Hertz declared bankruptcy recently. When a company goes through bankruptcy, a liquidation process typically occurs that allocates remaining company assets to investors. Bondholders are first in line to get paid back, and if there’s anything left, stockholders get something — though it’s typically very little, if anything. It’s not uncommon for stocks of bankrupt companies to end up having no value. Right now, Hertz’s bonds are trading around 35 cents on the dollar, meaning that bondholders of the company are not expecting to be made whole even though they have first dibs on the company’s assets.

This means Hertz’s stock is expected to be worthless.