Airbnb (NASDAQ:ABNB) Upgraded to Buy by BTIG Research

Airbnb (NASDAQ:ABNB) was upgraded by BTIG Research from a “neutral” rating to a “buy” rating in a research report issued on Thursday, The Fly reports.

Several other analysts have also issued reports on the stock. Needham & Company LLC cut their price target on shares of Airbnb from $210.00 to $194.00 and set a “buy” rating for the company in a research report on Friday, May 14th. Truist Securities dropped their target price on shares of Airbnb from $180.00 to $160.00 and set a “hold” rating for the company in a report on Friday, May 14th. Piper Sandler dropped their target price on shares of Airbnb from $198.00 to $175.00 and set an “overweight” rating for the company in a report on Friday, May 14th. Gordon Haskett upgraded shares of Airbnb from an “underperform” rating to a “buy” rating and set a $172.00 target price for the company in a report on Tuesday, July 13th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $170.00 target price on shares of Airbnb in a report on Friday, July 16th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating and seventeen have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $170.94.

NASDAQ ABNB opened at $139.25 on Thursday. The company’s 50-day simple moving average is $144.42. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.63. Airbnb has a 12-month low of $121.50 and a 12-month high of $219.94. The stock has a market capitalization of $85.99 billion and a price-to-earnings ratio of -8.97.

Airbnb (NASDAQ:ABNB) last posted its quarterly earnings results on Wednesday, May 12th. The company reported ($1.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.15) by $0.03. The business had revenue of $887.00 million for the quarter, compared to analysts’ expectations of $717.99 million. The business’s revenue for the quarter was up 5.4% compared to the same quarter last year. Equities analysts expect that Airbnb will post -1.03 earnings per share for the current year.

In related news, insider Nathan Blecharczyk sold 388,989 shares of the firm’s stock in a transaction that occurred on Monday, May 17th. The shares were sold at an average price of $132.65, for a total transaction of $51,599,390.85. Following the completion of the sale, the insider now owns 598,364 shares of the company’s stock, valued at $79,372,984.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Belinda J. Johnson sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 9th. The shares were sold at an average price of $147.14, for a total transaction of $29,428,000.00. Following the sale, the director now directly owns 399,327 shares of the company’s stock, valued at approximately $58,756,974.78. The disclosure for this sale can be found here. Insiders have sold 3,020,714 shares of company stock valued at $432,036,109 in the last ninety days. Insiders own 36.30% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD bought a new stake in shares of Airbnb during the fourth quarter valued at approximately $1,585,718,000. Jennison Associates LLC boosted its holdings in Airbnb by 551.6% in the first quarter. Jennison Associates LLC now owns 3,358,931 shares of the company’s stock worth $631,277,000 after purchasing an additional 2,843,433 shares during the last quarter. BlackRock Inc. boosted its holdings in Airbnb by 87.4% in the first quarter. BlackRock Inc. now owns 2,755,407 shares of the company’s stock worth $517,851,000 after purchasing an additional 1,285,208 shares during the last quarter. Morgan Stanley purchased a new stake in Airbnb in the fourth quarter worth approximately $343,849,000. Finally, Sands Capital Management LLC purchased a new stake in Airbnb in the fourth quarter worth approximately $316,298,000. 12.53% of the stock is owned by institutional investors.

About Airbnb

Airbnb, Inc, together with its subsidiaries, operates a platform for 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 and luxury villas. The company was formerly known as AirBed & Breakfast, Inc and changed its name to Airbnb, Inc in November 2010.

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