Eastern Bank Reduces Stock Position in Airbnb, Inc. $ABNB

Eastern Bank cut its stake in Airbnb, Inc. (NASDAQ:ABNB) by 56.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 415 shares of the company’s stock after selling 535 shares during the quarter. Eastern Bank’s holdings in Airbnb were worth $55,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Aberdeen Group plc grew its holdings in Airbnb by 7.2% during the 2nd quarter. Aberdeen Group plc now owns 350,949 shares of the company’s stock valued at $46,445,000 after buying an additional 23,589 shares in the last quarter. Blue Trust Inc. grew its holdings in Airbnb by 140.6% during the 2nd quarter. Blue Trust Inc. now owns 1,364 shares of the company’s stock valued at $181,000 after buying an additional 797 shares in the last quarter. Total Wealth Planning & Management Inc. grew its holdings in Airbnb by 3.8% during the 2nd quarter. Total Wealth Planning & Management Inc. now owns 3,533 shares of the company’s stock valued at $468,000 after buying an additional 129 shares in the last quarter. IFP Advisors Inc grew its stake in Airbnb by 4.3% during the second quarter. IFP Advisors Inc now owns 2,398 shares of the company’s stock valued at $317,000 after acquiring an additional 99 shares in the last quarter. Finally, Callan Family Office LLC grew its stake in Airbnb by 163.2% during the second quarter. Callan Family Office LLC now owns 22,589 shares of the company’s stock valued at $2,989,000 after acquiring an additional 14,005 shares in the last quarter. 80.76% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on ABNB shares. BNP Paribas raised shares of Airbnb to a “hold” rating in a research note on Wednesday, July 16th. Morgan Stanley reduced their price target on shares of Airbnb from $130.00 to $120.00 and set an “underweight” rating for the company in a research report on Thursday, August 7th. Wedbush reduced their target price on Airbnb from $135.00 to $130.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. Barclays set a $105.00 target price on Airbnb and gave the stock an “underweight” rating in a research report on Thursday, August 7th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Airbnb in a report on Wednesday, October 8th. Three analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, nineteen have given a Hold rating and five have given a Sell rating to the stock. According to MarketBeat, Airbnb has an average rating of “Hold” and an average target price of $141.81.

Insider Buying and Selling at Airbnb

In other Airbnb news, CFO Elinor Mertz sold 4,630 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $128.42, for a total transaction of $594,584.60. Following the completion of the sale, the chief financial officer directly owned 444,070 shares in the company, valued at $57,027,469.40. This represents a 1.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Joseph Gebbia sold 236,000 shares of the company’s stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $123.57, for a total transaction of $29,162,520.00. Following the sale, the director owned 940,015 shares of the company’s stock, valued at approximately $116,157,653.55. The trade was a 20.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,430,876 shares of company stock worth $182,694,292 over the last 90 days. Company insiders own 27.83% of the company’s stock.

Airbnb Trading Down 1.6%

ABNB opened at $118.19 on Monday. The stock has a 50-day moving average price of $124.34 and a 200-day moving average price of $127.28. Airbnb, Inc. has a 12-month low of $99.88 and a 12-month high of $163.93. The stock has a market capitalization of $73.45 billion, a P/E ratio of 28.62, a PEG ratio of 2.16 and a beta of 1.10.

Airbnb (NASDAQ:ABNB) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.11. The firm had revenue of $3.10 billion during the quarter, compared to analysts’ expectations of $3.02 billion. Airbnb had a return on equity of 32.19% and a net margin of 22.67%.The company’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.86 EPS. On average, equities research analysts predict that Airbnb, Inc. will post 4.31 EPS 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.