Adage Capital Partners GP L.L.C. Lowers Position in Airbnb, Inc. $ABNB

Key Points

• Adage Capital Partners GP L.L.C. has sold 97,800 shares of Airbnb, reducing its holdings by 27.2%, which now totals 261,600 shares worth approximately $31.25 million.
• Insider activities included CFO Elinor Mertz selling 6,250 shares and Director Joseph Gebbia offloading 236,000 shares, indicating a significant decrease in their ownership of the stock.
• Airbnb's stock currently has a consensus rating of "Hold" and a consensus price target of $142.66, after several analysts set new price targets ranging from $110.00 to $165.00.

Adage Capital Partners GP L.L.C. cut its holdings in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 27.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 261,600 shares of the company's stock after selling 97,800 shares during the period. Adage Capital Partners GP L.L.C.'s holdings in Airbnb were worth $31,251,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Harris Associates L P lifted its stake in Airbnb by 86.0% in the 1st quarter. Harris Associates L P now owns 9,944,948 shares of the company's stock worth $1,188,024,000 after purchasing an additional 4,598,125 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of Airbnb by 2,297.4% during the first quarter. Pacer Advisors Inc. now owns 2,801,899 shares of the company's stock valued at $334,715,000 after purchasing an additional 2,685,026 shares in the last quarter. Two Sigma Advisers LP increased its holdings in shares of Airbnb by 512.0% in the fourth quarter. Two Sigma Advisers LP now owns 3,080,300 shares of the company's stock worth $404,782,000 after purchasing an additional 2,577,000 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Airbnb by 74.4% in the first quarter. Principal Financial Group Inc. now owns 3,255,682 shares of the company's stock worth $388,924,000 after buying an additional 1,389,251 shares in the last quarter. Finally, Consulta Ltd bought a new position in Airbnb during the first quarter valued at approximately $149,325,000. 80.76% of the stock is currently owned by institutional investors.

Airbnb Stock Down 0.6%

Airbnb stock traded down $0.81 during midday trading on Tuesday, reaching $123.81. The stock had a trading volume of 3,555,262 shares, compared to its average volume of 5,223,971. Airbnb, Inc. has a 52-week low of $99.88 and a 52-week high of $163.93. The company has a fifty day moving average of $131.48 and a 200 day moving average of $128.96. The firm has a market cap of $76.94 billion, a price-to-earnings ratio of 29.98, a price-to-earnings-growth ratio of 2.26 and a beta of 1.13.

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

Wall Street Analyst Weigh In

ABNB has been the subject of a number of research reports. Truist Financial lowered their target price on Airbnb from $106.00 to $104.00 and set a "sell" rating for the company in a research report on Wednesday, September 3rd. Zacks Research upgraded shares of Airbnb to a "hold" rating in a research report on Tuesday, August 12th. UBS Group reduced their target price on shares of Airbnb from $156.00 to $148.00 and set a "neutral" rating on the stock in a report on Thursday, August 7th. Royal Bank Of Canada increased their price target on shares of Airbnb from $140.00 to $145.00 and gave the company a "sector perform" rating in a report on Thursday, August 7th. Finally, JPMorgan Chase & Co. boosted their price objective on Airbnb from $120.00 to $130.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nineteen have given a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $142.66.

Insider Activity

In other news, insider Nathan Blecharczyk sold 2,246 shares of the company's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $125.20, for a total value of $281,199.20. Following the transaction, the insider directly owned 182,514 shares in the company, valued at approximately $22,850,752.80. This represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Elinor Mertz sold 4,630 shares of Airbnb stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $128.42, for a total transaction of $594,584.60. Following the sale, the chief financial officer owned 444,070 shares of the company's stock, valued at $57,027,469.40. The trade was a 1.03% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,438,926 shares of company stock valued at $188,880,433. Insiders own 27.83% of the company's stock.

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.