Pallas Capital Advisors LLC Reduces Position in Airbnb, Inc. $ABNB

Key Points

• Pallas Capital Advisors LLC significantly reduced its stake in Airbnb, selling 16,738 shares, which reflects a 50.5% reduction, leaving them with 16,385 shares valued at approximately $2.17 million.
• Airbnb's stock is currently showing a 1.3% increase and has a market cap of $76.56 billion, with a PE ratio of 29.83 and a price-to-earnings-growth ratio of 2.22.
• Several analysts have set a target price range for Airbnb stock, with Barclays at $105.00 and UBS Group at $148.00, indicating a mix of cautious to neutral ratings on the stock.

Pallas Capital Advisors LLC cut its position in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 50.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,385 shares of the company's stock after selling 16,738 shares during the period. Pallas Capital Advisors LLC's holdings in Airbnb were worth $2,168,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Airbnb by 1.6% in the first quarter. Vanguard Group Inc. now owns 37,462,629 shares of the company's stock worth $4,475,286,000 after acquiring an additional 604,120 shares during the last quarter. Harris Associates L P grew its holdings in shares of Airbnb by 86.0% during the 1st quarter. Harris Associates L P now owns 9,944,948 shares of the company's stock worth $1,188,024,000 after purchasing an additional 4,598,125 shares during the period. Northern Trust Corp grew its holdings in shares of Airbnb by 2.5% during the 1st quarter. Northern Trust Corp now owns 4,402,970 shares of the company's stock worth $525,979,000 after purchasing an additional 106,135 shares during the period. AQR Capital Management LLC grew its holdings in shares of Airbnb by 81.0% during the 1st quarter. AQR Capital Management LLC now owns 4,282,523 shares of the company's stock worth $500,755,000 after purchasing an additional 1,916,676 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in shares of Airbnb by 74.4% during the 1st quarter. Principal Financial Group Inc. now owns 3,255,682 shares of the company's stock worth $388,924,000 after purchasing an additional 1,389,251 shares during the period. 80.76% of the stock is owned by institutional investors and hedge funds.

Airbnb Trading Up 1.3%

ABNB traded up $1.57 during mid-day trading on Friday, hitting $127.04. 9,143,581 shares of the stock were exchanged, compared to its average volume of 4,475,144. The firm's fifty day moving average is $129.15 and its two-hundred day moving average is $128.01. Airbnb, Inc. has a 1-year low of $99.88 and a 1-year high of $163.93. The company has a market cap of $78.95 billion, a PE ratio of 30.76, a PEG ratio of 2.29 and a beta of 1.13.

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

Insider Activity at Airbnb

In other Airbnb news, insider Nathan Blecharczyk sold 2,246 shares of the company's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $125.20, for a total transaction of $281,199.20. Following the sale, the insider owned 182,514 shares in the company, valued at $22,850,752.80. This represents a 1.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Aristotle N. Balogh sold 600 shares of the firm's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $124.96, for a total value of $74,976.00. Following the sale, the chief technology officer directly owned 202,006 shares in the company, valued at $25,242,669.76. This trade represents a 0.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,673,726 shares of company stock worth $217,218,153 over the last quarter. 27.91% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

ABNB has been the subject of a number of research analyst reports. Morgan Stanley lowered their price target on Airbnb from $130.00 to $120.00 and set an "underweight" rating for the company in a report on Thursday, August 7th. JPMorgan Chase & Co. increased their price target on Airbnb from $120.00 to $130.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Citizens Jmp upgraded Airbnb to a "hold" rating in a report on Monday, August 11th. UBS Group lowered their price target on Airbnb from $156.00 to $148.00 and set a "neutral" rating for the company in a report on Thursday, August 7th. Finally, Truist Financial lowered their price target on Airbnb from $106.00 to $104.00 and set a "sell" rating for the company in a report on Wednesday, September 3rd. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, nineteen have given a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, Airbnb currently 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.