Bank of America Corp DE Has $267.21 Million Stock Position in Airbnb, Inc. $ABNB

Key Points

• Bank of America reduced its Airbnb stake by 34.5% in the first quarter, selling 1.11 million shares and retaining 2.12 million shares worth approximately $267.2 million. Institutional investors collectively own 80.76% of Airbnb.
• Airbnb insiders have sold heavily, with executives selling 2.45 million shares valued at $340.4 million over the past 90 days. CEO Brian Chesky and insider Nathan Blecharczyk were among those reporting significant sales.
• Analysts maintain a generally positive outlook, with Airbnb carrying a consensus “Moderate Buy” rating and an average price target of $160.65. The company’s latest quarterly revenue rose 17.9% year over year to $2.68 billion, though earnings per share missed estimates.

Bank of America Corp DE cut its stake in shares of Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 34.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,115,999 shares of the company's stock after selling 1,112,386 shares during the period. Bank of America Corp DE owned 0.35% of Airbnb worth $267,208,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. North Dakota State Investment Board acquired a new stake in Airbnb during the fourth quarter worth approximately $2,785,000. Merit Financial Group LLC increased its stake in Airbnb by 72.1% during the 4th quarter. Merit Financial Group LLC now owns 32,994 shares of the company's stock worth $4,478,000 after acquiring an additional 13,818 shares during the period. North Star Asset Management Inc. raised its holdings in Airbnb by 13.4% in the 4th quarter. North Star Asset Management Inc. now owns 78,564 shares of the company's stock valued at $10,663,000 after acquiring an additional 9,294 shares in the last quarter. Oxbow Advisors LLC lifted its position in shares of Airbnb by 122.9% during the 4th quarter. Oxbow Advisors LLC now owns 50,414 shares of the company's stock valued at $6,842,000 after acquiring an additional 27,793 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Airbnb by 18.3% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 223,291 shares of the company's stock valued at $30,305,000 after acquiring an additional 34,573 shares during the period. Institutional investors own 80.76% of the company's stock.

Insider Transactions at Airbnb

In related news, CEO Brian Chesky sold 265,746 shares of the firm's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $132.22, for a total transaction of $35,136,936.12. Following the completion of the transaction, the chief executive officer directly owned 11,206,389 shares of the company's stock, valued at $1,481,708,753.58. This trade represents a 2.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Nathan Blecharczyk sold 88,366 shares of Airbnb stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $145.81, for a total value of $12,884,646.46. Following the transaction, the insider directly owned 12,370 shares in the company, valued at $1,803,669.70. The trade was a 87.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 2,448,729 shares of company stock worth $340,387,098. Company insiders own 27.21% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ABNB. Weiss Ratings raised Airbnb from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, May 12th. HSBC cut shares of Airbnb from a "hold" rating to a "hold" rating in a research report on Monday, May 4th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $170.00 price objective on shares of Airbnb in a research note on Friday, May 8th. JPMorgan Chase & Co. boosted their target price on shares of Airbnb from $130.00 to $140.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of Airbnb in a research report on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $160.65.

Airbnb Stock Down 0.6%

Shares of NASDAQ ABNB opened at $150.64 on Tuesday. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.32. The company has a market cap of $90.79 billion, a price-to-earnings ratio of 37.10, a PEG ratio of 1.62 and a beta of 1.14. Airbnb, Inc. has a 12 month low of $110.81 and a 12 month high of $156.50. The stock has a 50-day moving average price of $141.99 and a two-hundred day moving average price of $135.15.

Airbnb (NASDAQ:ABNB - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.05). Airbnb had a net margin of 19.90% and a return on equity of 31.24%. The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.62 billion. During the same period last year, the business earned $0.24 EPS. The company's revenue was up 17.9% compared to the same quarter last year. As a group, analysts forecast that Airbnb, Inc. will post 4.93 earnings per share for the current fiscal year.

About Airbnb

Airbnb, Inc NASDAQ: ABNB operates a global online marketplace that connects travelers with hosts offering short-term lodging, unique accommodations and related travel experiences. The company's core platform enables individuals and professional property managers to list private homes, apartments, single rooms and entire properties, while providing search, booking and payment processing for guests. Airbnb earns revenue primarily through service fees charged to guests and hosts and offers tools to facilitate reservations, communications, and logistics between parties.

Beyond accommodations, Airbnb has expanded its product portfolio to include curated experiences led by local hosts, higher-end offerings such as Airbnb Luxe, and programs aimed at enhancing quality and safety like Airbnb Plus.

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