Avis Budget (NASDAQ: CAR) holder sells 843k shares, keeps 3.49M
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Pentwater-advised funds reported net selling activity in Avis Budget Group, Inc. common stock. On April 23, 2026, Pentwater-managed entities sold 843,201 shares of Common Stock at an average price of about $264.60 per share, leaving 3,485,000 shares held indirectly. The filing also shows numerous sales of listed call options (obligations to sell) on Avis shares with strike prices between $220 and $270 and expirations on April 24, 2026. The reporting persons disclaim beneficial ownership beyond any pecuniary interest. Certain sales by specific Pentwater funds are identified as “matchable” under Section 16(b), and the reporting persons have agreed to voluntarily disgorge any related short-swing profits to Avis Budget Group.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 843,502 shares ($223,117,125)
Net Sell
31 txns
Insider
Pentwater Capital Management LP, Halbower Matthew
Role
null | null
Sold
843,502 shs ($223.12M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Call Option (obligation to sell) | 1 | $20.06 | $20.06 |
| Sale | Call Option (obligation to sell) | 7 | $20.06 | $140.42 |
| Sale | Call Option (obligation to sell) | 4 | $20.06 | $80.24 |
| Sale | Call Option (obligation to sell) | 32 | $20.06 | $641.92 |
| Sale | Call Option (obligation to sell) | 10 | $19.97 | $199.70 |
| Sale | Call Option (obligation to sell) | 2 | $19.97 | $39.94 |
| Sale | Call Option (obligation to sell) | 2 | $19.97 | $39.94 |
| Sale | Call Option (obligation to sell) | 14 | $19.97 | $279.58 |
| Sale | Call Option (obligation to sell) | 8 | $19.97 | $159.76 |
| Sale | Call Option (obligation to sell) | 64 | $19.97 | $1K |
| Sale | Call Option (obligation to sell) | 5 | $22.66 | $113.30 |
| Sale | Call Option (obligation to sell) | 1 | $22.66 | $22.66 |
| Sale | Call Option (obligation to sell) | 1 | $22.66 | $22.66 |
| Sale | Call Option (obligation to sell) | 7 | $22.66 | $158.62 |
| Sale | Call Option (obligation to sell) | 4 | $22.66 | $90.64 |
| Sale | Call Option (obligation to sell) | 32 | $22.66 | $725.12 |
| Sale | Call Option (obligation to sell) | 5 | $19.06 | $95.30 |
| Sale | Call Option (obligation to sell) | 1 | $19.06 | $19.06 |
| Sale | Call Option (obligation to sell) | 7 | $19.06 | $133.42 |
| Sale | Call Option (obligation to sell) | 4 | $19.06 | $76.24 |
| Sale | Call Option (obligation to sell) | 33 | $19.06 | $628.98 |
| Sale | Call Option (obligation to sell) | 5 | $21.08 | $105.40 |
| Sale | Call Option (obligation to sell) | 1 | $21.08 | $21.08 |
| Sale | Call Option (obligation to sell) | 1 | $21.08 | $21.08 |
| Sale | Call Option (obligation to sell) | 7 | $21.08 | $147.56 |
| Sale | Call Option (obligation to sell) | 4 | $21.08 | $84.32 |
| Sale | Call Option (obligation to sell) | 32 | $21.08 | $674.56 |
| Sale | Call Option (obligation to sell) | 5 | $17.22 | $86.10 |
| Sale | Call Option (obligation to sell) | 1 | $17.22 | $17.22 |
| Sale | Call Option (obligation to sell) | 1 | $17.22 | $17.22 |
| Sale | Common Stock | 843,201 | $264.60 | $223.11M |
Holdings After Transaction:
Call Option (obligation to sell) — 1 shares (Indirect, LMA SPC for and on behalf of the MAP 98 Segregated Portfolio);
Common Stock — 3,485,000 shares (Indirect, Pentwater Merger Arbitrage Master Fund Ltd.)
