Procyon Advisors LLC raised its position in shares of Airbnb, Inc. (NASDAQ:ABNB – Free Report) by 63.6% during the 1st quarter, Holdings Channel reports. The fund owned 15,142 shares of the company’s stock after purchasing an additional 5,888 shares during the period. Procyon Advisors LLC’s holdings in Airbnb were worth $1,912,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Harris Associates L P grew its holdings in shares of Airbnb by 43.2% in the second quarter. Harris Associates L P now owns 14,237,331 shares of the company’s stock valued at $1,884,168,000 after purchasing an additional 4,292,383 shares in the last quarter. Norges Bank purchased a new stake in Airbnb during the fourth quarter valued at $480,332,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Airbnb by 453.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,325,498 shares of the company’s stock valued at $403,782,000 after purchasing an additional 2,724,682 shares in the last quarter. SRS Investment Management LLC bought a new position in Airbnb during the fourth quarter valued at $342,017,000. Finally, AQR Capital Management LLC lifted its position in Airbnb by 58.4% during the fourth quarter. AQR Capital Management LLC now owns 6,762,784 shares of the company’s stock valued at $917,845,000 after purchasing an additional 2,492,847 shares during the last quarter. 80.76% of the stock is currently owned by institutional investors.
Insider Activity at Airbnb
In related news, Director Joseph Gebbia sold 294,903 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $148.43, for a total value of $43,772,452.29. Following the sale, the director directly owned 2,622,452 shares of the company’s stock, valued at $389,250,550.36. This represents a 10.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Nathan Blecharczyk sold 88,366 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $145.81, for a total transaction of $12,884,646.46. Following the completion of the sale, the insider directly owned 12,370 shares of the company’s stock, valued at approximately $1,803,669.70. The trade was a 87.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 2,325,429 shares of company stock worth $321,925,435. Insiders own 27.21% of the company’s stock.
Airbnb Trading Down 1.5%
Airbnb (NASDAQ:ABNB – Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.05). The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.62 billion. Airbnb had a return on equity of 31.24% and a net margin of 19.90%.Airbnb’s revenue was up 17.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.24 EPS. As a group, analysts anticipate that Airbnb, Inc. will post 4.91 earnings per share for the current year.
Analyst Ratings Changes
A number of analysts have recently weighed in on ABNB shares. Wells Fargo & Company boosted their target price on shares of Airbnb from $178.00 to $181.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Tigress Financial lowered their price target on shares of Airbnb from $200.00 to $185.00 and set a “buy” rating for the company in a report on Wednesday, April 8th. Citizens Jmp lifted their price target on Airbnb from $160.00 to $170.00 and gave the stock a “market outperform” rating in a research report on Friday, May 8th. Robert W. Baird boosted their price objective on Airbnb from $150.00 to $160.00 and gave the stock an “outperform” rating in a research note on Monday, June 29th. Finally, Needham & Company LLC initiated coverage on Airbnb in a research report on Monday, May 4th. They set a “buy” rating on the stock. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $158.36.
Get Our Latest Stock Analysis on Airbnb
About Airbnb
Airbnb, Inc (NASDAQ: ABNB) operates a global online marketplace that connects travelers with hosts offering short-term lodging, unique accommodations and related travel experiences. The company’s core platform enables individuals and professional property managers to list private homes, apartments, single rooms and entire properties, while providing search, booking and payment processing for guests. Airbnb earns revenue primarily through service fees charged to guests and hosts and offers tools to facilitate reservations, communications, and logistics between parties.
Beyond accommodations, Airbnb has expanded its product portfolio to include curated experiences led by local hosts, higher-end offerings such as Airbnb Luxe, and programs aimed at enhancing quality and safety like Airbnb Plus.
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