Hertz Global Holdings, Inc. (HTZ) stock is soaring 34.15% in pre-market trading on Thursday, continuing its remarkable upward momentum following Wednesday's 56.44% gain. This dramatic surge comes in the wake of news that Bill Ackman's Pershing Square Capital Management has amassed a significant stake in the beleaguered car rental company.

According to a securities filing on Wednesday, Pershing Square disclosed the purchase of 12.7 million Hertz shares, valued at approximately $46.5 million at the time of acquisition. CNBC later reported that Pershing Square's total position, including shares and swaps, amounts to about 19.8% of the company, making it Hertz's second-largest shareholder. This substantial investment by Ackman's firm, known for taking activist positions, has ignited intense investor interest in Hertz.

The car rental company has been struggling to recover from an ill-fated bet on electric vehicles and is currently working to revamp its fleet. With Pershing Square's involvement, market participants are speculating on potential strategic changes that could drive Hertz's turnaround and future growth. As the stock continues its upward trajectory, investors will be closely watching for any announcements or strategic moves from Hertz or Pershing Square in the coming days and weeks.