Footnotes (1)
- This Form 4 is filed by Pentwater Capital Management LP ("PCM") and Matthew Halbower ("Mr. Halbower") (collectively, the "Reporting Persons") with respect to securities held by certain funds (the "Pentwater Funds"), including the funds named herein, to which PCM serves as investment adviser. Mr. Halbower is the sole shareholder of MCH PWCM Holdings Inc., the general partner of PCM. Each of the foregoing disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. Trades by Oceana Master Fund Ltd., none of which are a matchable transaction for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, because Oceana Master Fund Ltd. has not purchased any shares of Common Stock since the Reporting Persons became subject to Section 16 of the Securities Exchange Act of 1934, as amended. Trades by Pentwater Credit Master Fund Ltd., none of which are a matchable transaction for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, because Pentwater Credit Master Fund Ltd. has not purchased any shares of Common Stock since the Reporting Persons became subject to Section 16 of the Securities Exchange Act of 1934, as amended. Trades by LMA SPC for and on behalf of the MAP 98 Segregated Portfolio, none of which are a matchable transaction for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, because LMA SPC for and on behalf of the MAP 98 Segregated Portfolio has not purchased any shares of Common Stock since the Reporting Persons became subject to Section 16 of the Securities Exchange Act of 1934, as amended. Trades by Pentwater Equity Opportunities Master Fund Ltd., of which sales of 20,000 shares of Common Stock reported herein are matchable, for purposes of Section 16(b) of the Securities Exchange Act of 1934, as amended, against Pentwater Equity Opportunities Master Fund Ltd.'s deemed purchases of (i) 10,000 shares of Common Stock on March 4, 2026, and (ii) 10,000 shares of Common Stock on March 6, 2026. The Reporting Persons are engaged in discussion with the Issuer and have agreed to voluntarily disgorge to the Issuer any short-swing profits realized from these matchable transactions in accordance with Section 16(b) of the Securities Exchange Act of 1934, as amended. Trades by Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio, of which sales of 25,000 shares of Common Stock reported herein are matchable, for purposes of Section 16(b) of the Securities Exchange Act of 1934, as amended, against Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio's deemed purchase of 25,000 shares of Common Stock on March 4, 2026. The Reporting Persons are engaged in discussion with the Issuer and have agreed to voluntarily disgorge to the Issuer any short-swing profits realized from these matchable transactions in accordance with Section 16(b) of the Securities Exchange Act of 1934, as amended. Trades by Pentwater Merger Arbitrage Master Fund Ltd., of which sales of 49,000 shares of Common Stock reported herein are matchable, for purposes of Section 16(b) of the Securities Exchange Act of 1934, as amended, against Pentwater Merger Arbitrage Master Fund Ltd.'s deemed purchases of (i) 30,000 shares of Common Stock on March 6, 2026, and (ii) 19,000 shares of Common Stock on March 9, 2026. The Reporting Persons are engaged in discussion with the Issuer and have agreed to voluntarily disgorge to the Issuer any short-swing profits realized from these matchable transactions in accordance with Section 16(b) of the Securities Exchange Act of 1934, as amended. Exercisable at any time.
Key Figures
Common shares sold: 843,201 shares
Average sale price: $264.60 per share
Shares held after transactions: 3,485,000 shares
+3 more
6 metrics
Common shares sold
843,201 shares
Open-market sale on April 23, 2026 at about $264.60
Average sale price
$264.60 per share
Common Stock open-market sale on April 23, 2026
Shares held after transactions
3,485,000 shares
Indirect holdings following April 23, 2026 sales
Net shares involved
843,502 shares
Total net sell shares across common and derivatives per summary
Highest option strike price
$270.00
Call options (obligation to sell) on Avis common stock
Earliest option expiration
April 24, 2026
Expiration date for reported call options on Avis stock
Key Terms
call option (obligation to sell), Section 16(b), short-swing profits, matchable transaction, +1 more
5 terms
call option (obligation to sell) financial
"security_title: "Call Option (obligation to sell)" linked to Avis common"
Section 16(b) regulatory
"sales of shares reported herein are matchable, for purposes of Section 16(b)"
A federal rule that requires company insiders—like officers, directors and large shareholders—to return any profits made from buying and selling the company’s stock within a six-month window. It matters to investors because it discourages short-term trades that could exploit non-public information and helps protect outside shareholders by creating a simple, enforceable way to recover unfair gains, much like a rule stopping someone from flipping a limited-edition item for quick profit after getting early access.
short-swing profits regulatory
"agreed to voluntarily disgorge to the Issuer any short-swing profits realized"
matchable transaction regulatory
"sales of shares of Common Stock reported herein are matchable, for purposes of Section 16(b)"
pecuniary interest financial
"disclaims beneficial ownership ... except to the extent of its or his pecuniary interest"
FAQ
What did Pentwater Capital report in this Form 4 for AVIS BUDGET GROUP (CAR)?
Pentwater-advised funds reported selling Avis Budget common stock and related call options. They sold 843,201 shares at about $264.60 each and entered multiple sales of call options expiring April 24, 2026, while still holding 3,485,000 Avis shares indirectly after these transactions.
How large was the total Avis Budget (CAR) selling reported in this Form 4?
The transaction summary shows net selling activity covering 843,502 shares in total across common stock and derivative positions. This combines open-market sales of 843,201 Avis common shares with additional derivative transactions involving call options linked to underlying Avis common stock.
How does Section 16(b) short-swing profit treatment apply in this Avis Budget (CAR) filing?
The Form 4 notes that some sales by specific Pentwater-managed funds are matchable against earlier deemed purchases under Section 16(b). The reporting persons have agreed to voluntarily disgorge to Avis Budget any short-swing profits realized from these matchable transactions, consistent with Section 16(b) requirements.