Wall Street Zen upgraded shares of Airbnb (NASDAQ:ABNB – Free Report) from a hold rating to a buy rating in a report released on Saturday morning,Wall Street Zen reports.
Other equities analysts have also issued research reports about the company. Piper Sandler set a $150.00 price objective on Airbnb in a research note on Friday, August 7th. Wells Fargo & Company lifted their price objective on Airbnb from $181.00 to $186.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Evercore set a $200.00 target price on Airbnb in a research report on Monday, August 24th. Rosenblatt Securities assumed coverage on Airbnb in a report on Tuesday, September 1st. They set a “buy” rating and a $220.00 target price on the stock. Finally, KeyCorp restated a “sector weight” rating on shares of Airbnb in a research report on Monday, August 10th. Three research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Airbnb has a consensus rating of “Moderate Buy” and a consensus target price of $182.71.
Read Our Latest Analysis on ABNB
Airbnb Stock Performance
Airbnb (NASDAQ:ABNB – Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.26 by $0.11. Airbnb had a net margin of 20.45% and a return on equity of 33.38%. The company had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.58 billion. During the same period last year, the firm earned $1.03 earnings per share. The business’s revenue for the quarter was up 16.3% on a year-over-year basis. Equities research analysts predict that Airbnb will post 5.29 earnings per share for the current year.
Insider Activity at Airbnb
In other Airbnb news, Director Joseph Gebbia Jr. sold 265,000 shares of the firm’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $145.70, for a total value of $38,610,500.00. Following the sale, the director owned 1,828,518 shares of the company’s stock, valued at approximately $266,415,072.60. This trade represents a 12.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Brian Chesky sold 200,000 shares of the firm’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $174.79, for a total value of $34,958,000.00. Following the completion of the sale, the chief executive officer directly owned 10,501,685 shares in the company, valued at approximately $1,835,589,521.15. This represents a 1.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,583,289 shares of company stock valued at $273,867,234 over the last three months. 27.21% of the stock is owned by insiders.
Institutional Trading of Airbnb
Several institutional investors and hedge funds have recently modified their holdings of ABNB. Meeder Asset Management Inc. grew its position in Airbnb by 96.3% in the first quarter. Meeder Asset Management Inc. now owns 214 shares of the company’s stock valued at $27,000 after acquiring an additional 105 shares during the last quarter. Nalls Sherbakoff Group LLC bought a new position in shares of Airbnb in the fourth quarter worth about $31,000. KERR FINANCIAL PLANNING Corp bought a new position in shares of Airbnb in the fourth quarter worth about $31,000. Main Street Group LTD acquired a new stake in shares of Airbnb in the 1st quarter valued at approximately $29,000. Finally, Western Wealth Management LLC acquired a new stake in shares of Airbnb in the 1st quarter valued at approximately $34,000. 80.76% of the stock is currently owned by institutional investors.
About Airbnb
Airbnb, Inc operates a global online marketplace that connects guests seeking accommodations and travel-related experiences with hosts offering homes, apartments, rooms and other lodging options. The company’s platform supports booking and managing stays in a wide range of destinations, from major cities to rural and resort areas.
In addition to accommodations, Airbnb offers experiences hosted by local residents, including activities, tours and cultural events. The company has also expanded its platform to include services in select markets, such as offerings related to hospitality, wellness, food and other travel needs.
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