1832 Asset Management L.P. Sells 27,242 Shares of Airbnb, Inc. (NASDAQ:ABNB)

1832 Asset Management L.P. trimmed its holdings in shares of Airbnb, Inc. (NASDAQ:ABNB) by 19.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 113,310 shares of the company’s stock after selling 27,242 shares during the quarter. 1832 Asset Management L.P.’s holdings in Airbnb were worth $17,181,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. CHURCHILL MANAGEMENT Corp acquired a new position in shares of Airbnb during the 1st quarter valued at about $7,628,000. Rafferty Asset Management LLC raised its position in shares of Airbnb by 18.4% in the fourth quarter. Rafferty Asset Management LLC now owns 144,848 shares of the company’s stock valued at $19,720,000 after purchasing an additional 22,551 shares during the period. SteelPeak Wealth LLC lifted its stake in shares of Airbnb by 17.2% in the first quarter. SteelPeak Wealth LLC now owns 6,708 shares of the company’s stock worth $1,107,000 after buying an additional 985 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of Airbnb by 20.6% in the first quarter. ProShare Advisors LLC now owns 488,869 shares of the company’s stock worth $80,644,000 after buying an additional 83,383 shares during the last quarter. Finally, State of Tennessee Treasury Department boosted its holdings in shares of Airbnb by 35.8% during the 4th quarter. State of Tennessee Treasury Department now owns 143,254 shares of the company’s stock worth $19,503,000 after buying an additional 37,785 shares during the period. 80.76% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on ABNB shares. TD Cowen cut their target price on shares of Airbnb from $170.00 to $125.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Wells Fargo & Company cut their price objective on Airbnb from $129.00 to $100.00 and set an “underweight” rating for the company in a research report on Wednesday, August 7th. Mizuho lowered their target price on Airbnb from $175.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Truist Financial cut their price target on Airbnb from $134.00 to $124.00 and set a “hold” rating for the company in a report on Wednesday, September 4th. Finally, Piper Sandler lowered their price objective on shares of Airbnb from $155.00 to $125.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Five investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Airbnb has a consensus rating of “Hold” and an average target price of $134.17.

Insider Activity

In related news, Director Joseph Gebbia sold 11,635 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $150.02, for a total transaction of $1,745,482.70. Following the transaction, the director now owns 30,435 shares in the company, valued at approximately $4,565,858.70. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Brian Chesky sold 230,769 shares of Airbnb stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $120.00, for a total value of $27,692,280.00. Following the completion of the sale, the chief executive officer now directly owns 13,315,912 shares of the company’s stock, valued at approximately $1,597,909,440. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph Gebbia sold 11,635 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $150.02, for a total value of $1,745,482.70. Following the sale, the director now owns 30,435 shares of the company’s stock, valued at approximately $4,565,858.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 564,024 shares of company stock worth $77,491,165. 27.83% of the stock is owned by corporate insiders.

Airbnb Price Performance

NASDAQ:ABNB opened at $129.03 on Tuesday. Airbnb, Inc. has a 12 month low of $110.38 and a 12 month high of $170.10. The company’s 50-day moving average price is $125.60 and its two-hundred day moving average price is $144.49. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.25. The firm has a market cap of $83.10 billion, a PE ratio of 17.27, a price-to-earnings-growth ratio of 1.54 and a beta of 1.16.

Airbnb (NASDAQ:ABNB) last announced its earnings results on Tuesday, August 6th. The company reported $0.86 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.06). Airbnb had a return on equity of 34.74% and a net margin of 46.11%. The business had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.74 billion. During the same period in the previous year, the firm earned $0.98 earnings per share. The firm’s revenue was up 10.6% compared to the same quarter last year. On average, equities analysts anticipate that Airbnb, Inc. will post 4.39 EPS for the current fiscal 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.