Global Business Travel Group, Inc. (NYSE:GBTG) Shares Purchased by State Street Corp

State Street Corp grew its position in shares of Global Business Travel Group, Inc. (NYSE:GBTG) by 21.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,946,990 shares of the company’s stock after purchasing an additional 346,540 shares during the quarter. State Street Corp’s holdings in Global Business Travel Group were worth $14,972,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in GBTG. Bank of New York Mellon Corp lifted its stake in shares of Global Business Travel Group by 1,116.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,007,861 shares of the company’s stock worth $6,652,000 after acquiring an additional 925,018 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Global Business Travel Group by 41.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 806,519 shares of the company’s stock worth $6,202,000 after purchasing an additional 237,682 shares during the period. Advantage Alpha Capital Partners LP bought a new position in Global Business Travel Group during the 3rd quarter valued at $2,077,000. Rhumbline Advisers increased its position in shares of Global Business Travel Group by 419.3% during the 2nd quarter. Rhumbline Advisers now owns 143,883 shares of the company’s stock valued at $950,000 after purchasing an additional 116,175 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Global Business Travel Group in the 3rd quarter worth $984,000. 82.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently weighed in on GBTG shares. UBS Group initiated coverage on Global Business Travel Group in a research note on Friday, November 22nd. They set a “buy” rating and a $11.00 target price for the company. Morgan Stanley raised their price objective on shares of Global Business Travel Group from $7.00 to $9.00 and gave the company an “equal weight” rating in a research report on Thursday, December 12th. Finally, Citigroup boosted their target price on shares of Global Business Travel Group from $9.00 to $9.50 and gave the stock a “buy” rating in a report on Friday, October 4th.

Global Business Travel Group Stock Up 1.4 %

Shares of Global Business Travel Group stock opened at $9.48 on Wednesday. Global Business Travel Group, Inc. has a 12-month low of $4.49 and a 12-month high of $9.60. The firm has a market capitalization of $4.46 billion, a PE ratio of -26.33 and a beta of 0.73. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.24. The stock’s fifty day moving average is $8.67 and its 200-day moving average is $7.53.

Global Business Travel Group (NYSE:GBTG) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.14). Global Business Travel Group had a negative return on equity of 9.70% and a negative net margin of 7.06%. The company had revenue of $597.00 million for the quarter, compared to analyst estimates of $611.89 million. During the same quarter in the previous year, the firm posted ($0.02) EPS. Equities analysts anticipate that Global Business Travel Group, Inc. will post -0.17 earnings per share for the current year.

Global Business Travel Group announced that its Board of Directors has initiated a stock repurchase program on Tuesday, November 5th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to purchase up to 8.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Global Business Travel Group Profile

Global Business Travel Group, Inc provides business-to-business (B2B) travel platform in the United States and internationally. The company's platform offers a suite of technology-enabled solutions to business travelers and clients; travel content suppliers, such as airlines, hotels, ground transportation, and aggregators; and third-party travel agencies.