Summa Corp. Buys Shares of 1,532 Airbnb, Inc. $ABNB

Summa Corp. acquired a new position in Airbnb, Inc. (NASDAQ:ABNB) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,532 shares of the company’s stock, valued at approximately $203,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of ABNB. Sit Investment Associates Inc. increased its stake in Airbnb by 42.8% in the 1st quarter. Sit Investment Associates Inc. now owns 16,870 shares of the company’s stock worth $2,015,000 after buying an additional 5,060 shares in the last quarter. Vestmark Advisory Solutions Inc. increased its stake in Airbnb by 74.8% in the 1st quarter. Vestmark Advisory Solutions Inc. now owns 20,514 shares of the company’s stock worth $2,451,000 after buying an additional 8,780 shares in the last quarter. Plato Investment Management Ltd increased its stake in Airbnb by 53.1% in the 1st quarter. Plato Investment Management Ltd now owns 18,974 shares of the company’s stock worth $2,291,000 after buying an additional 6,579 shares in the last quarter. Acadian Asset Management LLC increased its stake in Airbnb by 52.9% in the 1st quarter. Acadian Asset Management LLC now owns 2,457,837 shares of the company’s stock worth $293,590,000 after buying an additional 850,719 shares in the last quarter. Finally, Ritholtz Wealth Management increased its stake in Airbnb by 10.0% in the 1st quarter. Ritholtz Wealth Management now owns 5,328 shares of the company’s stock worth $636,000 after buying an additional 484 shares in the last quarter. 80.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ABNB. Royal Bank Of Canada increased their price target on Airbnb from $140.00 to $145.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 7th. Wedbush cut their price target on Airbnb from $135.00 to $130.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Phillip Securities upgraded Airbnb from a “moderate sell” rating to a “hold” rating in a research note on Friday, August 8th. JPMorgan Chase & Co. increased their price objective on shares of Airbnb from $120.00 to $130.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Finally, Jefferies Financial Group dropped their price objective on shares of Airbnb from $165.00 to $160.00 and set a “buy” rating for the company in a report on Monday, August 11th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, nineteen have given a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, Airbnb has an average rating of “Hold” and an average target price of $141.81.

Airbnb Price Performance

Airbnb stock opened at $118.19 on Friday. Airbnb, Inc. has a 1-year low of $99.88 and a 1-year high of $163.93. The firm has a market capitalization of $73.45 billion, a P/E ratio of 28.62, a price-to-earnings-growth ratio of 2.16 and a beta of 1.10. The company’s 50-day moving average is $124.34 and its 200 day moving average is $127.27.

Airbnb (NASDAQ:ABNB) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.11. Airbnb had a net margin of 22.67% and a return on equity of 32.19%. The company had revenue of $3.10 billion for the quarter, compared to analyst estimates of $3.02 billion. During the same period in the prior year, the company posted $0.86 EPS. The firm’s revenue for the quarter was up 12.7% on a year-over-year basis. Research analysts anticipate that Airbnb, Inc. will post 4.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Airbnb

In related news, CTO Aristotle N. Balogh sold 600 shares of Airbnb stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $124.96, for a total transaction of $74,976.00. Following the transaction, the chief technology officer directly owned 202,006 shares of the company’s stock, valued at $25,242,669.76. This trade represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Nathan Blecharczyk sold 2,246 shares of Airbnb stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $125.20, for a total transaction of $281,199.20. Following the transaction, the insider directly owned 182,514 shares in the company, valued at approximately $22,850,752.80. The trade was a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,430,876 shares of company stock valued at $182,694,292. 27.91% of the stock is owned by corporate insiders.

Airbnb Company Profile

Airbnb, Inc, together with its subsidiaries, operates a platform that enables hosts to offer stays and experiences to guests worldwide. The company’s marketplace connects hosts and guests online or through mobile devices to book spaces and experiences. It primarily offers private rooms, primary homes, and vacation homes.