Morgan Stanley Lowers Airbnb (NASDAQ:ABNB) Price Target to $120.00

Airbnb (NASDAQ:ABNB) had its price objective reduced by Morgan Stanley from $130.00 to $120.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Morgan Stanley’s price target indicates a potential downside of 0.84% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. Piper Sandler dropped their price target on Airbnb from $145.00 to $132.00 and set a “neutral” rating for the company in a report on Monday, April 28th. DA Davidson raised Airbnb from a “neutral” rating to a “buy” rating and dropped their price target for the company from $170.00 to $155.00 in a report on Wednesday, April 30th. Barclays set a $105.00 price objective on Airbnb and gave the company an “underweight” rating in a research report on Thursday. Needham & Company LLC reiterated a “hold” rating on shares of Airbnb in a research report on Wednesday, May 14th. Finally, Cantor Fitzgerald reiterated an “underweight” rating and issued a $100.00 price objective on shares of Airbnb in a research report on Wednesday, May 14th. Five equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Airbnb has a consensus rating of “Hold” and an average target price of $143.59.

Airbnb Price Performance

ABNB stock opened at $121.02 on Thursday. The business has a fifty day moving average price of $134.96 and a 200 day moving average price of $130.98. Airbnb has a fifty-two week low of $99.88 and a fifty-two week high of $163.93. The stock has a market capitalization of $75.81 billion, a price-to-earnings ratio of 29.30, a P/E/G ratio of 2.22 and a beta of 1.13.

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

Insiders Place Their Bets

In related news, CFO Elinor Mertz sold 6,250 shares of the firm’s stock in a transaction on Monday, July 7th. The stock was sold at an average price of $135.86, for a total transaction of $849,125.00. Following the sale, the chief financial officer owned 461,361 shares of the company’s stock, valued at approximately $62,680,505.46. This trade represents a 1.34% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Joseph Gebbia sold 236,000 shares of the firm’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $129.71, for a total value of $30,611,560.00. Following the sale, the director directly owned 236,015 shares in the company, valued at $30,613,505.65. The trade was a 50.00% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,671,023 shares of company stock worth $223,195,427. 27.91% of the stock is owned by corporate insiders.

Institutional Trading of Airbnb

Hedge funds have recently added to or reduced their stakes in the business. Quadrant Capital Group LLC raised its stake in shares of Airbnb by 11.3% in the 4th quarter. Quadrant Capital Group LLC now owns 1,003 shares of the company’s stock valued at $132,000 after purchasing an additional 102 shares during the period. DRW Securities LLC acquired a new stake in shares of Airbnb in the 4th quarter valued at about $257,000. Colonial Trust Advisors raised its stake in shares of Airbnb by 652.2% in the 4th quarter. Colonial Trust Advisors now owns 519 shares of the company’s stock valued at $68,000 after purchasing an additional 450 shares during the period. Neuberger Berman Group LLC raised its stake in shares of Airbnb by 13.1% in the 4th quarter. Neuberger Berman Group LLC now owns 10,379 shares of the company’s stock valued at $1,364,000 after purchasing an additional 1,203 shares during the period. Finally, Treasurer of the State of North Carolina raised its stake in shares of Airbnb by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 192,277 shares of the company’s stock valued at $25,267,000 after purchasing an additional 1,210 shares during the period. Institutional investors and hedge funds own 80.76% of the company’s stock.

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.