Royal Bank Of Canada Increases Airbnb (NASDAQ:ABNB) Price Target to $145.00

Key Points

• Royal Bank of Canada raised its price target for Airbnb stock from $140.00 to $145.00, indicating a potential upside of 21.26% from its previous close.
• Despite the positive outlook from some analysts, Citigroup and Phillip Securities have recently revised their ratings, with Citigroup lowering its target from $170.00 to $155.00.
• Airbnb shares traded down 8.4% recently, reaching $119.58, with the company's current market cap at approximately $74.91 billion.

Airbnb (NASDAQ:ABNB - Get Free Report) had its target price increased by research analysts at Royal Bank Of Canada from $140.00 to $145.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a "sector perform" rating on the stock. Royal Bank Of Canada's price target indicates a potential upside of 19.81% from the company's previous close.

Other analysts have also recently issued research reports about the company. BNP Paribas upgraded Airbnb to a "hold" rating in a research report on Wednesday, July 16th. BMO Capital Markets set a $124.00 target price on Airbnb and gave the stock a "market perform" rating in a research report on Thursday. Cantor Fitzgerald reiterated an "underweight" rating and set a $100.00 target price on shares of Airbnb in a research report on Wednesday, May 14th. Truist Financial reiterated a "sell" rating and set a $106.00 target price (down previously from $112.00) on shares of Airbnb in a research report on Friday, May 30th. Finally, Phillip Securities cut Airbnb from a "hold" rating to a "moderate sell" rating in a research report on Friday, May 9th. Five research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Airbnb currently has an average rating of "Hold" and a consensus target price of $143.59.

Airbnb Stock Up 0.8%

ABNB traded up $0.99 during midday trading on Thursday, reaching $121.02. The company had a trading volume of 5,785,507 shares, compared to its average volume of 4,795,555. The business has a 50-day moving average of $134.96 and a two-hundred day moving average of $130.97. The company has a market cap of $75.81 billion, a P/E ratio of 29.30, a P/E/G ratio of 2.24 and a beta of 1.13. Airbnb has a 1 year low of $99.88 and a 1 year high of $163.93.

Airbnb (NASDAQ:ABNB - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $1.03 EPS for the quarter, topping analysts' consensus estimates of $0.92 by $0.11. The business had revenue of $3.10 billion during the quarter, compared to analysts' expectations of $3.02 billion. Airbnb had a return on equity of 32.19% and a net margin of 22.67%. The business's quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.86 earnings per share. On average, equities research analysts predict that Airbnb will post 4.31 EPS for the current year.

Insider Buying and Selling

In other news, CFO Elinor Mertz sold 6,250 shares of the firm's stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $135.86, for a total value of $849,125.00. Following the completion of the sale, the chief financial officer directly owned 461,361 shares of the company's stock, valued at $62,680,505.46. This trade represents a 1.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph Gebbia sold 236,000 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $129.71, for a total value of $30,611,560.00. Following the completion of the sale, the director directly owned 236,015 shares of the company's stock, valued at $30,613,505.65. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,671,023 shares of company stock valued at $223,195,427 over the last quarter. Company insiders own 27.91% of the company's stock.

Institutional Investors Weigh In On Airbnb

Institutional investors and hedge funds have recently modified their holdings of the business. Kentucky Trust Co bought a new stake in shares of Airbnb during the 2nd quarter worth approximately $25,000. Park Square Financial Group LLC bought a new stake in shares of Airbnb during the 4th quarter worth approximately $26,000. E Fund Management Hong Kong Co. Ltd. lifted its stake in shares of Airbnb by 70.9% during the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 200 shares of the company's stock worth $26,000 after acquiring an additional 83 shares during the last quarter. Concord Wealth Partners bought a new stake in shares of Airbnb during the 2nd quarter worth approximately $28,000. Finally, Orion Capital Management LLC bought a new stake in shares of Airbnb during the 4th quarter worth approximately $28,000. 80.76% of the stock is owned by institutional investors.

About Airbnb

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.