Carl Icahn reduces stake in Hertz (HTZ, $17.30) to under 29% from 35%

Carl Icahn unloaded some shares of car and truck rental behemoth Hertz Holdings.

On Monday, the billionaire investor’s firm High River Limited Partnership sold 1 million shares of Hertz, while Icahn Partners LP and Icahn Partners Master Fund LP sold 2.52 million shares and roughly 1.48 million shares respectively, according to a Securities and Exchange Commission filing. Following the selling, Icahn has close to 29% stake in Hertz. Around two years ago, Carl Icahn had more than doubled his investment in Hertz, resulting in his ownership of 35.27% of the company.

The selling on Monday follows last week’s release of Hertz’s fourth quarter earnings report, which revealed that the car rental firm incurred an adjusted loss of -$46 million (or -55 cents a share), compared to earnings of $616 million (or $7.42 a share) in the year-ago quarter. Analysts’ expected a loss of -90 cents per share.

Hertz shares declined almost -12% on Tuesday.

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Sergey Savastiouk|Expert

Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.