AVIS BUDGET GROUP CAR
COM · Common Stock · CUSIP 053774105 · ISIN US0537741052
American rental car company
- IndustryServices-Auto Rental & Leasing (No Drivers)
- HeadquartersParsippany, NJ
- Founded2006
- Websiteavisbudgetgroup.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($2.7m this quarter). Holder counts are more reliable. Shares outstanding: 35.7m as of 2024-08-02, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $104.56. Options: 23 managers hold calls ($185.7m notional), 26 hold puts ($236.7m).
Trends to Q2 2024
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 287 |
| Q4 2022 | 302 |
| Q1 2023 | 297 |
| Q2 2023 | 302 |
| Q3 2023 | 297 |
| Q4 2023 | 300 |
| Q1 2024 | 261 |
| Q2 2024 | 267 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 127 | 162 |
| Q1 2023 | 122 | 177 |
| Q2 2023 | 128 | 175 |
| Q3 2023 | 127 | 166 |
| Q4 2023 | 105 | 181 |
| Q1 2024 | 139 | 162 |
| Q2 2024 | 136 | 140 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2023 | $234.6m | $279.5m | 1.19 |
| Q4 2023 | $355.2m | $370.8m | 1.04 |
| Q1 2024 | $163.2m | $254.5m | 1.56 |
| Q2 2024 | $185.7m | $236.7m | 1.27 |
Biggest buyers
| Rubric Capital Management LP | Added | +475.2k |
| JPMORGAN CHASE & CO | Added | +387.3k |
| GLENVIEW CAPITAL MANAGEMENT, LLC | Added | +348.8k |
| JAT Capital Mgmt LP | Added | +244.1k |
| INTRINSIC EDGE CAPITAL MANAGEMENT LLC | New | +227.1k |
| BANK OF MONTREAL /CAN/ | Added | +199.1k |
| Assenagon Asset Management S.A. | New | +191.1k |
| MILLENNIUM MANAGEMENT LLC | Added | +154.6k |
| BANK OF AMERICA CORP /DE/ | Added | +103.2k |
| Pentwater Capital Management LP | Added | +102.0k |
Biggest sellers
| MORGAN STANLEY | Reduced | -947.4k |
| NOMURA HOLDINGS INC | Reduced | -779.8k |
| FMR LLC | Reduced | -300.8k |
| SRS Investment Management, LLC | Reduced | -300.0k |
| Point72 Asset Management, L.P. | Reduced | -239.0k |
| Skandinaviska Enskilda Banken AB (publ) | Sold out | -178.6k |
| VANGUARD GROUP INC | Reduced | -166.3k |
| MACQUARIE GROUP LTD | Sold out | -150.0k |
| Balyasny Asset Management L.P. | Sold out | -142.9k |
| NATIONAL BANK OF CANADA /FI/ | Reduced | -120.9k |
Biggest calls
| CITADEL ADVISORS LLC | Added | $34.9m334.0k shares |
| PEAK6 Investments LLC | Added | $34.1m326.2k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $30.0m287.1k shares |
| IMC-Chicago, LLC | Added | $19.8m189.4k shares |
| GROUP ONE TRADING LLC | Added | $8.9m84.8k shares |
| SIMPLEX TRADING, LLC | Added | $6.8m64.8k shares |
| D. E. Shaw & Co., Inc. | Unchanged | $6.3m60.0k shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $5.8m55.2k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $5.4m52.0k shares |
| Cubist Systematic Strategies, LLC | Reduced | $4.6m43.8k shares |
Biggest puts
| Lombard Odier Asset Management (USA) Corp | Unchanged | $31.4m300.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $29.2m279.1k shares |
| CITADEL ADVISORS LLC | Reduced | $26.0m249.2k shares |
| D. E. Shaw & Co., Inc. | Added | $23.2m222.3k shares |
| IMC-Chicago, LLC | Added | $18.4m176.2k shares |
| JANE STREET GROUP, LLC | Reduced | $17.6m168.5k shares |
| WOLVERINE TRADING, LLC | Added | $12.5m119.5k shares |
| GTS SECURITIES LLC | Added | $11.4m108.6k shares |
| SIMPLEX TRADING, LLC | Reduced | $9.9m94.3k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $9.5m91.1k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| Pentwater Capital Management LP 13G · institution -14.9 pts · filed 2026-05-07 | 7.3% |
| MORGAN STANLEY 13G · institution new · filed 2026-02-11 | 5.6% |
Fell to 5% or below in the last year: JANE STREET GROUP, LLC (0.2%, 2026-05-11), NOMURA HOLDINGS INC (1.8%, 2026-02-17), SUSQUEHANNA SECURITIES, LLC (3.6%, 2026-02-13)
Insider purchases and sales in Q2 2024
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2022 | 0 | — | 1 | $263.8k | — |
| Q4 2022 | 0 | — | 6 | $18.5m | — |
| Q1 2023 | 0 | — | 2 | $2.0m | — |
| Q2 2023 | 0 | — | 1 | $3.0m | — |
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 2 | $4.4m | — |
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 0 | — | — |
None reported in Q2 2024.
