Cresset Asset Management LLC Cuts Stock Position in Airbnb, Inc. $ABNB

Key Points

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Cresset Asset Management LLC lowered its holdings in shares of Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 67.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,934 shares of the company's stock after selling 65,546 shares during the quarter. Cresset Asset Management LLC's holdings in Airbnb were worth $3,695,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the business. MJP Associates Inc. ADV lifted its position in Airbnb by 1.8% during the fourth quarter. MJP Associates Inc. ADV now owns 3,730 shares of the company's stock valued at $490,000 after purchasing an additional 67 shares during the last quarter. Ellevest Inc. lifted its position in Airbnb by 3.1% during the fourth quarter. Ellevest Inc. now owns 2,655 shares of the company's stock valued at $349,000 after purchasing an additional 80 shares during the last quarter. Harbour Investments Inc. lifted its position in Airbnb by 12.2% during the first quarter. Harbour Investments Inc. now owns 738 shares of the company's stock valued at $88,000 after purchasing an additional 80 shares during the last quarter. Koshinski Asset Management Inc. lifted its position in Airbnb by 4.4% during the first quarter. Koshinski Asset Management Inc. now owns 1,984 shares of the company's stock valued at $237,000 after purchasing an additional 83 shares during the last quarter. Finally, TD Waterhouse Canada Inc. lifted its holdings in shares of Airbnb by 7.2% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,337 shares of the company's stock worth $176,000 after acquiring an additional 90 shares during the last quarter. Institutional investors own 80.76% of the company's stock.

Airbnb Stock Up 2.8%

ABNB traded up $3.49 on Friday, reaching $129.92. 4,561,026 shares of the company traded hands, compared to its average volume of 5,640,455. Airbnb, Inc. has a one year low of $99.88 and a one year high of $163.93. The firm has a fifty day simple moving average of $132.62 and a two-hundred day simple moving average of $130.55. The company has a market cap of $80.74 billion, a P/E ratio of 31.46, a price-to-earnings-growth ratio of 2.31 and a beta of 1.13.

Airbnb (NASDAQ:ABNB - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $1.03 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $3.02 billion. During the same quarter last year, the business posted $0.86 EPS. The firm's revenue for the quarter was up 12.7% on a year-over-year basis. On average, equities analysts forecast that Airbnb, Inc. will post 4.31 earnings per share for the current year.

Insider Activity at Airbnb

In other Airbnb news, insider Nathan Blecharczyk sold 2,246 shares of the firm's stock in a transaction dated 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 owned 182,514 shares of the company's stock, valued at approximately $22,850,752.80. This trade represents a 1.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Elinor Mertz sold 6,250 shares of the firm's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $135.86, for a total transaction of $849,125.00. Following the transaction, the chief financial officer directly owned 461,361 shares in the company, valued at $62,680,505.46. This trade represents a 1.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,692,739 shares of company stock worth $224,363,640 over the last ninety days. 27.91% of the stock is currently owned by company insiders.

Analyst Ratings Changes

ABNB has been the subject of several analyst reports. Benchmark lowered their target price on shares of Airbnb from $178.00 to $155.00 and set a "buy" rating for the company in a report on Friday, May 2nd. JPMorgan Chase & Co. raised their target price on shares of Airbnb from $120.00 to $130.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Citizens Jmp upgraded shares of Airbnb to a "hold" rating in a report on Monday, August 11th. Jefferies Financial Group lowered their target price 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. Finally, Barclays set a $105.00 target price on shares of Airbnb and gave the stock an "underweight" rating in a report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nineteen have issued a Hold rating and five have issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $142.72.

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.