Rafferty Asset Management LLC Has $17.99 Million Position in Airbnb, Inc. $ABNB

Key Points

• Rafferty Asset Management LLC has reduced its stake in Airbnb, Inc. by 8.2%, resulting in ownership of 150,614 shares worth approximately $17.99 million.
• Airbnb reported earnings of $1.03 per share for the most recent quarter, surpassing analysts' estimates, and showing a 12.7% year-over-year increase in revenue.
• Insider selling has increased significantly, with Airbnb's CEO and a director selling a total of over 244,000 shares recently, contributing to a decline in their ownership positions.

Rafferty Asset Management LLC decreased its holdings in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 8.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 150,614 shares of the company's stock after selling 13,439 shares during the quarter. Rafferty Asset Management LLC's holdings in Airbnb were worth $17,992,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of ABNB. Pacer Advisors Inc. raised its position in Airbnb by 2,297.4% in the 1st quarter. Pacer Advisors Inc. now owns 2,801,899 shares of the company's stock valued at $334,715,000 after purchasing an additional 2,685,026 shares during the last quarter. Two Sigma Advisers LP raised its position in Airbnb by 512.0% in the 4th quarter. Two Sigma Advisers LP now owns 3,080,300 shares of the company's stock valued at $404,782,000 after purchasing an additional 2,577,000 shares during the last quarter. Principal Financial Group Inc. raised its position in Airbnb by 74.4% in the 1st quarter. Principal Financial Group Inc. now owns 3,255,682 shares of the company's stock valued at $388,924,000 after purchasing an additional 1,389,251 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Airbnb by 119.7% during the first quarter. Assenagon Asset Management S.A. now owns 1,506,704 shares of the company's stock worth $179,991,000 after acquiring an additional 820,887 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Airbnb by 52.1% during the fourth quarter. AQR Capital Management LLC now owns 2,365,847 shares of the company's stock worth $310,896,000 after acquiring an additional 809,964 shares during the last quarter. Institutional investors own 80.76% of the company's stock.

Airbnb Stock Performance

NASDAQ:ABNB traded up $0.07 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. Airbnb, Inc. has a 1-year low of $99.88 and a 1-year high of $163.93. The firm has a market cap of $81.12 billion, a PE ratio of 31.61, a PEG ratio of 2.38 and a beta of 1.13. The business's 50-day moving average price is $132.20 and its two-hundred day moving average price is $130.33.

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Zacks Research upgraded Airbnb to a "hold" rating in a research report on Tuesday, August 12th. BMO Capital Markets set a $124.00 price objective on Airbnb and gave the stock a "market perform" rating in a research note on Thursday, August 7th. Cantor Fitzgerald reaffirmed an "underweight" rating and set a $100.00 price objective on shares of Airbnb in a research note on Wednesday, May 14th. Morgan Stanley decreased their price objective on Airbnb from $130.00 to $120.00 and set an "underweight" rating for the company in a research note on Thursday, August 7th. Finally, Truist Financial reaffirmed a "sell" rating and set a $106.00 price objective (down from $112.00) on shares of Airbnb in a research note on Friday, May 30th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nineteen have given a Hold rating and five have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $142.72.

Insider Transactions at Airbnb

In other news, CAO David C. Bernstein sold 5,000 shares of the company's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $142.00, for a total transaction of $710,000.00. Following the completion of the transaction, the chief accounting officer directly owned 42,619 shares of the company's stock, valued at $6,051,898. This represents a 10.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Elinor Mertz sold 6,250 shares of the company's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $135.86, for a total value of $849,125.00. Following the transaction, the chief financial officer directly owned 461,361 shares of the company's stock, valued at $62,680,505.46. This represents a 1.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,445,355 shares of company stock valued at $192,533,558 over the last three months. Company insiders own 27.91% 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.