Bank of America Corp DE Has $657,000 Position in Global Business Travel Group, Inc. $GBTG

Key Points

• Bank of America cut its Global Business Travel Group stake by 49.9% in the first quarter, selling 117,387 shares and retaining 117,689 shares valued at approximately $657,000. Institutional investors and hedge funds own 82.46% of GBTG.
• GBTG reported quarterly revenue of $870 million, up 37.9% year over year and above analyst estimates, but earnings per share of $0.03 missed consensus by $0.03.
• The stock traded near $9.48, while analysts maintained a consensus “Hold” rating with an average price target of $8.90; insiders have sold approximately 1.57 million shares worth $14.7 million over the past 90 days.

Bank of America Corp DE cut its position in Global Business Travel Group, Inc. (NYSE:GBTG - Free Report) by 49.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 117,689 shares of the company's stock after selling 117,387 shares during the quarter. Bank of America Corp DE's holdings in Global Business Travel Group were worth $657,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Quantbot Technologies LP acquired a new position in Global Business Travel Group in the 3rd quarter valued at approximately $26,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Global Business Travel Group during the fourth quarter worth $32,000. Advisory Services Network LLC acquired a new position in shares of Global Business Travel Group during the third quarter worth $61,000. Creative Planning bought a new stake in shares of Global Business Travel Group in the second quarter worth $67,000. Finally, Russell Investments Group Ltd. grew its stake in shares of Global Business Travel Group by 1,238.9% in the third quarter. Russell Investments Group Ltd. now owns 9,024 shares of the company's stock worth $73,000 after purchasing an additional 8,350 shares during the last quarter. 82.46% of the stock is owned by institutional investors and hedge funds.

Global Business Travel Group Price Performance

Shares of NYSE GBTG opened at $9.48 on Tuesday. The firm has a market capitalization of $4.95 billion, a P/E ratio of 55.76 and a beta of 0.93. The firm's 50-day moving average price is $9.44 and its 200-day moving average price is $8.02. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.88. Global Business Travel Group, Inc. has a 1-year low of $4.95 and a 1-year high of $9.54.

Global Business Travel Group (NYSE:GBTG - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). Global Business Travel Group had a net margin of 2.77% and a return on equity of 2.47%. The firm had revenue of $870.00 million during the quarter, compared to analyst estimates of $810.60 million. During the same quarter in the prior year, the business earned $0.03 earnings per share. The business's quarterly revenue was up 37.9% on a year-over-year basis.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "hold (c-)" rating on shares of Global Business Travel Group in a research report on Wednesday, August 12th. Two investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $8.90.

Insider Buying and Selling

In other Global Business Travel Group news, CFO Karen Williams sold 20,000 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $9.43, for a total transaction of $188,600.00. Following the completion of the sale, the chief financial officer directly owned 548,257 shares of the company's stock, valued at approximately $5,170,063.51. The trade was a 3.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Andrew George Crawley sold 350,000 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $9.43, for a total value of $3,300,500.00. Following the completion of the sale, the president directly owned 1,031,838 shares of the company's stock, valued at $9,730,232.34. The trade was a 25.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,567,675 shares of company stock worth $14,723,450 over the last 90 days. Company insiders own 5.40% of the company's stock.

Global Business Travel Group Company Profile

Global Business Travel Group NYSE: GBTG, formerly known as American Express Global Business Travel, is a provider of end-to-end corporate travel management solutions. The company helps organizations plan, book and manage business travel, meetings and events through an integrated suite of services. Its offerings include traveller support, expense management, virtual and in-person meeting services, data analytics and duty-of-care solutions tailored to enterprise customers.

Operating under a global network of offices and digital platforms, Global Business Travel Group serves clients across the Americas, EMEA and Asia Pacific.

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