everything in his power to make his case known. Over the years, these positions led to some epic battles, including Ackman and Carl Icahn's war over the nutrition supplement stock . These days, Ackman mostly takes long positions.
In his recent bet, Ackman invested in an auto stock that has previously struggled and that Wall Street analysts are bearish on. Does the billionaire investor know something Wall Street doesn't?
Recently, Ackman confirmed a CNBC report that Pershing has acquired a 19.8% stake in the car rental company Hertz (NASDAQ: HTZ). The report sent the stock soaring. Between April 16 and the close of the market on April 17, the stock more than doubled.
Source Fool.com
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