Airbnb, Inc. $ABNB Stock Acquired by GRIMES & Co WEALTH MANAGEMENT LLC

Key Points

• GRIMES & Co WEALTH MANAGEMENT LLC increased its Airbnb stake by 89.8% in the third quarter, holding 50,245 shares valued at approximately $8.1 million. Institutional investors collectively own 80.76% of Airbnb.
• Analysts remain broadly positive, with Airbnb carrying a consensus “Moderate Buy” rating and an average price target of $182.43; several firms recently raised their targets as high as $220.
• Airbnb shares opened at $171.11, while the company’s latest quarterly results exceeded expectations, reporting $1.37 in earnings per share and $3.61 billion in revenue, up 16.3% year over year.

GRIMES & Co WEALTH MANAGEMENT LLC boosted its position in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 89.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 50,245 shares of the company's stock after acquiring an additional 23,773 shares during the period. GRIMES & Co WEALTH MANAGEMENT LLC's holdings in Airbnb were worth $8,072,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ABNB. Meeder Asset Management Inc. grew its stake in shares of Airbnb by 96.3% in the first quarter. Meeder Asset Management Inc. now owns 214 shares of the company's stock worth $27,000 after purchasing an additional 105 shares during the last quarter. Pension & Wealth Management Advisors Inc. bought a new position in Airbnb during the 3rd quarter valued at approximately $35,000. Main Street Group LTD bought a new position in Airbnb during the 1st quarter valued at approximately $29,000. Western Wealth Management LLC purchased a new stake in Airbnb in the 1st quarter worth approximately $34,000. Finally, Global Assets Advisory LLC purchased a new stake in Airbnb in the 1st quarter worth approximately $38,000. Hedge funds and other institutional investors own 80.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ABNB shares. Piper Sandler set a $150.00 price objective on Airbnb in a research report on Friday, August 7th. Cantor Fitzgerald assumed coverage on Airbnb in a report on Friday, October 2nd. They set an "overweight" rating for the company. Bank of America raised their price target on Airbnb from $160.00 to $175.00 in a research note on Friday, August 7th. Susquehanna lifted their price target on shares of Airbnb from $170.00 to $200.00 and gave the company a "positive" rating in a report on Friday, August 7th. Finally, DA Davidson lifted their price target on shares of Airbnb from $175.00 to $220.00 and gave the company a "buy" rating in a report on Monday, August 31st. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Airbnb currently has a consensus rating of "Moderate Buy" and a consensus target price of $182.43.

Insider Buying and Selling

In related news, CAO David C. Bernstein sold 1,369 shares of the business's stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $168.01, for a total value of $230,005.69. Following the completion of the transaction, the chief accounting officer directly owned 45,655 shares in the company, valued at $7,670,496.55. The trade was a 2.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nathan Blecharczyk sold 13,615 shares of the business's stock in a transaction that occurred on Monday, October 26th. The stock was sold at an average price of $170.81, for a total transaction of $2,325,578.15. Following the completion of the transaction, the insider owned 20,567 shares of the company's stock, valued at approximately $3,513,049.27. The trade was a 39.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 1,281,967 shares of company stock worth $230,470,521. Corporate insiders own 27.21% of the company's stock.

Airbnb Stock Performance

Shares of ABNB stock opened at $171.11 on Tuesday. Airbnb, Inc. has a one year low of $110.81 and a one year high of $193.45. The company's 50-day moving average is $170.06 and its 200 day moving average is $146.83. The company has a market capitalization of $102.46 billion, a price-to-earnings ratio of 38.89, a price-to-earnings-growth ratio of 1.90 and a beta of 1.24. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.41 and a current ratio of 1.41.

Airbnb (NASDAQ:ABNB - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $1.37 earnings per share for the quarter, beating analysts' consensus estimates of $1.26 by $0.11. The business had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.58 billion. Airbnb had a net margin of 20.45% and a return on equity of 33.38%. Airbnb's revenue was up 16.3% compared to the same quarter last year. During the same period last year, the business earned $1.03 EPS. Sell-side analysts expect that Airbnb, Inc. will post 5.29 EPS for the current fiscal year.

About Airbnb

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.