Renaissance Technologies LLC Cuts Stake in Airbnb, Inc. $ABNB

Key Points

• Renaissance Technologies reduced its Airbnb stake by 37.7% in the first quarter, leaving it with 1.83 million shares valued at about $231.2 million.
• Several other institutional investors were active in Airbnb, with some adding large positions; overall, 80.76% of the stock is now owned by hedge funds and other institutional investors.
• Analysts remain broadly positive on Airbnb, with a consensus rating of “Moderate Buy” and an average price target of $159.65, even as recent insider sales have totaled more than $308 million over the last three months.

Renaissance Technologies LLC cut its stake in Airbnb, Inc. (NASDAQ:ABNB - Free Report) by 37.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,830,841 shares of the company's stock after selling 1,107,620 shares during the quarter. Renaissance Technologies LLC owned approximately 0.30% of Airbnb worth $231,199,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Harris Associates L P boosted its stake in shares of Airbnb by 43.2% in the second quarter. Harris Associates L P now owns 14,237,331 shares of the company's stock worth $1,884,168,000 after acquiring an additional 4,292,383 shares during the last quarter. Norges Bank purchased a new position in Airbnb in the 4th quarter valued at $480,332,000. Jennison Associates LLC lifted its holdings in Airbnb by 9,331.0% in the 1st quarter. Jennison Associates LLC now owns 3,172,959 shares of the company's stock valued at $400,681,000 after purchasing an additional 3,139,315 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Airbnb by 453.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,325,498 shares of the company's stock worth $403,782,000 after purchasing an additional 2,724,682 shares during the last quarter. Finally, SRS Investment Management LLC purchased a new stake in shares of Airbnb during the fourth quarter worth $342,017,000. 80.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ABNB shares. Barclays raised their price target on shares of Airbnb from $122.00 to $125.00 and gave the stock an "equal weight" rating in a research note on Monday, May 11th. Tigress Financial lowered their target price on Airbnb from $200.00 to $185.00 and set a "buy" rating on the stock in a report on Wednesday, April 8th. Evercore restated an "outperform" rating on shares of Airbnb in a research report on Friday, May 8th. Oppenheimer raised Airbnb from a "market perform" rating to an "outperform" rating and set a $180.00 price target for the company in a report on Monday, May 4th. Finally, Weiss Ratings upgraded Airbnb from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $159.65.

Insider Activity at Airbnb

In other Airbnb news, insider Nathan Blecharczyk sold 88,366 shares of Airbnb stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $145.81, for a total value of $12,884,646.46. Following the sale, the insider owned 12,370 shares in the company, valued at $1,803,669.70. The trade was a 87.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph Gebbia sold 294,903 shares of the company's stock in a transaction on Monday, June 29th. The shares were sold at an average price of $148.43, for a total value of $43,772,452.29. Following the completion of the transaction, the director directly owned 2,622,452 shares in the company, valued at approximately $389,250,550.36. This trade represents a 10.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 2,231,864 shares of company stock worth $308,474,278. Insiders own 27.21% of the company's stock.

Airbnb Price Performance

Shares of ABNB stock opened at $141.10 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.44 and a quick ratio of 1.44. The company has a market capitalization of $85.04 billion, a PE ratio of 34.75, a price-to-earnings-growth ratio of 1.47 and a beta of 1.14. The firm's 50-day moving average is $139.84 and its two-hundred day moving average is $134.62. Airbnb, Inc. has a 12 month low of $110.81 and a 12 month high of $150.88.

Airbnb (NASDAQ:ABNB - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.26 earnings per share 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 analysts' expectations of $2.62 billion. Airbnb had a net margin of 19.90% and a return on equity of 31.24%. The business's quarterly revenue was up 17.9% on a year-over-year basis. During the same period last year, the company earned $0.24 EPS. Analysts predict that Airbnb, Inc. will post 4.92 earnings per share for the current year.

About Airbnb

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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