Ascent Group LLC Makes New Investment in Airbnb, Inc. $ABNB

Key Points

• Ascent Group LLC has acquired a new stake in Airbnb, Inc., buying 3,523 shares worth approximately $421,000.
• Several other institutional investors, including Sit Investment Associates and Vestmark Advisory Solutions, have notably increased their stakes in Airbnb, indicating strong interest in the company.
• Airbnb's stock opened at $123.05 with a market cap of $76.47 billion and showed a revenue increase of 12.7% year over year despite recent insider selling activities.

Ascent Group LLC acquired a new stake in Airbnb, Inc. (NASDAQ:ABNB - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,523 shares of the company's stock, valued at approximately $421,000.

A number of other large investors have also recently added to or reduced their stakes in ABNB. Harris Associates L P grew its stake in 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 last quarter. Pacer Advisors Inc. boosted its stake in shares of Airbnb by 2,297.4% during the 1st quarter. Pacer Advisors Inc. now owns 2,801,899 shares of the company's stock worth $334,715,000 after purchasing an additional 2,685,026 shares during the last quarter. Two Sigma Advisers LP boosted its stake in shares of Airbnb by 512.0% during the 4th quarter. Two Sigma Advisers LP now owns 3,080,300 shares of the company's stock worth $404,782,000 after purchasing an additional 2,577,000 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of 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 purchasing an additional 1,916,676 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of 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 purchasing an additional 1,389,251 shares during the last quarter. 80.76% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Airbnb

In other news, CFO Elinor Mertz sold 4,630 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $128.42, for a total transaction of $594,584.60. Following the completion of the sale, the chief financial officer owned 444,070 shares of the company's stock, valued at approximately $57,027,469.40. This trade represents a 1.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph Gebbia sold 236,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $127.53, for a total transaction of $30,097,080.00. Following the sale, the director directly owned 1,412,015 shares of the company's stock, valued at $180,074,272.95. The trade was a 14.32% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,438,326 shares of company stock valued at $188,798,155. Corporate insiders own 27.83% of the company's stock.

Airbnb Stock Down 0.4%

Shares of ABNB traded down $0.50 during mid-day trading on Friday, reaching $122.55. 5,262,734 shares of the stock traded hands, compared to its average volume of 4,155,001. The firm has a market cap of $76.16 billion, a price-to-earnings ratio of 29.67, a P/E/G ratio of 2.24 and a beta of 1.13. The stock has a fifty day simple moving average of $130.46 and a 200 day simple moving average of $128.50. Airbnb, Inc. has a 12-month low of $99.88 and a 12-month high of $163.93.

Airbnb (NASDAQ:ABNB - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $1.03 earnings per share for the quarter, topping 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 business had revenue of $3.10 billion during the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter last year, the company earned $0.86 earnings per share. The business's quarterly revenue was up 12.7% compared to the same quarter last year. On average, equities research analysts expect that Airbnb, Inc. will post 4.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Citizens Jmp upgraded shares of Airbnb to a "hold" rating in a report on Monday, August 11th. BTIG Research reiterated a "neutral" rating on shares of Airbnb in a report on Wednesday, May 28th. BNP Paribas upgraded shares of Airbnb to a "hold" rating in a report on Wednesday, July 16th. Jefferies Financial Group cut their price objective on shares of Airbnb from $165.00 to $160.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Finally, Phillip Securities upgraded shares of Airbnb from a "moderate sell" rating to a "hold" rating in a report on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, nineteen have issued a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat.com, Airbnb has an average rating of "Hold" and a consensus target price of $141.68.

Airbnb Company 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.