Holders, Q2 2024
| Manager | Shares | Change |
|---|---|---|
| SRS Investment Management, LLC 24.37% of their portfolio | 17.1m $1.8bn | Reduced -300.0k |
| FMR LLC 0.02% of their portfolio | 3.2m $337.0m | Reduced -300.8k |
| BlackRock Inc. 0.00% of their portfolio | 1.8m $183.9m | Reduced -23.1k |
| VANGUARD GROUP INC 0.00% of their portfolio | 1.6m $168.1m | Reduced -166.3k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 1.1m $116.3m | Added +387.3k |
| PAR CAPITAL MANAGEMENT INC 2.80% of their portfolio | 850.0k $88.8m | Added +52.0k |
| Rubric Capital Management LP 1.90% of their portfolio | 690.3k $72.1m | Added +475.2k |
| STATE STREET CORP 0.00% of their portfolio | 656.0k $68.6m | Reduced -25.0k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.02% of their portfolio | 589.8k $61.6m | Added +88.3k |
| GLENVIEW CAPITAL MANAGEMENT, LLC 1.17% of their portfolio | 529.8k $55.4m | Added +348.8k |
| MORGAN STANLEY 0.00% of their portfolio | 433.2k $45.3m | Reduced -947.4k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 326.6k $34.1m | Reduced -3.1k |
| JAT Capital Mgmt LP 5.23% of their portfolio | 319.8k $33.4m | Added +244.1k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 318.1k $33.2m | Reduced -22.2k |
| Think Investments LP 6.61% of their portfolio | 307.3k $32.1m | Added +24.9k |
| INTRINSIC EDGE CAPITAL MANAGEMENT LLC 2.30% of their portfolio | 227.1k $23.7m | New |
| BANK OF MONTREAL /CAN/ 0.01% of their portfolio | 204.9k $22.7m | Added +199.1k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 200.5k $21.0m | Added +103.2k |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 198.1k $20.7m | Added +154.6k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 195.3k $20.4m | Reduced -13.2k |
| Assenagon Asset Management S.A. 0.05% of their portfolio | 191.1k $20.0m | New |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 181.2k $18.9m | Reduced -55.4k |
| Pentwater Capital Management LP 0.38% of their portfolio | 170.0k $17.8m | Added +102.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 168.1k $17.6m | Added +10.5k |
| Invesco Ltd. 0.00% of their portfolio | 165.9k $17.3m | Reduced -11.2k |
| NOMURA HOLDINGS INC 0.11% of their portfolio | 158.4k $16.6m | Reduced -779.8k |
| BARCLAYS PLC 0.01% of their portfolio | 153.7k $16.1m | Added +64.0k |
| JANE STREET GROUP, LLC 0.02% of their portfolio | 143.1k $15.0m | Added +8.5k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 138.5k $14.5m | Added +13.8k |
| HSBC HOLDINGS PLC 0.01% of their portfolio | 126.4k $13.0m | Added +17.8k |
| TUDOR INVESTMENT CORP ET AL 0.14% of their portfolio | 119.9k $12.5m | Reduced -468 |
| TORONTO DOMINION BANK 0.02% of their portfolio | 100.0k $10.5m | New |
| VR Advisory Services Ltd 4.21% of their portfolio | 99.6k $10.4m | Added +850 |
| BANK OF NOVA SCOTIA 0.02% of their portfolio | 98.6k $10.3m | Reduced -78.3k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 93.4k $9.8m | Added +77.3k |
| ING GROEP NV 0.06% of their portfolio | 90.0k $9.4m | Unchanged |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 86.0k $9.0m | Added +40.9k |
| Point72 Asset Management, L.P. 0.03% of their portfolio | 80.7k $8.4m | Reduced -239.0k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.01% of their portfolio | 63.1k $6.6m | Added +45.9k |
| UBS Group AG 0.00% of their portfolio | 63.0k $6.6m | Reduced -2.9k |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 60.6k $6.3m | Reduced -9.2k |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 60.3k $6.3m | Added +3.9k |
| Jefferies Financial Group Inc. 0.12% of their portfolio | 57.2k $6.0m | Added +41.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 51.4k $5.4m | Added +12.7k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 51.0k $5.3m | Reduced -1.6k |
| Shellback Capital, LP 0.38% of their portfolio | 50.0k $5.2m | Reduced -15.0k |
| Brevan Howard Capital Management LP 0.33% of their portfolio | 48.2k $5.0m | New |
| NORGES BANK 0.00% of their portfolio | 47.5k $5.0m | Reduced -97.7k |
| Nuveen Asset Management, LLC 0.00% of their portfolio | 46.9k $4.9m | Reduced -5.0k |
| Mountain Lake Investment Management LLC 4.93% of their portfolio | 45.0k $4.7m | New |
