In November, Hertz (NASDAQ: HTZ) launched a $2 billion stock repurchase program.

Hertz says it may now repurchase up to $2.2 billion worth of its shares, which represents almost a third of its current market value of $7.1 billion, with around $200 million left in the prior buyback program.

As of Wednesday morning, Hertz stock was up more than 5% ahead of the market’s opening bell.

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