A head-scratching rally in the shares of Hertz Global Holdings Inc. lost some steam on Tuesday, sending the stock lower for the first time in four trading sessions.

The struggling car-rental company quickly tumbled 39 per cent in the first 15 minutes of trading, then rallied back briefly for a 4.9 per cent gain. The stock is now down 7 per cent, a direction that’s in line with what professional investors have come to expect from the shares of a company that’s filed for bankruptcy protection.

Hertz had gained more than six-fold in the past three days amid optimism about a resurgence of travel demand and an economic recovery. The stock is still up more than 500 per cent since June 3.

Investors have loaded up on shares of Hertz and other bankrupt companies in recent days, wagering against the Chapter 11 bankruptcy process that typically wipes out equity holders.