ARK Investment Management LLC Boosts Stock Holdings in Airbnb, Inc. $ABNB

Key Points

• ARK Investment Management LLC significantly increased its holdings in Airbnb, Inc. by 1,008.3% during the second quarter, acquiring an additional 721,021 shares to own a total of 792,529 shares valued at approximately $104.9 million.
• Several other hedge funds also increased their stakes in Airbnb, with Vanguard Group Inc. and Harris Associates raising their holdings by 1.6% and 86.0%, respectively, reflecting growing institutional confidence in the company.
• Airbnb's stock has experienced a mild increase of 1.1%, trading at $128.56, while the company's earnings per share beat analyst expectations, reporting $1.03 vs. a consensus of $0.92.

ARK Investment Management LLC grew its holdings in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 1,008.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 792,529 shares of the company's stock after acquiring an additional 721,021 shares during the period. ARK Investment Management LLC owned about 0.13% of Airbnb worth $104,883,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Airbnb by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 37,462,629 shares of the company's stock valued at $4,475,286,000 after acquiring an additional 604,120 shares during the period. Harris Associates L P raised its stake in shares of Airbnb by 86.0% in the 1st quarter. Harris Associates L P now owns 9,944,948 shares of the company's stock valued at $1,188,024,000 after acquiring an additional 4,598,125 shares during the period. Northern Trust Corp increased its stake in Airbnb by 2.5% during the 1st quarter. Northern Trust Corp now owns 4,402,970 shares of the company's stock worth $525,979,000 after buying an additional 106,135 shares during the period. AQR Capital Management LLC increased its stake in Airbnb by 81.0% during the 1st quarter. AQR Capital Management LLC now owns 4,282,523 shares of the company's stock worth $500,755,000 after buying an additional 1,916,676 shares during the period. Finally, Principal Financial Group Inc. increased its stake in Airbnb by 74.4% during the 1st 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 during the period. Hedge funds and other institutional investors own 80.76% of the company's stock.

Airbnb Stock Up 1.1%

Airbnb stock opened at $128.56 on Wednesday. The firm has a 50-day moving average price of $124.31 and a two-hundred day moving average price of $127.54. The firm has a market capitalization of $79.89 billion, a price-to-earnings ratio of 31.13, a PEG ratio of 2.32 and a beta of 1.10. Airbnb, Inc. has a 52-week low of $99.88 and a 52-week high of $163.93.

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

Insiders Place Their Bets

In other Airbnb news, CTO Aristotle N. Balogh sold 600 shares of the business's stock in a transaction dated Thursday, October 16th. The shares were sold at an average price of $124.26, for a total transaction of $74,556.00. Following the sale, the chief technology officer directly owned 197,206 shares in the company, valued at approximately $24,504,817.56. The trade was a 0.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Elinor Mertz sold 4,630 shares of the business's stock in a transaction dated Tuesday, September 2nd. The stock was 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 in the company, valued at $57,027,469.40. This trade represents a 1.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,431,476 shares of company stock worth $178,130,616. 27.83% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently issued reports on ABNB. BTIG Research reaffirmed a "neutral" rating on shares of Airbnb in a research note on Tuesday, October 7th. Wells Fargo & Company set a $110.00 price objective on shares of Airbnb and gave the stock an "underweight" rating in a report on Thursday, August 7th. Morgan Stanley decreased their price objective on shares of Airbnb from $130.00 to $120.00 and set an "underweight" rating for the company in a report on Thursday, August 7th. Phillip Securities raised shares of Airbnb from a "moderate sell" rating to a "hold" rating in a report on Friday, August 8th. Finally, Zacks Research raised shares of Airbnb to a "hold" rating in a report on Tuesday, August 12th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, nineteen have given a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat, Airbnb presently has a consensus rating of "Hold" and a consensus target price of $141.81.

Airbnb Profile

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.

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