Airbnb, Inc. $ABNB Position Trimmed by Avanza Fonder AB

Key Points

• Avanza Fonder AB has reduced its stock holdings in Airbnb, Inc. by 12.6%, resulting in ownership of 26,291 shares valued at approximately $3.48 million.
• Several hedge funds, including Sit Investment Associates and Acadian Asset Management, have significantly increased their positions in Airbnb during the same period.
• The latest earnings report showed a 12.7% year-over-year revenue increase for Airbnb, with earnings per share beating analysts' estimates by $0.11.

Avanza Fonder AB reduced its position in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 12.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,291 shares of the company's stock after selling 3,781 shares during the period. Avanza Fonder AB's holdings in Airbnb were worth $3,479,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Sit Investment Associates Inc. raised its position in Airbnb by 42.8% in the 1st quarter. Sit Investment Associates Inc. now owns 16,870 shares of the company's stock valued at $2,015,000 after purchasing an additional 5,060 shares during the last quarter. Vestmark Advisory Solutions Inc. increased its stake in shares of Airbnb by 74.8% during the first quarter. Vestmark Advisory Solutions Inc. now owns 20,514 shares of the company's stock worth $2,451,000 after purchasing an additional 8,780 shares during the period. Plato Investment Management Ltd grew its position in Airbnb by 53.1% during the first quarter. Plato Investment Management Ltd now owns 18,974 shares of the company's stock worth $2,291,000 after buying an additional 6,579 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Airbnb by 52.9% in the 1st quarter. Acadian Asset Management LLC now owns 2,457,837 shares of the company's stock valued at $293,590,000 after purchasing an additional 850,719 shares in the last quarter. Finally, Ritholtz Wealth Management grew its position in Airbnb by 10.0% during the 1st quarter. Ritholtz Wealth Management now owns 5,328 shares of the company's stock worth $636,000 after acquiring an additional 484 shares during the last quarter. Institutional investors own 80.76% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on ABNB. Barclays set a $105.00 price target on shares of Airbnb and gave the stock an "underweight" rating in a report on Thursday, August 7th. BTIG Research reaffirmed a "neutral" rating on shares of Airbnb in a report on Wednesday, May 28th. Jefferies Financial Group decreased their price objective on Airbnb from $165.00 to $160.00 and set a "buy" rating on the stock in a report on Monday, August 11th. BMO Capital Markets set a $124.00 price objective on shares of Airbnb and gave the stock a "market perform" rating in a report on Thursday, August 7th. Finally, Zacks Research upgraded Airbnb to a "hold" rating in a research note on Tuesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, nineteen have assigned a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $141.19.

Airbnb Trading Down 1.3%

Shares of NASDAQ ABNB traded down $1.60 during midday trading on Monday, hitting $125.44. The company's stock had a trading volume of 5,589,506 shares, compared to its average volume of 4,704,201. The firm has a market cap of $77.95 billion, a P/E ratio of 30.37, a price-to-earnings-growth ratio of 2.32 and a beta of 1.13. The business's 50 day moving average is $128.89 and its two-hundred day moving average is $127.79. 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 posted 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 company had revenue of $3.10 billion for the quarter, compared to analyst estimates of $3.02 billion. During the same quarter in the previous year, the firm earned $0.86 earnings per share. The firm's quarterly revenue was up 12.7% compared to the same quarter last year. On average, analysts predict that Airbnb, Inc. will post 4.31 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Elinor Mertz sold 4,630 shares of the stock in a transaction dated 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 in the company, valued at approximately $57,027,469.40. This represents a 1.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Nathan Blecharczyk sold 2,246 shares of Airbnb stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $125.20, for a total value of $281,199.20. Following the completion of the sale, the insider directly owned 182,514 shares in the company, valued at $22,850,752.80. This represents a 1.22% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,438,326 shares of company stock valued at $186,739,837. 27.83% of the stock is owned by corporate insiders.

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.