Airbnb, Inc. $ABNB Shares Sold by L2 Asset Management LLC

L2 Asset Management LLC reduced its position in Airbnb, Inc. (NASDAQ:ABNB) by 21.0% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 22,878 shares of the company’s stock after selling 6,090 shares during the period. L2 Asset Management LLC’s holdings in Airbnb were worth $2,778,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Harris Associates L P lifted its stake in shares of Airbnb by 43.2% in the 2nd quarter. Harris Associates L P now owns 14,237,331 shares of the company’s stock valued at $1,884,168,000 after purchasing an additional 4,292,383 shares in the last quarter. Independent Franchise Partners LLP acquired a new stake in Airbnb during the 3rd quarter worth approximately $505,672,000. Norges Bank purchased a new position in Airbnb in the second quarter valued at approximately $483,644,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Airbnb by 453.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,325,498 shares of the company’s stock valued at $403,782,000 after buying an additional 2,724,682 shares during the period. Finally, AQR Capital Management LLC lifted its position in Airbnb by 58.6% during the third quarter. AQR Capital Management LLC now owns 4,269,937 shares of the company’s stock valued at $518,456,000 after buying an additional 1,577,338 shares in the last quarter. Institutional investors and hedge funds own 80.76% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on ABNB. Truist Financial boosted their price objective on shares of Airbnb from $104.00 to $107.00 and gave the stock a “sell” rating in a research note on Thursday, December 4th. Citigroup raised shares of Airbnb from a “neutral” rating to an “outperform” rating in a research note on Wednesday, February 4th. B. Riley Financial upgraded shares of Airbnb from a “neutral” rating to a “buy” rating and lifted their target price for the company from $140.00 to $170.00 in a report on Monday, January 12th. Mizuho upped their price target on shares of Airbnb from $156.00 to $175.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft upgraded Airbnb from a “hold” rating to a “buy” rating and set a $154.00 price target for the company in a report on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, sixteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $147.40.

Insider Buying and Selling

In other Airbnb news, CFO Elinor Mertz sold 3,750 shares of the company’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $130.00, for a total value of $487,500.00. Following the completion of the transaction, the chief financial officer directly owned 402,417 shares of the company’s stock, valued at $52,314,210. This represents a 0.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph Gebbia sold 58,000 shares of the firm’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $131.27, for a total value of $7,613,660.00. Following the sale, the director owned 286,015 shares of the company’s stock, valued at $37,545,189.05. This represents a 16.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 381,338 shares of company stock valued at $49,828,312 in the last quarter. Company insiders own 27.83% of the company’s stock.

Airbnb Stock Up 1.6%

Shares of NASDAQ:ABNB opened at $128.32 on Tuesday. Airbnb, Inc. has a 52-week low of $99.88 and a 52-week high of $143.88. The company has a 50 day moving average of $129.92 and a two-hundred day moving average of $126.65. The company has a market capitalization of $78.11 billion, a price-to-earnings ratio of 31.76, a price-to-earnings-growth ratio of 1.55 and a beta of 1.12.

Airbnb (NASDAQ:ABNB) last posted its earnings results on Thursday, February 12th. The company reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.10). The firm had revenue of $2.78 billion for the quarter, compared to analyst estimates of $2.71 billion. Airbnb had a return on equity of 30.88% and a net margin of 20.51%.The company’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.73 earnings per share. On average, equities analysts anticipate that Airbnb, Inc. will post 4.31 earnings per share for the current year.

Airbnb Profile

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.