Bank of New York Mellon Corp Acquires New Shares in Avis Budget Group, Inc. $CAR

Key Points

• Bank of New York Mellon acquired 103,056 Avis Budget Group shares during the second quarter, worth approximately $15.2 million and representing about 0.29% of the company. Institutional investors and hedge funds collectively own 96.35% of Avis Budget’s stock.
• Avis Budget reported quarterly EPS of $0.98, missing the $2.05 analyst consensus, while revenue fell 1.3% year over year to $3.0 billion. The stock opened at $147.49, well below its 52-week high of $847.70.
• Analyst sentiment remains weak, with the stock carrying an average “Reduce” rating and a consensus price target of $135.57; several firms recently downgraded the shares. Avis also faces proposed securities litigation, with investors notified of a September 29, 2026 lead-plaintiff deadline.

Bank of New York Mellon Corp bought a new stake in Avis Budget Group, Inc. (NASDAQ:CAR - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 103,056 shares of the business services provider's stock, valued at approximately $15,235,000. Bank of New York Mellon Corp owned about 0.29% of Avis Budget Group as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. UBS Group AG grew its holdings in shares of Avis Budget Group by 10.7% during the 3rd quarter. UBS Group AG now owns 2,159,993 shares of the business services provider's stock valued at $346,841,000 after purchasing an additional 208,820 shares during the last quarter. Morgan Stanley lifted its stake in Avis Budget Group by 38.1% in the 4th quarter. Morgan Stanley now owns 1,975,675 shares of the business services provider's stock valued at $253,519,000 after purchasing an additional 545,574 shares during the last quarter. State Street Corp boosted its position in Avis Budget Group by 1.0% in the second quarter. State Street Corp now owns 713,127 shares of the business services provider's stock valued at $120,554,000 after buying an additional 7,318 shares in the last quarter. Cibc World Market Inc. boosted its position in Avis Budget Group by 75.0% in the fourth quarter. Cibc World Market Inc. now owns 700,005 shares of the business services provider's stock valued at $89,825,000 after buying an additional 300,000 shares in the last quarter. Finally, Mizuho Markets Americas LLC boosted its position in Avis Budget Group by 7.4% in the first quarter. Mizuho Markets Americas LLC now owns 400,000 shares of the business services provider's stock valued at $58,340,000 after buying an additional 27,500 shares in the last quarter. Institutional investors and hedge funds own 96.35% of the company's stock.

Avis Budget Group Stock Performance

Shares of NASDAQ CAR opened at $147.49 on Tuesday. The company has a market capitalization of $5.21 billion, a P/E ratio of -8.12 and a beta of 1.92. Avis Budget Group, Inc. has a 52-week low of $85.96 and a 52-week high of $847.70. The company's 50 day moving average price is $151.90 and its 200-day moving average price is $170.47.

Avis Budget Group (NASDAQ:CAR - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The business services provider reported $0.98 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.05 by ($1.07). The firm had revenue of $3 billion during the quarter, compared to the consensus estimate of $3.10 billion. During the same quarter last year, the company earned $0.10 earnings per share. Avis Budget Group's revenue for the quarter was down 1.3% compared to the same quarter last year. Analysts forecast that Avis Budget Group, Inc. will post 1.36 earnings per share for the current year.

Analyst Ratings Changes

CAR has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their price target on shares of Avis Budget Group from $155.00 to $170.00 and gave the stock an "underweight" rating in a report on Tuesday, June 23rd. Wall Street Zen downgraded Avis Budget Group from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. Barclays set a $160.00 price objective on Avis Budget Group and gave the stock an "equal weight" rating in a research report on Monday, June 8th. Morgan Stanley upped their target price on Avis Budget Group from $97.00 to $99.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 20th. Finally, Zacks Research downgraded Avis Budget Group from a "hold" rating to a "strong sell" rating in a research report on Monday, August 3rd. Five equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Reduce" and an average price target of $135.57.

Key Stories Impacting Avis Budget Group

Here are the key news stories impacting Avis Budget Group this week:

• Neutral Sentiment: Multiple firms reminded investors that September 29, 2026, is the deadline to seek appointment as lead plaintiff in the proposed class action. The case covers investors who purchased or otherwise acquired Avis securities—including shares bought to cover short positions—between February 20, 2025, and April 21, 2026. Kaplan Fox class action deadline notice
• Negative Sentiment: The litigation alleges investor harm tied to Pentwater’s trading in Avis shares. One notice claims Avis stock surged 419% over three weeks before falling 74.51% after Pentwater allegedly sold approximately 4.3 million shares. These allegations could reinforce concerns about unusual trading, market manipulation, and shareholder losses, although they have not been proven in court. Levi and Korsinsky securities class action notice
• Negative Sentiment: Rosen, Bronstein Gewirtz & Grossman, Kahn Swick & Foti, and Kaplan Fox separately promoted the lawsuit or urged affected investors to participate. The repeated announcements increase visibility of potential claims and may weigh on sentiment by raising the possibility of litigation costs, settlements, and continued trading volatility for Avis. Bronstein Gewirtz and Grossman class action announcement

Avis Budget Group Company Profile

Avis Budget Group, Inc operates as a leading global provider of vehicle rental and mobility solutions. Through its two core brands, Avis® and Budget®, the company offers a broad range of rental options including daily, weekly and monthly car rentals for leisure and business travelers. In addition to traditional airport and off-airport car rental services, Avis Budget Group delivers innovative mobility platforms such as car-sharing programs and connected fleet solutions designed to meet the evolving needs of corporate, government and individual customers.

The company's roots trace back to Avis Rent a Car, founded in 1946, and Budget Rent a Car, established in 1958.

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