Truist Financial Has Lowered Expectations for Airbnb (NASDAQ:ABNB) Stock Price

Airbnb (NASDAQ:ABNB) had its target price reduced by Truist Financial from $106.00 to $104.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “sell” rating on the stock. Truist Financial’s target price would indicate a potential downside of 17.05% from the stock’s current price.

Several other research firms have also issued reports on ABNB. Royal Bank Of Canada increased their price target on shares of Airbnb from $140.00 to $145.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 7th. BMO Capital Markets set a $124.00 target price on Airbnb and gave the company a “market perform” rating in a report on Thursday, August 7th. Cantor Fitzgerald reissued an “underweight” rating and set a $100.00 price target on shares of Airbnb in a report on Wednesday, May 14th. Citizens Jmp upgraded Airbnb to a “hold” rating in a research report on Monday, August 11th. Finally, Barclays set a $105.00 target price on Airbnb and gave the company an “underweight” rating in a research report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nineteen have assigned a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $142.66.

Airbnb Stock Performance

Shares of NASDAQ ABNB opened at $125.37 on Wednesday. The stock has a market capitalization of $77.91 billion, a P/E ratio of 30.36, a PEG ratio of 2.28 and a beta of 1.13. The stock’s fifty day moving average is $131.85 and its 200 day moving average is $129.74. Airbnb has a 52 week low of $99.88 and a 52 week high of $163.93.

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

Insiders Place Their Bets

In other Airbnb news, Director Joseph Gebbia sold 236,000 shares of the stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $139.40, for a total value of $32,898,400.00. Following the completion of the transaction, the director directly owned 1,180,015 shares in the company, valued at approximately $164,494,091. This trade represents a 16.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO David C. Bernstein sold 5,000 shares of the business’s stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $142.00, for a total value of $710,000.00. Following the sale, the chief accounting officer owned 42,619 shares in the company, valued at approximately $6,051,898. This trade represents a 10.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,674,926 shares of company stock valued at $221,778,833 in the last 90 days. Corporate insiders own 27.91% of the company’s stock.

Hedge Funds Weigh In On Airbnb

Several large investors have recently modified their holdings of the business. Reynders McVeigh Capital Management LLC raised its position in shares of Airbnb by 24.7% during the second quarter. Reynders McVeigh Capital Management LLC now owns 125,044 shares of the company’s stock worth $16,548,000 after acquiring an additional 24,774 shares during the last quarter. Centaurus Financial Inc. increased its position in Airbnb by 76.9% during the 2nd quarter. Centaurus Financial Inc. now owns 4,053 shares of the company’s stock valued at $536,000 after purchasing an additional 1,762 shares during the period. Orion Porfolio Solutions LLC raised its holdings in Airbnb by 21.4% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 43,899 shares of the company’s stock worth $5,810,000 after purchasing an additional 7,725 shares during the last quarter. Neuberger Berman Group LLC lifted its position in shares of Airbnb by 11.6% in the 2nd quarter. Neuberger Berman Group LLC now owns 17,241 shares of the company’s stock worth $2,282,000 after purchasing an additional 1,798 shares during the period. Finally, B. Riley Wealth Advisors Inc. acquired a new position in shares of Airbnb in the 2nd quarter worth approximately $447,000. Institutional investors 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.