Convergence Investment Partners LLC Buys Shares of 3,997 Airbnb, Inc. $ABNB

Convergence Investment Partners LLC purchased a new position in Airbnb, Inc. (NASDAQ:ABNB) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 3,997 shares of the company’s stock, valued at approximately $485,000.

Other hedge funds also recently modified their holdings of the company. Harris Associates L P raised its stake in Airbnb by 43.2% during the 2nd quarter. Harris Associates L P now owns 14,237,331 shares of the company’s stock valued at $1,884,168,000 after purchasing an additional 4,292,383 shares during the last quarter. Norges Bank bought a new stake in shares of Airbnb in the second quarter valued at about $483,644,000. Amundi grew its position in Airbnb by 112.3% during the second quarter. Amundi now owns 2,670,251 shares of the company’s stock worth $361,525,000 after buying an additional 1,412,608 shares in the last quarter. McElhenny Sheffield Capital Management LLC acquired a new position in Airbnb in the 2nd quarter valued at approximately $170,189,000. Finally, Bank of Nova Scotia lifted its position in shares of Airbnb by 1,232.7% in the 2nd quarter. Bank of Nova Scotia now owns 956,188 shares of the company’s stock worth $126,542,000 after acquiring an additional 884,439 shares during the period. 80.76% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ABNB has been the subject of a number of recent research reports. BNP Paribas Exane started coverage on Airbnb in a research note on Monday, November 24th. They issued a “hold” rating for the company. Jefferies Financial Group increased their price objective on shares of Airbnb from $160.00 to $165.00 and gave the company a “buy” rating in a research note on Friday, December 5th. Cantor Fitzgerald raised shares of Airbnb from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $117.00 to $141.00 in a report on Thursday, January 8th. Sanford C. Bernstein lowered their target price on shares of Airbnb from $165.00 to $162.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 6th. Finally, UBS Group restated a “neutral” rating on shares of Airbnb in a research note on Tuesday. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, twenty have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $147.84.

Airbnb Trading Up 1.5%

NASDAQ ABNB opened at $131.31 on Tuesday. Airbnb, Inc. has a 1-year low of $99.88 and a 1-year high of $163.93. The company has a 50 day moving average of $130.90 and a 200-day moving average of $127.28. The firm has a market cap of $80.83 billion, a price-to-earnings ratio of 31.19, a PEG ratio of 2.00 and a beta of 1.09.

Airbnb (NASDAQ:ABNB) last released its quarterly earnings results on Thursday, November 6th. The company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.31 by ($0.10). Airbnb had a return on equity of 32.14% and a net margin of 22.03%.The business had revenue of $4.10 billion for the quarter, compared to the consensus estimate of $4.08 billion. During the same quarter last year, the company earned $2.13 earnings per share. The firm’s revenue was up 9.9% on a year-over-year basis. On average, analysts forecast that Airbnb, Inc. will post 4.31 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Joseph Gebbia sold 58,000 shares of Airbnb stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $133.28, for a total value of $7,730,240.00. Following the completion of the transaction, the director directly owned 460,015 shares of the company’s stock, valued at $61,310,799.20. The trade was a 11.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Elinor Mertz sold 3,750 shares of the stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $135.94, for a total transaction of $509,775.00. Following the sale, the chief financial officer directly owned 414,280 shares in the company, valued at approximately $56,317,223.20. This represents a 0.90% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 1,202,272 shares of company stock valued at $148,094,596. 27.91% of the stock is owned by corporate insiders.

Airbnb Profile

Airbnb, Inc (NASDAQ: ABNB) operates a global online marketplace that connects travelers with hosts offering short-term lodging, unique accommodations and related travel experiences. The company’s core platform enables individuals and professional property managers to list private homes, apartments, single rooms and entire properties, while providing search, booking and payment processing for guests. Airbnb earns revenue primarily through service fees charged to guests and hosts and offers tools to facilitate reservations, communications, and logistics between parties.

Beyond accommodations, Airbnb has expanded its product portfolio to include curated experiences led by local hosts, higher-end offerings such as Airbnb Luxe, and programs aimed at enhancing quality and safety like Airbnb Plus.