Harvest Portfolios Group Inc. Sells 8,300 Shares of Airbnb, Inc. $ABNB

Key Points

• Harvest Portfolios Group Inc. reduced its stake in Airbnb by 12.1%, selling 8,300 shares and ending the 1st quarter with 60,133 shares worth approximately $7.18 million.
• Several institutional investors, including Caisse DE Depot ET Placement DU Quebec and Jump Financial LLC, significantly increased their positions in Airbnb, reflecting varying confidence levels in the stock.
• Airbnb shares are currently trading at $128.15, down 1.4%, with a market cap of $79.64 billion and a consensus rating of "Hold" from analysts.

Harvest Portfolios Group Inc. trimmed its position in shares of Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 12.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 60,133 shares of the company's stock after selling 8,300 shares during the period. Harvest Portfolios Group Inc.'s holdings in Airbnb were worth $7,183,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Sit Investment Associates Inc. boosted its stake in shares of Airbnb by 42.8% during the 1st quarter. Sit Investment Associates Inc. now owns 16,870 shares of the company's stock valued at $2,015,000 after buying an additional 5,060 shares during the period. Vestmark Advisory Solutions Inc. lifted its stake in shares of Airbnb by 74.8% in the 1st quarter. Vestmark Advisory Solutions Inc. now owns 20,514 shares of the company's stock valued at $2,451,000 after purchasing an additional 8,780 shares during the last quarter. Ritholtz Wealth Management lifted its stake in shares of Airbnb by 10.0% in the 1st quarter. Ritholtz Wealth Management now owns 5,328 shares of the company's stock valued at $636,000 after purchasing an additional 484 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of Airbnb by 0.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 51,192 shares of the company's stock valued at $6,115,000 after purchasing an additional 228 shares during the last quarter. Finally, Spire Wealth Management lifted its stake in shares of Airbnb by 40.1% in the 1st quarter. Spire Wealth Management now owns 909 shares of the company's stock valued at $109,000 after purchasing an additional 260 shares during the last quarter. Institutional investors and hedge funds own 80.76% of the company's stock.

Analyst Upgrades and Downgrades

ABNB has been the subject of a number of research analyst reports. Needham & Company LLC reissued a "hold" rating on shares of Airbnb in a research report on Wednesday, May 14th. BMO Capital Markets set a $124.00 target price on shares of Airbnb and gave the stock a "market perform" rating in a research report on Thursday, August 7th. Royal Bank Of Canada boosted their price objective on shares of Airbnb from $140.00 to $145.00 and gave the stock a "sector perform" rating in a report on Thursday, August 7th. Wedbush dropped their price objective on shares of Airbnb from $135.00 to $130.00 and set a "neutral" rating on the stock in a report on Thursday, August 7th. Finally, BTIG Research restated a "neutral" rating on shares of Airbnb in a report on Wednesday, May 28th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nineteen have issued a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $142.72.

Insider Activity at Airbnb

In related news, CAO David C. Bernstein sold 5,000 shares of the stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $142.00, for a total value of $710,000.00. Following the transaction, the chief accounting officer directly owned 42,619 shares in the company, valued at $6,051,898. This represents a 10.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph Gebbia sold 236,000 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $129.46, for a total transaction of $30,552,560.00. Following the completion of the sale, the director owned 944,015 shares in the company, valued at approximately $122,212,181.90. This trade represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,445,355 shares of company stock worth $192,533,558 over the last ninety days. Company insiders own 27.91% of the company's stock.

Airbnb Stock Performance

Airbnb stock traded up $0.07 during trading hours on Friday, hitting $130.53. 4,157,858 shares of the stock were exchanged, compared to its average volume of 5,770,316. The stock has a market capitalization of $81.12 billion, a P/E ratio of 31.61, a P/E/G ratio of 2.38 and a beta of 1.13. Airbnb, Inc. has a 12 month low of $99.88 and a 12 month high of $163.93. The business's 50-day moving average is $132.20 and its two-hundred day moving average is $130.33.

Airbnb (NASDAQ:ABNB - Get Free Report) last issued its quarterly earnings data 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 net margin of 22.67% and a return on equity of 32.19%. The firm had revenue of $3.10 billion for the quarter, compared to analysts' expectations of $3.02 billion. During the same period in the prior year, the firm earned $0.86 earnings per share. The company's quarterly revenue was up 12.7% compared to the same quarter last year. On average, equities analysts predict that Airbnb, Inc. will post 4.31 earnings per share for the current fiscal year.

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.