Allspring Global Investments Holdings LLC Acquires New Stake in Global Business Travel Group, Inc. (NYSE:GBTG)

Allspring Global Investments Holdings LLC purchased a new position in Global Business Travel Group, Inc. (NYSE:GBTG - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 48,108 shares of the company's stock, valued at approximately $446,000.

Other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in Global Business Travel Group by 2.2% during the third quarter. JPMorgan Chase & Co. now owns 101,127 shares of the company's stock valued at $778,000 after acquiring an additional 2,182 shares in the last quarter. PB Investment Partners L.P. increased its stake in Global Business Travel Group by 0.6% in the fourth quarter. PB Investment Partners L.P. now owns 613,264 shares of the company's stock worth $5,691,000 after purchasing an additional 3,405 shares during the period. SG Americas Securities LLC increased its stake in Global Business Travel Group by 17.2% in the 4th quarter. SG Americas Securities LLC now owns 56,807 shares of the company's stock worth $527,000 after buying an additional 8,348 shares during the period. Verition Fund Management LLC purchased a new position in shares of Global Business Travel Group during the third quarter worth approximately $98,000. Finally, The Manufacturers Life Insurance Company raised its position in Global Business Travel Group by 31.7% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 71,901 shares of the company's stock valued at $553,000 after purchasing an additional 17,313 shares in the last quarter. Hedge funds and other institutional investors own 82.46% of the company's stock.

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Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GBTG. UBS Group began coverage on shares of Global Business Travel Group in a report on Friday, November 22nd. They issued a "buy" rating and a $11.00 price target on the stock. Morgan Stanley increased their price objective on Global Business Travel Group from $7.00 to $9.00 and gave the company an "equal weight" rating in a report on Thursday, December 12th.

Global Business Travel Group Stock Performance

NYSE GBTG traded up $0.22 on Friday, reaching $8.33. 1,023,417 shares of the company's stock traded hands, compared to its average volume of 528,141. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of -23.13 and a beta of 0.71. The stock has a 50 day moving average price of $8.96 and a 200-day moving average price of $8.31. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.56 and a current ratio of 1.56. Global Business Travel Group, Inc. has a fifty-two week low of $4.49 and a fifty-two week high of $9.60.

Global Business Travel Group announced that its Board of Directors has initiated a share buyback program on Tuesday, November 5th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 8.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is 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.