Beach Point Capital Management LP Sells 2,310,104 Shares of Global Business Travel Group, Inc. (NYSE:GBTG)

Beach Point Capital Management LP trimmed its holdings in shares of Global Business Travel Group, Inc. (NYSE:GBTG - Free Report) by 46.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,716,263 shares of the company's stock after selling 2,310,104 shares during the quarter. Global Business Travel Group makes up about 2.7% of Beach Point Capital Management LP's investment portfolio, making the stock its 4th largest holding. Beach Point Capital Management LP owned approximately 0.58% of Global Business Travel Group worth $25,207,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in shares of Global Business Travel Group by 19.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,339,395 shares of the company's stock valued at $17,993,000 after purchasing an additional 386,636 shares during the period. State Street Corp lifted its position in shares of Global Business Travel Group by 21.7% in the third quarter. State Street Corp now owns 1,946,990 shares of the company's stock valued at $14,972,000 after acquiring an additional 346,540 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of 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 acquiring an additional 237,682 shares during the period. PB Investment Partners L.P. raised its stake in Global Business Travel Group by 0.6% during the 4th quarter. PB Investment Partners L.P. now owns 613,264 shares of the company's stock valued at $5,691,000 after purchasing an additional 3,405 shares during the period. Finally, Advantage Alpha Capital Partners LP purchased a new stake in Global Business Travel Group during the 3rd quarter valued at approximately $2,077,000. 82.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. UBS Group initiated coverage on shares of Global Business Travel Group in a research note on Friday, November 22nd. They issued a "buy" rating and a $11.00 price target on the stock. Morgan Stanley lifted their price objective on shares of Global Business Travel Group from $7.00 to $9.00 and gave the stock an "equal weight" rating in a research note on Thursday, December 12th.

Global Business Travel Group Trading Down 0.1 %

Shares of GBTG stock traded down $0.01 during trading hours on Monday, reaching $8.97. 461,097 shares of the stock were exchanged, compared to its average volume of 477,403. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 1.24. 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 $4.22 billion, a price-to-earnings ratio of -24.90 and a beta of 0.71. The company's 50-day moving average price is $9.06 and its 200-day moving average price is $8.20.

Global Business Travel Group announced that its board has approved a stock repurchase plan on Tuesday, November 5th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to buy up to 8.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Global Business Travel Group Company 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.