Airbnb, Inc. $ABNB Shares Sold by Blume Capital Management Inc.

Key Points

• Blume Capital Management cut its Airbnb stake by 97.8% in the third quarter, selling 14,595 shares and retaining 321 shares worth approximately $52,000. Institutional investors and hedge funds collectively own 80.76% of Airbnb.
• Airbnb reported quarterly EPS of $1.37, exceeding estimates of $1.26, while revenue rose 16.3% year over year to $3.61 billion. Shares opened at $171.05, down 0.6%, with a market capitalization of about $102.4 billion.
• Analysts maintain a generally positive outlook, giving Airbnb a consensus rating of “Moderate Buy” and an average price target of $181.93. Meanwhile, insiders sold $230.8 million of stock over the past three months, including substantial sales by Nathan Blecharczyk and CEO Brian Chesky.

Blume Capital Management Inc. trimmed its stake in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 97.8% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 321 shares of the company's stock after selling 14,595 shares during the period. Blume Capital Management Inc.'s holdings in Airbnb were worth $52,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Wedmont Private Capital boosted its holdings in Airbnb by 1.7% during the second quarter. Wedmont Private Capital now owns 4,517 shares of the company's stock valued at $671,000 after acquiring an additional 75 shares during the period. Commerzbank Aktiengesellschaft FI increased its stake in shares of Airbnb by 1.3% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 5,754 shares of the company's stock worth $727,000 after purchasing an additional 76 shares during the period. Parkside Financial Bank & Trust increased its stake in shares of Airbnb by 11.4% in the second quarter. Parkside Financial Bank & Trust now owns 800 shares of the company's stock worth $114,000 after purchasing an additional 82 shares during the period. Fermata Advisors LLC increased its stake in shares of Airbnb by 5.7% in the third quarter. Fermata Advisors LLC now owns 1,645 shares of the company's stock worth $264,000 after purchasing an additional 88 shares during the period. Finally, Norman Fields Gottscho Capital Management LLC lifted its position in shares of Airbnb by 3.0% during the 2nd quarter. Norman Fields Gottscho Capital Management LLC now owns 3,085 shares of the company's stock worth $441,000 after purchasing an additional 90 shares during the last quarter. 80.76% of the stock is currently owned by institutional investors and hedge funds.

Airbnb Trading Down 0.6%

Shares of Airbnb stock opened at $171.05 on Tuesday. Airbnb, Inc. has a 52-week low of $110.81 and a 52-week high of $193.45. The firm has a market capitalization of $102.42 billion, a PE ratio of 38.88, a price-to-earnings-growth ratio of 1.97 and a beta of 1.24. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.41 and a quick ratio of 1.41. The company's fifty day moving average price is $171.75 and its two-hundred day moving average price is $146.11.

Airbnb (NASDAQ:ABNB - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $1.37 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $3.58 billion. During the same period last year, the firm earned $1.03 EPS. The firm's revenue for the quarter was up 16.3% compared to the same quarter last year. On average, analysts expect that Airbnb, Inc. will post 5.29 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on ABNB shares. Evercore set a $200.00 target price on Airbnb in a research note on Monday, August 24th. Rosenblatt Securities began coverage on Airbnb in a research report on Tuesday, September 1st. They issued a "buy" rating and a $220.00 price target on the stock. UBS Group upped their price target on Airbnb from $163.00 to $172.00 and gave the stock a "neutral" rating in a report on Friday, August 7th. The Goldman Sachs Group upgraded Airbnb from a "sell" rating to a "neutral" rating in a report on Friday, October 2nd. Finally, Wells Fargo & Company reduced their price objective on Airbnb from $186.00 to $185.00 and set an "overweight" rating for the company in a research report on Wednesday, October 7th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Airbnb has a consensus rating of "Moderate Buy" and a consensus target price of $181.93.

Insider Activity

In other Airbnb news, insider Nathan Blecharczyk sold 531,000 shares of the firm's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $174.41, for a total transaction of $92,611,710.00. Following the completion of the transaction, the insider owned 171,370 shares in the company, valued at $29,888,641.70. This trade represents a 75.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian Chesky sold 200,000 shares of the firm's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $174.79, for a total transaction of $34,958,000.00. Following the transaction, the chief executive officer owned 10,501,685 shares of the company's stock, valued at approximately $1,835,589,521.15. This represents a 1.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,285,715 shares of company stock valued at $230,786,418 in the last three months. Company insiders own 27.21% of the company's stock.

Airbnb Profile

Airbnb, Inc operates a global online marketplace that connects guests seeking accommodations and travel activities with hosts and service providers. Its platform enables users to search for, book and review a broad range of stays, including private rooms, entire homes, apartments and other distinctive properties.

In addition to lodging, Airbnb offers experiences and activities hosted by local individuals and businesses. The company also provides tools and services that help hosts create listings, manage bookings, communicate with guests and receive payments.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.