Canoe Financial LP Purchases 2,837 Shares of Airbnb, Inc. $ABNB

Key Points

• Canoe Financial LP increased its stake in Airbnb by 359.1% during the second quarter, acquiring an additional 2,837 shares, bringing its total holdings to 3,627 shares valued at approximately $480,000.
• Other institutional investors, including Harris Associates L P and Pacer Advisors Inc., also significantly raised their positions in Airbnb, with Harris increasing its holdings by 86.0% and Pacer by a remarkable 2,297.4%.
• Airbnb's latest earnings report showed an EPS of $1.03, beating the consensus estimate, with a revenue growth of 12.7% compared to the same quarter last year, totaling $3.10 billion.

Canoe Financial LP boosted its stake in shares of Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 359.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,627 shares of the company's stock after purchasing an additional 2,837 shares during the quarter. Canoe Financial LP's holdings in Airbnb were worth $480,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Park Square Financial Group LLC acquired a new stake in Airbnb during the 4th quarter worth approximately $26,000. Orion Capital Management LLC acquired a new stake in shares of Airbnb in the 4th quarter valued at approximately $28,000. Stonebridge Financial Group LLC lifted its holdings in shares of Airbnb by 75.7% in the 1st quarter. Stonebridge Financial Group LLC now owns 246 shares of the company's stock valued at $29,000 after buying an additional 106 shares during the period. Bartlett & CO. Wealth Management LLC lifted its holdings in shares of Airbnb by 209.6% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 257 shares of the company's stock valued at $31,000 after buying an additional 174 shares during the period. Finally, SouthState Corp lifted its holdings in shares of Airbnb by 216.1% in the 1st quarter. SouthState Corp now owns 294 shares of the company's stock valued at $35,000 after buying an additional 201 shares during the period. 80.76% of the stock is owned by institutional investors and hedge funds.

Airbnb Price Performance

NASDAQ:ABNB traded up $0.19 during trading hours on Tuesday, reaching $125.63. The company's stock had a trading volume of 1,376,690 shares, compared to its average volume of 5,232,694. The company has a market cap of $78.07 billion, a price-to-earnings ratio of 30.41, a price-to-earnings-growth ratio of 2.32 and a beta of 1.13. Airbnb, Inc. has a one year low of $99.88 and a one year high of $163.93. The business's 50-day moving average is $128.89 and its 200-day moving average is $127.79.

Airbnb (NASDAQ:ABNB - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $1.03 earnings per share (EPS) for the quarter, beating 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 company had revenue of $3.10 billion during the quarter, compared to analysts' expectations of $3.02 billion. During the same period in the prior 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, sell-side analysts predict that Airbnb, Inc. will post 4.31 EPS for the current fiscal year.

Insider Activity at Airbnb

In related 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 value 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 $57,027,469.40. This trade represents a 1.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Nathan Blecharczyk sold 2,246 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $125.20, for a total transaction of $281,199.20. Following the completion of the transaction, the insider directly owned 182,514 shares in the company, valued at approximately $22,850,752.80. The trade was a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,438,326 shares of company stock valued at $186,739,837. Insiders own 27.83% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. BTIG Research reaffirmed a "neutral" rating on shares of Airbnb in a research note on Wednesday, May 28th. Morgan Stanley dropped their price objective on Airbnb from $130.00 to $120.00 and set an "underweight" rating for the company in a research note on Thursday, August 7th. Barclays set a $105.00 price target on Airbnb and gave the stock an "underweight" rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. raised their price target on Airbnb from $120.00 to $130.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Finally, Jefferies Financial Group dropped their price target on Airbnb from $165.00 to $160.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, nineteen have issued a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $141.19.

Airbnb 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.