Comerica Bank Reduces Stake in Airbnb, Inc. $ABNB

Key Points

• Comerica Bank has reduced its stake in Airbnb, Inc. by 8.5% in the first quarter, owning a total of 85,918 shares valued at approximately $10.26 million.
• Institutional ownership in Airbnb is high, with around 80.76% of the stock being held by institutional investors, while company insiders own 27.83%.
• Analysts have mixed opinions on Airbnb's stock, with ratings ranging from Strong Buy to Sell, and an average price target of $142.72.

Comerica Bank trimmed its position in shares of Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 8.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 85,918 shares of the company's stock after selling 7,972 shares during the quarter. Comerica Bank's holdings in Airbnb were worth $10,264,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Park Square Financial Group LLC purchased a new position in Airbnb during the fourth quarter worth $26,000. Orion Capital Management LLC purchased a new position in Airbnb during the fourth quarter worth $28,000. Stonebridge Financial Group LLC boosted its stake 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 buying an additional 106 shares during the period. Bartlett & CO. Wealth Management LLC boosted its stake in Airbnb by 209.6% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 257 shares of the company's stock worth $31,000 after buying an additional 174 shares during the period. Finally, SouthState Corp boosted its stake in Airbnb by 216.1% during the first quarter. SouthState Corp now owns 294 shares of the company's stock worth $35,000 after buying an additional 201 shares during the period. 80.76% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Elinor Mertz sold 6,250 shares of the company's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $135.86, for a total transaction of $849,125.00. Following the transaction, the chief financial officer owned 461,361 shares in the company, valued at $62,680,505.46. This represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Joseph Gebbia sold 236,000 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $129.46, for a total transaction of $30,552,560.00. Following the transaction, the director owned 944,015 shares in the company, valued at approximately $122,212,181.90. This trade represents a 20.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,445,355 shares of company stock worth $192,533,558 over the last 90 days. 27.91% of the stock is currently owned by corporate insiders.

Airbnb Stock Up 0.1%

NASDAQ:ABNB traded up $0.07 during mid-day trading on Friday, reaching $130.53. The company's stock had a trading volume of 4,157,858 shares, compared to its average volume of 5,770,316. The firm has a market capitalization of $81.12 billion, a PE ratio of 31.61, a price-to-earnings-growth ratio of 2.38 and a beta of 1.13. The stock has a fifty day moving average of $132.20 and a 200-day moving average of $130.33. Airbnb, Inc. has a 1 year low of $99.88 and a 1 year high of $163.93.

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

Analyst Ratings Changes

Several research analysts have commented on the stock. Morgan Stanley dropped their price objective on shares of Airbnb from $130.00 to $120.00 and set an "underweight" rating for the company in a research note on Thursday, August 7th. Citigroup lowered their target price on shares of Airbnb from $170.00 to $155.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Citizens Jmp raised shares of Airbnb to a "hold" rating in a research note on Monday, August 11th. BMO Capital Markets set a $124.00 target price on shares of Airbnb and gave the company a "market perform" rating in a research note on Thursday, August 7th. Finally, Phillip Securities raised shares of Airbnb from a "moderate sell" rating to a "hold" rating in a research note on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nineteen have issued a Hold rating and five have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $142.72.

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.