CX Institutional Lowers Stake in Airbnb, Inc. $ABNB

Key Points

• CX Institutional reduced its Airbnb stake by 16.7% in the second quarter, selling 12,279 shares and retaining 61,163 shares valued at approximately $8.75 million. Institutional investors collectively own 80.76% of Airbnb.
• Airbnb shares opened at $150.64, near the upper end of their 52-week range, while the company’s latest quarterly revenue rose 17.9% year over year to $2.68 billion. However, earnings of $0.26 per share fell short of the $0.31 consensus estimate.
• Analyst sentiment remains favorable, with a “Moderate Buy” consensus and an average price target of $160.65, although insiders sold $340.4 million worth of shares over the past three months.

CX Institutional cut its holdings in shares of Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 16.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 61,163 shares of the company's stock after selling 12,279 shares during the period. CX Institutional's holdings in Airbnb were worth $8,752,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Transamerica Financial Advisors LLC boosted its position in Airbnb by 143.6% during the fourth quarter. Transamerica Financial Advisors LLC now owns 190 shares of the company's stock worth $26,000 after purchasing an additional 112 shares in the last quarter. Entrust Financial LLC purchased a new stake in shares of Airbnb in the fourth quarter valued at approximately $27,000. Meeder Asset Management Inc. increased its position in shares of Airbnb by 96.3% in the first quarter. Meeder Asset Management Inc. now owns 214 shares of the company's stock valued at $27,000 after buying an additional 105 shares in the last quarter. Sunbelt Securities Inc. raised its stake in shares of Airbnb by 397.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 219 shares of the company's stock worth $27,000 after buying an additional 175 shares during the period. Finally, Wiser Advisor Group LLC acquired a new position in shares of Airbnb during the 3rd quarter worth approximately $27,000. Hedge funds and other institutional investors own 80.76% of the company's stock.

Airbnb Stock Performance

Shares of NASDAQ:ABNB opened at $150.64 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.44 and a quick ratio of 1.44. Airbnb, Inc. has a 1 year low of $110.81 and a 1 year high of $156.50. The firm has a market capitalization of $90.79 billion, a PE ratio of 37.10, a P/E/G ratio of 1.62 and a beta of 1.14. The business's 50 day moving average price is $141.99 and its 200-day moving average price is $135.15.

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

Insider Buying and Selling at Airbnb

In related news, Director Joseph Gebbia sold 265,000 shares of the business's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $145.70, for a total transaction of $38,610,500.00. Following the transaction, the director directly owned 1,828,518 shares in the company, valued at approximately $266,415,072.60. The trade was a 12.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Kenneth I. Chenault sold 8,346 shares of the business's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $150.00, for a total transaction of $1,251,900.00. Following the transaction, the director owned 40,879 shares in the company, valued at $6,131,850. The trade was a 16.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 2,448,729 shares of company stock worth $340,387,098 over the last three months. 27.21% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ABNB. Oppenheimer upgraded Airbnb from a "market perform" rating to an "outperform" rating and set a $180.00 target price on the stock in a research report on Monday, May 4th. Cantor Fitzgerald upgraded shares of Airbnb from a "neutral" rating to an "overweight" rating in a research report on Monday, May 4th. Wells Fargo & Company increased their price objective on shares of Airbnb from $178.00 to $181.00 and gave the company an "overweight" rating in a report on Friday, May 8th. Evercore reiterated an "outperform" rating on shares of Airbnb in a research report on Friday, May 8th. Finally, Truist Financial boosted their target price on shares of Airbnb from $129.00 to $134.00 and gave the stock a "hold" rating in a research note on Friday, June 12th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $160.65.

Airbnb Company Profile

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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