L2 Asset Management LLC Trims Stock Position in Airbnb, Inc. $ABNB

L2 Asset Management LLC cut its holdings in Airbnb, Inc. (NASDAQ:ABNB) by 21.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,878 shares of the company’s stock after selling 6,090 shares during the quarter. L2 Asset Management LLC’s holdings in Airbnb were worth $2,778,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ABNB. Private Advisor Group LLC grew its holdings in Airbnb by 1.0% during the 3rd quarter. Private Advisor Group LLC now owns 8,295 shares of the company’s stock valued at $1,007,000 after buying an additional 86 shares during the last quarter. Koshinski Asset Management Inc. raised its holdings in shares of Airbnb by 4.1% in the third quarter. Koshinski Asset Management Inc. now owns 2,226 shares of the company’s stock worth $270,000 after acquiring an additional 87 shares during the last quarter. LRI Investments LLC raised its holdings in shares of Airbnb by 7.5% in the third quarter. LRI Investments LLC now owns 1,260 shares of the company’s stock worth $153,000 after acquiring an additional 88 shares during the last quarter. Brookstone Capital Management lifted its position in shares of Airbnb by 4.0% in the third quarter. Brookstone Capital Management now owns 2,350 shares of the company’s stock valued at $285,000 after acquiring an additional 91 shares in the last quarter. Finally, SYM FINANCIAL Corp lifted its position in shares of Airbnb by 4.9% in the third quarter. SYM FINANCIAL Corp now owns 1,953 shares of the company’s stock valued at $237,000 after acquiring an additional 91 shares in the last quarter. 80.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ABNB has been the subject of a number of recent research reports. BNP Paribas Exane assumed coverage on Airbnb in a research report on Monday, November 24th. They set a “hold” rating for the company. Weiss Ratings restated a “hold (c)” rating on shares of Airbnb in a report on Wednesday, January 21st. Benchmark reduced their target price on shares of Airbnb from $155.00 to $145.00 and set a “buy” rating on the stock in a report on Friday, February 13th. UBS Group raised their price target on shares of Airbnb from $147.00 to $149.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 3rd. Finally, Jefferies Financial Group boosted their price objective on shares of Airbnb from $160.00 to $165.00 and gave the company a “buy” rating in a research report on Friday, December 5th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, sixteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $147.40.

Insider Activity at Airbnb

In other news, Director Joseph Gebbia sold 58,000 shares of the stock in a transaction dated Monday, December 29th. The shares were sold at an average price of $136.70, for a total transaction of $7,928,600.00. Following the transaction, the director directly owned 576,015 shares in the company, valued at $78,741,250.50. This represents a 9.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Elinor Mertz sold 3,750 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $130.00, for a total transaction of $487,500.00. Following the transaction, the chief financial officer owned 402,417 shares in the company, valued at approximately $52,314,210. The trade was a 0.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 381,338 shares of company stock worth $49,828,312. 27.83% of the stock is owned by insiders.

Airbnb Stock Up 1.6%

Shares of NASDAQ:ABNB opened at $128.32 on Tuesday. The company has a market cap of $78.11 billion, a P/E ratio of 31.76, a P/E/G ratio of 1.55 and a beta of 1.12. The business has a fifty day simple moving average of $129.92 and a 200-day simple moving average of $126.65. Airbnb, Inc. has a 52 week low of $99.88 and a 52 week high of $143.88.

Airbnb (NASDAQ:ABNB) last released its earnings results on Thursday, February 12th. The company reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.10). Airbnb had a return on equity of 30.88% and a net margin of 20.51%.The business had revenue of $2.78 billion for the quarter, compared to analysts’ expectations of $2.71 billion. During the same quarter last year, the company posted $0.73 earnings per share. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. Sell-side analysts expect that Airbnb, Inc. will post 4.31 earnings per share for the current fiscal year.

Airbnb Company 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.