| Philadelphia Financial Management of San Francisco, LLC 1.07% of their portfolio | 43.9k $4.6m | New |
| FIRST MANHATTAN CO. LLC. 0.01% of their portfolio | 42.9k $4.5m | Reduced -112 |
| SIMPLEX TRADING, LLC 0.14% of their portfolio | 42.0k $4.4m | Added +8.4k |
| AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 41.5k $4.3m | Reduced -161 |
| Man Group plc 0.01% of their portfolio | 39.3k $4.1m | Added +25.6k |
| GABELLI FUNDS LLC 0.03% of their portfolio | 38.0k $4.0m | Added +22.5k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 37.8k $3.9m | Reduced -13.3k |
| Squarepoint Ops LLC 0.01% of their portfolio | 37.3k $3.9m | New |
| Swiss National Bank 0.00% of their portfolio | 35.1k $3.7m | Reduced -600 |
| VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 35.1k $3.7m | Added +7.5k |
| COBALT CAPITAL MANAGEMENT, INC. 1.59% of their portfolio | 35.0k $3.7m | Added +8.0k |
| Retirement Systems of Alabama 0.01% of their portfolio | 34.9k $3.6m | Added +11.7k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 33.9k $3.5m | Added +18.4k |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.08% of their portfolio | 33.2k $3.5m | Reduced -9.2k |
| WEXFORD CAPITAL LP 0.75% of their portfolio | 28.3k $3.0m | Reduced -31.8k |
| Legal & General Group Plc 0.00% of their portfolio | 28.2k $3.0m | Added +2 |
| CITIGROUP INC 0.00% of their portfolio | 26.7k $2.8m | Added +11.4k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio | 26.1k $2.7m | Added +7.9k |
| California Public Employees Retirement System 0.00% of their portfolio | 25.4k $2.7m | Reduced -6.8k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 24.6k $2.6m | Reduced -200 |
| Amundi 0.00% of their portfolio | 24.0k $2.6m | Added +10.7k |
| INTECH INVESTMENT MANAGEMENT LLC 0.03% of their portfolio | 23.2k $2.4m | New |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 23.1k $2.4m | New |
| Corebridge Financial, Inc. 0.01% of their portfolio | 23.1k $2.4m | First filing |
| Trexquant Investment LP 0.04% of their portfolio | 22.9k $2.4m | New |
| Holocene Advisors, LP 0.01% of their portfolio | 22.5k $2.4m | Reduced -26.6k |
| Alaska Permanent Fund Corp 0.03% of their portfolio | 22.0k $2.2m | Added +4.9k |
| Bayesian Capital Management, LP 0.26% of their portfolio | 21.4k $2.2m | Added +16.5k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 21.3k $2.2m | Reduced -3.7k |
| WHITEBOX ADVISORS LLC 0.08% of their portfolio | 20.0k $2.1m | Added +3.4k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 19.8k $2.1m | Reduced -191 |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.01% of their portfolio | 18.2k $1.9m | Added +6.7k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 17.9k $1.9m | Reduced -102 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 17.9k $1.9m | Reduced -768 |
| IMC-Chicago, LLC 0.06% of their portfolio | 17.5k $1.8m | New |
| Eisler Capital (US) LLC 0.34% of their portfolio | 17.3k $1.8m | New |
| GREAT VALLEY ADVISOR GROUP, INC. 0.05% of their portfolio | 16.9k $1.8m | Added +57 |
| Black Maple Capital Management LP 1.23% of their portfolio | 16.0k $1.7m | Reduced -600 |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.00% of their portfolio | 15.5k $1.6m | Reduced -11.5k |
| Aquatic Capital Management LLC 0.06% of their portfolio | 15.1k $1.6m | Added +6.8k |
| LECAP ASSET MANAGEMENT LTD 0.30% of their portfolio | 13.4k $1.4m | New |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 13.3k $1.4m | Reduced -730 |
| Creative Planning 0.00% of their portfolio | 12.7k $1.3m | Added +6.9k |
| ONTARIO TEACHERS PENSION PLAN BOARD 0.01% of their portfolio | 12.5k $1.3m | Added +2.2k |
| FOX RUN MANAGEMENT, L.L.C. 0.25% of their portfolio | 12.5k $1.3m | New |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 12.4k $1.3m | Added +1.8k |
| CHASE INVESTMENT COUNSEL CORP 0.44% of their portfolio | 12.0k $1.3m | New |
| PRELUDE CAPITAL MANAGEMENT, LLC 0.10% of their portfolio | 11.6k $1.2m | New |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 11.6k $1.2m | Reduced -43 |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 11.4k $1.2m | Added +863 |