Airbnb (NASDAQ:ABNB) Shares Gap Down on Insider Selling

Posted by Defense World Staff on Jun 6th, 2023

Airbnb, Inc. (NASDAQ:ABNB – Get Rating)’s stock price gapped down before the market opened on Monday following insider selling activity. The stock had previously closed at $118.06, but opened at $115.12. Airbnb shares last traded at $113.65, with a volume of 2,718,387 shares changing hands.

Specifically, CEO Brian Chesky sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $111.97, for a total value of $3,359,100.00. Following the sale, the chief executive officer now owns 17,363,931 shares of the company’s stock, valued at $1,944,239,354.07. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Joseph Gebbia sold 350,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 14th. The shares were sold at an average price of $117.22, for a total transaction of $41,027,000.00. Following the sale, the director now directly owns 6,483,435 shares in the company, valued at $759,988,250.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brian Chesky sold 30,000 shares of the firm’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $111.97, for a total transaction of $3,359,100.00. Following the completion of the sale, the chief executive officer now owns 17,363,931 shares in the company, valued at $1,944,239,354.07. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,146,972 shares of company stock worth $248,941,141. 30.84% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ABNB shares. Truist Financial dropped their price target on shares of Airbnb from $130.00 to $116.00 in a research note on Thursday, June 1st. TD Cowen reduced their price target on shares of Airbnb from $145.00 to $125.00 and set an “outperform” rating for the company in a research report on Wednesday, May 10th. Piper Sandler dropped their price objective on Airbnb from $131.00 to $117.00 and set a “neutral” rating on the stock in a report on Wednesday, May 10th. Mizuho boosted their target price on Airbnb from $110.00 to $125.00 and gave the company a “neutral” rating in a report on Wednesday, February 15th. Finally, Royal Bank of Canada dropped their price target on Airbnb from $135.00 to $105.00 and set a “sector perform” rating on the stock in a research note on Wednesday, May 10th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $135.12.

Airbnb Trading Down 2.0 %

The firm has a market cap of $73.98 billion, a price-to-earnings ratio of 38.44, a PEG ratio of 1.58 and a beta of 1.13. The business has a fifty day moving average of $114.27 and a two-hundred day moving average of $109.09. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.55 and a current ratio of 1.55.

Airbnb (NASDAQ:ABNB – Get Rating) last announced its quarterly earnings results on Tuesday, May 9th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.08. Airbnb had a return on equity of 37.51% and a net margin of 23.30%. The business had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.79 billion. During the same quarter last year, the business posted ($0.03) earnings per share. The business’s revenue for the quarter was up 20.5% on a year-over-year basis. As a group, equities analysts expect that Airbnb, Inc. will post 3.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Airbnb by 10.2% in the third quarter. Vanguard Group Inc. now owns 22,260,539 shares of the company’s stock worth $2,338,247,000 after acquiring an additional 2,062,575 shares during the last quarter. Jennison Associates LLC raised its stake in Airbnb by 5.0% in the 1st quarter. Jennison Associates LLC now owns 8,971,146 shares of the company’s stock valued at $1,116,011,000 after purchasing an additional 429,772 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Airbnb by 18.2% in the 4th quarter. Renaissance Technologies LLC now owns 8,602,746 shares of the company’s stock valued at $735,535,000 after purchasing an additional 1,323,719 shares in the last quarter. Artisan Partners Limited Partnership boosted its stake in shares of Airbnb by 4.2% during the 3rd quarter. Artisan Partners Limited Partnership now owns 6,020,960 shares of the company’s stock worth $632,442,000 after purchasing an additional 243,926 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Airbnb by 3.1% during the first quarter. Geode Capital Management LLC now owns 4,464,099 shares of the company’s stock worth $555,202,000 after buying an additional 132,429 shares in the last quarter. 39.02% of the stock is owned by hedge funds and other institutional investors.

Airbnb Company Profile

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Airbnb, Inc, together with its subsidiaries, operates a platform that enables hosts to offer stays and experiences to guests worldwide. The company's marketplace model connects hosts and guests online or through mobile devices to book spaces and experiences. It primarily offers private rooms, primary homes, or vacation homes.