Comerica Bank Trims Position in Airbnb, Inc. $ABNB

Comerica Bank decreased its stake in shares of Airbnb, Inc. (NASDAQ:ABNB) by 8.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,918 shares of the company’s stock after selling 7,972 shares during the quarter. Comerica Bank’s holdings in Airbnb were worth $10,264,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Park Square Financial Group LLC bought a new stake in shares of Airbnb during the fourth quarter valued at approximately $26,000. Orion Capital Management LLC bought a new stake in Airbnb during the 4th quarter valued at $28,000. Stonebridge Financial Group LLC raised its position in Airbnb by 75.7% during the 1st quarter. Stonebridge Financial Group LLC now owns 246 shares of the company’s stock valued at $29,000 after purchasing an additional 106 shares in the last quarter. Bartlett & CO. Wealth Management LLC lifted its holdings in shares of Airbnb by 209.6% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 257 shares of the company’s stock worth $31,000 after buying an additional 174 shares during the period. Finally, SouthState Corp grew its position in shares of Airbnb by 216.1% during the 1st quarter. SouthState Corp now owns 294 shares of the company’s stock worth $35,000 after buying an additional 201 shares in the last quarter. 80.76% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. BMO Capital Markets set a $124.00 price objective on Airbnb and gave the company a “market perform” rating in a report on Thursday, August 7th. Zacks Research upgraded shares of Airbnb to a “hold” rating in a report on Tuesday, August 12th. Royal Bank Of Canada upped 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. Citigroup cut their price objective on shares of Airbnb from $170.00 to $155.00 and set a “buy” rating on the stock in a report on Monday, May 5th. Finally, Evercore ISI reduced their price objective on shares of Airbnb from $165.00 to $145.00 and set an “in-line” rating for the company in a research note on Friday, May 2nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nineteen have assigned a Hold rating and five have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $142.72.

Insiders Place Their Bets

In other news, Director Joseph Gebbia sold 236,000 shares of the business’s stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $129.46, for a total transaction of $30,552,560.00. Following the sale, the director owned 944,015 shares in the company, valued at approximately $122,212,181.90. The trade was a 20.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Elinor Mertz sold 6,250 shares of the company’s stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $135.86, for a total transaction of $849,125.00. Following the transaction, the chief financial officer owned 461,361 shares in the company, valued at approximately $62,680,505.46. This trade represents a 1.34% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,454,830 shares of company stock valued at $193,751,948. 27.83% of the stock is currently owned by corporate insiders.

Airbnb Stock Down 1.0%

NASDAQ ABNB opened at $126.89 on Wednesday. Airbnb, Inc. has a 52 week low of $99.88 and a 52 week high of $163.93. The company has a 50 day moving average price of $132.31 and a 200 day moving average price of $130.47. The firm has a market cap of $78.85 billion, a PE ratio of 30.72, a price-to-earnings-growth ratio of 2.34 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 (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.11. The business had revenue of $3.10 billion for the quarter, compared to analyst estimates of $3.02 billion. Airbnb had a net margin of 22.67% and a return on equity of 32.19%. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.86 earnings per share. On average, equities research analysts anticipate that Airbnb, Inc. will post 4.31 earnings per share for the current fiscal year.

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.