Cumberland Partners Ltd Increases Holdings in Airbnb, Inc. (NASDAQ:ABNB)

Key Points

• Cumberland Partners Ltd has increased its stake in Airbnb, Inc. by 13.0%, acquiring an additional 3,000 shares, bringing its total holdings to 26,040 shares valued at approximately $3.11 million.
• Airbnb's latest earnings report revealed a missed earnings estimate of $0.24 per share, slightly below the expected $0.25, although revenue grew by 7.4% year-over-year.
• The stock's consensus rating stands at "Hold," with an average price target of $142.10 as various analysts adjust their price objectives following recent performance.

Cumberland Partners Ltd raised its position in shares of Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 13.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,040 shares of the company's stock after purchasing an additional 3,000 shares during the period. Cumberland Partners Ltd's holdings in Airbnb were worth $3,111,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of ABNB. PNC Financial Services Group Inc. increased its holdings in shares of Airbnb by 1.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 106,171 shares of the company's stock valued at $12,683,000 after acquiring an additional 1,464 shares during the period. TIAA Trust National Association purchased a new position in shares of Airbnb in the 1st quarter valued at $11,917,000. UNIVEST FINANCIAL Corp purchased a new position in shares of Airbnb in the 1st quarter valued at $1,900,000. Moors & Cabot Inc. purchased a new position in shares of Airbnb in the 1st quarter valued at $644,000. Finally, EFG Asset Management Americas Corp. increased its holdings in shares of Airbnb by 15.1% in the 1st quarter. EFG Asset Management Americas Corp. now owns 38,591 shares of the company's stock valued at $4,610,000 after acquiring an additional 5,065 shares during the period. 80.76% of the stock is owned by institutional investors.

Analyst Ratings Changes

ABNB has been the topic of several research analyst reports. DA Davidson upgraded Airbnb from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $170.00 to $155.00 in a research note on Wednesday, April 30th. Morgan Stanley boosted their target price on Airbnb from $125.00 to $130.00 and gave the stock an "underweight" rating in a research note on Monday, July 21st. BTIG Research restated a "neutral" rating on shares of Airbnb in a research note on Wednesday, May 28th. Royal Bank Of Canada dropped their target price on Airbnb from $160.00 to $140.00 and set a "sector perform" rating on the stock in a research note on Friday, May 2nd. Finally, Citigroup dropped their target price on Airbnb from $170.00 to $155.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Five equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $142.10.

Airbnb Stock Up 2.3%

Shares of Airbnb stock traded up $2.94 during mid-day trading on Monday, reaching $130.96. 5,270,967 shares of the stock traded hands, compared to its average volume of 3,508,969. The business has a 50-day moving average of $135.13 and a 200 day moving average of $131.21. Airbnb, Inc. has a fifty-two week low of $99.88 and a fifty-two week high of $163.93. The stock has a market capitalization of $82.03 billion, a PE ratio of 33.07, a PEG ratio of 2.38 and a beta of 1.13.

Airbnb (NASDAQ:ABNB - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.24 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.25 by ($0.01). The company had revenue of $2.27 billion during the quarter, compared to analysts' expectations of $2.26 billion. Airbnb had a net margin of 22.60% and a return on equity of 30.91%. Airbnb's revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter last year, the company earned $0.41 earnings per share. On average, equities research analysts expect that Airbnb, Inc. will post 4.31 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Brian Chesky sold 8,000 shares of Airbnb stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $128.33, for a total value of $1,026,640.00. Following the completion of the transaction, the chief executive officer directly owned 40,800 shares in the company, valued at approximately $5,235,864. This trade represents a 16.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Joseph Gebbia sold 236,000 shares of Airbnb stock in a transaction on Monday, June 9th. The shares were sold at an average price of $139.40, for a total value of $32,898,400.00. Following the completion of the transaction, the director owned 1,180,015 shares of the company's stock, valued at approximately $164,494,091. This trade represents a 16.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,649,308 shares of company stock worth $218,906,636. Company insiders own 27.83% of the company's stock.

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.