Airbnb Inc.’s stock fell sharply Monday as the company’s post-IPO lockup expired, meaning insiders can now sell shares.
Before this lockup expiration, about 40% of shares held by Airbnb
ABNB,
Airbnb shares were down more than 6% in Monday trading, hovering around $132.10. That’s about 8.7% lower than the closing price of $144.71 on IPO day. The company’s stock is off 9% year to date and has fallen about 34% in the past three months. Meanwhile, the S&P 500 index
SPX,
The lodging-booking platform went public in December, several months after it lost about 80% of its business during the early days of the COVID-19 pandemic that wiped out travel around much of the world. Since then, though, the San Francisco-based company has recovered as its customers booked stays closer to home, or long-term rentals for working remotely. Last week, Airbnb reported first-quarter results that included sales and booking growth, and Chief Executive Brian Chesky said he expected a rebound “unlike anything we’ve seen before.”
Out of 26 analysts surveyed by FactSet, 11 have a buy rating on Airbnb stock, 13 say hold, one rates it a sell, and one considers it overweight. The average price target Monday was $166.04.