Bank of New York Mellon Corp Purchases New Position in Airbnb, Inc. $ABNB

Key Points

• Bank of New York Mellon acquired 2.31 million Airbnb shares worth approximately $330.1 million, while institutional investors collectively owned 80.76% of the company at the end of the quarter.
• Analysts maintain a generally positive outlook, with Airbnb receiving a consensus “Moderate Buy” rating and an average price target of $172; several firms recently raised their targets.
• Airbnb exceeded quarterly expectations with adjusted EPS of $1.37 and revenue of $3.61 billion, up 16.3% year over year. However, insiders sold approximately $462 million of stock over the past 90 days.

Bank of New York Mellon Corp acquired a new position in shares of Airbnb, Inc. (NASDAQ:ABNB - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,306,675 shares of the company's stock, valued at approximately $330,085,000. Bank of New York Mellon Corp owned about 0.38% of Airbnb at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. S&CO Inc. bought a new stake in Airbnb in the second quarter worth $8,923,000. Regent Peak Wealth Advisors LLC bought a new stake in Airbnb in the second quarter worth about $284,000. Family Wealth Partners LLC boosted its position in shares of Airbnb by 5.9% during the second quarter. Family Wealth Partners LLC now owns 2,324 shares of the company's stock valued at $333,000 after buying an additional 130 shares during the period. Tema ETFs LLC boosted its position in shares of Airbnb by 8.9% during the second quarter. Tema ETFs LLC now owns 7,062 shares of the company's stock valued at $1,011,000 after buying an additional 580 shares during the period. Finally, Chemistry Wealth Management LLC raised its holdings in shares of Airbnb by 3.8% in the second quarter. Chemistry Wealth Management LLC now owns 29,453 shares of the company's stock worth $4,215,000 after buying an additional 1,065 shares during the period. 80.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. UBS Group boosted their price objective on Airbnb from $163.00 to $172.00 and gave the company a "neutral" rating in a report on Friday, August 7th. B. Riley Financial reiterated a "buy" rating on shares of Airbnb in a research report on Friday, August 7th. Citigroup raised their price objective on Airbnb from $175.00 to $193.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Benchmark increased their price target on Airbnb from $160.00 to $180.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Finally, HC Wainwright upgraded Airbnb to a "buy" rating in a research note on Monday, May 4th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Airbnb currently has an average rating of "Moderate Buy" and a consensus target price of $172.00.

Airbnb Price Performance

Shares of ABNB stock opened at $187.30 on Friday. Airbnb, Inc. has a fifty-two week low of $110.81 and a fifty-two week high of $189.20. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.41 and a current ratio of 1.41. The firm has a market capitalization of $112.15 billion, a price-to-earnings ratio of 42.57, a PEG ratio of 2.14 and a beta of 1.14. The stock's 50-day simple moving average is $154.16 and its 200-day simple moving average is $139.50.

Airbnb (NASDAQ:ABNB - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $1.37 EPS for the quarter, topping analysts' consensus estimates of $1.26 by $0.11. Airbnb had a net margin of 20.45% and a return on equity of 33.38%. The company had revenue of $3.61 billion during the quarter, compared to analysts' expectations of $3.58 billion. During the same period last year, the business earned $1.03 EPS. Airbnb's revenue for the quarter was up 16.3% on a year-over-year basis. As a group, equities analysts forecast that Airbnb, Inc. will post 5.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Brian Chesky sold 265,746 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $132.22, for a total value of $35,136,936.12. Following the transaction, the chief executive officer directly owned 11,206,389 shares of the company's stock, valued at approximately $1,481,708,753.58. This represents a 2.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph Gebbia sold 294,903 shares of Airbnb stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $148.43, for a total value of $43,772,452.29. Following the sale, the director directly owned 2,622,452 shares of the company's stock, valued at $389,250,550.36. This trade represents a 10.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 3,124,289 shares of company stock worth $461,988,389 in the last 90 days. Insiders own 27.21% of the company's stock.

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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