Assenagon Asset Management S.A. Sells 604,108 Shares of Airbnb, Inc. $ABNB

Key Points

• Assenagon Asset Management S.A. reduced its holdings in Airbnb, Inc. by 40.1% during the second quarter, now owning approximately 0.14% of the company valued at $119.45 million.
• Several large investors increased their positions in Airbnb, with Harris Associates L P leading with an 86.0% increase, bringing their total holdings to 9,944,948 shares worth over $1.18 billion.
• Wall Street analysts have mixed ratings on the stock, with a consensus rating of "Hold" and an average price target of $141.19 despite recent earnings growth, highlighting ongoing market uncertainty.

Assenagon Asset Management S.A. lessened its stake in shares of Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 40.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 902,596 shares of the company's stock after selling 604,108 shares during the quarter. Assenagon Asset Management S.A. owned about 0.14% of Airbnb worth $119,450,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Park Square Financial Group LLC acquired a new stake in shares of Airbnb during the fourth quarter worth approximately $26,000. Orion Capital Management LLC bought a new stake in shares of Airbnb during the fourth quarter valued at about $28,000. Stonebridge Financial Group LLC grew its holdings in Airbnb by 75.7% during the first quarter. Stonebridge Financial Group LLC now owns 246 shares of the company's stock worth $29,000 after acquiring an additional 106 shares during the period. Bartlett & CO. Wealth Management LLC increased its stake in Airbnb by 209.6% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 257 shares of the company's stock worth $31,000 after purchasing an additional 174 shares in the last quarter. Finally, SouthState Corp grew its stake in Airbnb by 216.1% during the 1st quarter. SouthState Corp now owns 294 shares of the company's stock valued at $35,000 after acquiring an additional 201 shares in the last quarter. 80.76% of the stock is owned by institutional investors and hedge funds.

Airbnb Stock Performance

NASDAQ:ABNB traded up $0.45 during trading hours on Tuesday, reaching $125.89. The company's stock had a trading volume of 1,141,777 shares, compared to its average volume of 5,231,233. The company has a market capitalization of $78.23 billion, a P/E ratio of 30.48, a price-to-earnings-growth ratio of 2.32 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 stock has a 50 day moving average price of $128.89 and a two-hundred day moving average price of $127.79.

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

Wall Street Analysts Forecast Growth

ABNB has been the subject of several analyst reports. Citizens Jmp upgraded Airbnb to a "hold" rating in a report on Monday, August 11th. Barclays set a $105.00 price target on Airbnb and gave the company an "underweight" rating in a research report on Thursday, August 7th. Morgan Stanley decreased their target price on Airbnb from $130.00 to $120.00 and set an "underweight" rating on the stock in a report on Thursday, August 7th. Wells Fargo & Company set a $110.00 price target on Airbnb and gave the company an "underweight" rating in a research note on Thursday, August 7th. Finally, BMO Capital Markets set a $124.00 price target on Airbnb and gave the company a "market perform" rating in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, nineteen have given a Hold rating and five have assigned a Sell rating to the company's stock. According to data from MarketBeat, Airbnb has a consensus rating of "Hold" and an average target price of $141.19.

Insider Buying and Selling at Airbnb

In other news, CAO David C. Bernstein sold 5,000 shares of the firm's stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $142.00, for a total transaction of $710,000.00. Following the completion of the transaction, the chief accounting officer directly owned 42,619 shares in the company, valued at $6,051,898. This trade represents a 10.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Elinor Mertz sold 4,630 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $128.42, for a total transaction of $594,584.60. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,438,326 shares of company stock worth $186,739,837. Insiders own 27.83% of the company's stock.

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.