Airbnb (NASDAQ:ABNB) Shares Gap Down Following Analyst Downgrade

Airbnb, Inc. (NASDAQ:ABNB) gapped down before the market opened on Thursday after TD Cowen lowered their price target on the stock from $180.00 to $170.00. The stock had previously closed at $157.90, but opened at $146.60. TD Cowen currently has a buy rating on the stock. Airbnb shares last traded at $147.07, with a volume of 3,344,768 shares traded.

A number of other brokerages have also issued reports on ABNB. HSBC lowered shares of Airbnb from a “buy” rating to a “hold” rating and dropped their price objective for the company from $160.00 to $156.00 in a report on Thursday. Barclays increased their price target on shares of Airbnb from $100.00 to $110.00 and gave the company an “underweight” rating in a research note on Monday, January 29th. Bank of America lifted their price target on shares of Airbnb from $155.00 to $168.00 and gave the company a “neutral” rating in a research report on Thursday, March 14th. Needham & Company LLC reiterated a “hold” rating on shares of Airbnb in a research report on Thursday, April 11th. Finally, UBS Group lifted their target price on Airbnb from $143.00 to $157.00 and gave the company a “neutral” rating in a research report on Thursday. Four equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $151.55.

Insider Transactions at Airbnb

In related news, CEO Brian Chesky sold 76,912 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $147.79, for a total value of $11,366,824.48. Following the sale, the chief executive officer now owns 14,545,529 shares of the company’s stock, valued at $2,149,683,730.91. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Airbnb news, CEO Brian Chesky sold 76,912 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $147.79, for a total value of $11,366,824.48. Following the sale, the chief executive officer now directly owns 14,545,529 shares in the company, valued at $2,149,683,730.91. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Aristotle N. Balogh sold 600 shares of Airbnb stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $161.02, for a total value of $96,612.00. Following the sale, the chief technology officer now directly owns 220,504 shares of the company’s stock, valued at $35,505,554.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 396,874 shares of company stock valued at $63,712,671. 27.83% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Airbnb

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Airbnb by 43.0% in the 3rd quarter. Vanguard Group Inc. now owns 34,238,727 shares of the company’s stock valued at $4,697,896,000 after buying an additional 10,301,746 shares in the last quarter. Norges Bank purchased a new stake in Airbnb in the fourth quarter valued at $619,584,000. Jennison Associates LLC boosted its stake in Airbnb by 57.9% in the first quarter. Jennison Associates LLC now owns 10,632,035 shares of the company’s stock valued at $1,753,860,000 after acquiring an additional 3,899,179 shares in the last quarter. Edgewood Management LLC grew its holdings in shares of Airbnb by 20.8% during the fourth quarter. Edgewood Management LLC now owns 12,417,777 shares of the company’s stock worth $1,690,556,000 after purchasing an additional 2,135,529 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new stake in shares of Airbnb during the third quarter worth about $235,338,000. 80.76% of the stock is currently owned by hedge funds and other institutional investors.

Airbnb Price Performance

The firm has a market capitalization of $95.37 billion, a PE ratio of 20.36, a P/E/G ratio of 2.12 and a beta of 1.24. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.24. The company has a fifty day moving average price of $161.68 and a two-hundred day moving average price of $145.50.

Airbnb (NASDAQ:ABNB) last released its quarterly earnings results on Wednesday, May 8th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.23 by $0.18. The company had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.06 billion. Airbnb had a return on equity of 40.96% and a net margin of 48.32%. The firm’s revenue was up 17.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 earnings per share. Sell-side analysts forecast that Airbnb, Inc. will post 4.47 earnings per share for the current year.

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.