Goldman Sachs Group Inc. Decreases Stake in Airbnb, Inc. (NASDAQ:ABNB)

Key Points

• Goldman Sachs significantly reduced its holdings in Airbnb, selling 86.8% of its shares to own approximately 0.88% of the company, with a current value of $663.3 million.
• Several other institutional investors have increased their positions in Airbnb, with notable boosts including Pacer Advisors growing its stake by 2,297.4% and Principal Financial Group by 74.4%.
• Airbnb's latest quarterly earnings show it beat analysts' expectations with $1.03 earnings per share and revenue of $3.10 billion, reflecting a 12.7% increase from last year.

Goldman Sachs Group Inc. lowered its holdings in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 86.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,552,106 shares of the company's stock after selling 36,637,970 shares during the period. Goldman Sachs Group Inc. owned approximately 0.88% of Airbnb worth $663,255,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Park Square Financial Group LLC purchased a new stake in shares of Airbnb in the 4th quarter valued at about $26,000. Orion Capital Management LLC purchased a new stake in shares of Airbnb in the 4th quarter valued at about $28,000. Stonebridge Financial Group LLC raised 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 acquiring an additional 106 shares in the last quarter. Bartlett & CO. Wealth Management LLC raised 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 acquiring an additional 174 shares in the last quarter. Finally, BankPlus Trust Department bought a new position in shares of Airbnb during the 1st quarter valued at about $43,000. Hedge funds and other institutional investors own 80.76% of the company's stock.

Airbnb Stock Performance

Shares of ABNB traded up $0.99 on Friday, reaching $121.02. The stock had a trading volume of 5,785,507 shares, compared to its average volume of 4,795,555. The firm has a market capitalization of $75.81 billion, a price-to-earnings ratio of 29.30, a price-to-earnings-growth ratio of 2.22 and a beta of 1.13. The company has a 50-day simple moving average of $134.96 and a 200-day simple moving average of $130.98. Airbnb, Inc. has a 12-month low of $99.88 and a 12-month high of $163.93.

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

Insider Activity

In other news, CEO Brian Chesky sold 8,000 shares of the firm's stock in a transaction that occurred 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 owned 40,800 shares in the company, valued at $5,235,864. This trade represents a 16.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Elinor Mertz sold 6,250 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $132.28, for a total value of $826,750.00. Following the completion of the transaction, the chief financial officer owned 467,611 shares of the company's stock, valued at approximately $61,855,583.08. The trade was a 1.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,671,023 shares of company stock worth $223,195,427 in the last quarter. 27.91% of the stock is owned by company insiders.

Analyst Ratings Changes

ABNB has been the topic of several recent research reports. Piper Sandler reduced their price objective on Airbnb from $145.00 to $132.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th. BNP Paribas upgraded Airbnb to a "hold" rating in a research report on Wednesday, July 16th. JMP Securities reiterated a "market perform" rating on shares of Airbnb in a research report on Friday, May 2nd. Susquehanna reduced their price objective on Airbnb from $200.00 to $150.00 and set a "positive" rating on the stock in a research report on Monday, May 5th. Finally, Evercore ISI reduced their price objective on Airbnb from $165.00 to $145.00 and set an "in-line" rating on the stock in a research report on Friday, May 2nd. Five research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $143.59.

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.