PNC Financial Services Group Inc. Trims Stock Position in Airbnb, Inc. $ABNB

PNC Financial Services Group Inc. cut its holdings in shares of Airbnb, Inc. (NASDAQ:ABNB) by 8.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 79,231 shares of the company’s stock after selling 6,970 shares during the period. PNC Financial Services Group Inc.’s holdings in Airbnb were worth $10,005,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. ORG Partners LLC raised its stake in shares of Airbnb by 97.0% during the 4th quarter. ORG Partners LLC now owns 195 shares of the company’s stock valued at $26,000 after buying an additional 96 shares during the last quarter. Transamerica Financial Advisors LLC boosted its stake in shares of Airbnb by 143.6% in the fourth quarter. Transamerica Financial Advisors LLC now owns 190 shares of the company’s stock worth $26,000 after buying an additional 112 shares during the last quarter. Entrust Financial LLC acquired a new stake in Airbnb during the fourth quarter worth about $27,000. Meeder Asset Management Inc. grew its holdings in Airbnb by 96.3% during the first quarter. Meeder Asset Management Inc. now owns 214 shares of the company’s stock worth $27,000 after acquiring an additional 105 shares during the period. Finally, Sunbelt Securities Inc. raised its position in Airbnb by 397.7% during the third quarter. Sunbelt Securities Inc. now owns 219 shares of the company’s stock valued at $27,000 after acquiring an additional 175 shares in the last quarter. 80.76% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Airbnb news, CEO Brian Chesky sold 265,746 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $132.22, for a total transaction of $35,136,936.12. Following the transaction, the chief executive officer directly owned 11,206,389 shares of the company’s stock, valued at $1,481,708,753.58. This trade represents a 2.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Nathan Blecharczyk sold 88,366 shares of Airbnb stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $145.81, for a total transaction of $12,884,646.46. Following the completion of the sale, the insider owned 12,370 shares in the company, valued at approximately $1,803,669.70. This trade represents a 87.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 2,231,864 shares of company stock worth $308,474,278. Company insiders own 27.21% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Scotiabank started coverage on Airbnb in a research report on Monday, May 4th. They issued an “outperform” rating on the stock. Citigroup reiterated an “outperform” rating on shares of Airbnb in a research note on Friday, May 8th. Morgan Stanley downgraded shares of Airbnb from an “underweight” rating to an “underweight” rating in a report on Monday, May 4th. Raymond James Financial upgraded shares of Airbnb from a “market perform” rating to a “strong-buy” rating in a research report on Monday, May 4th. Finally, Tigress Financial cut their price objective on shares of Airbnb from $200.00 to $185.00 and set a “buy” rating for the company in a report on Wednesday, April 8th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $159.65.

Airbnb Stock Up 2.6%

Airbnb stock opened at $141.10 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.44 and a quick ratio of 1.44. The stock has a market capitalization of $85.04 billion, a PE ratio of 34.75, a price-to-earnings-growth ratio of 1.51 and a beta of 1.14. The business has a 50 day simple moving average of $139.84 and a 200-day simple moving average of $134.62. Airbnb, Inc. has a 12 month low of $110.81 and a 12 month high of $150.88.

Airbnb (NASDAQ:ABNB) last announced its earnings results on Thursday, May 7th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.05). Airbnb had a net margin of 19.90% and a return on equity of 31.24%. The business had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.62 billion. During the same quarter last year, the business earned $0.24 EPS. The company’s quarterly revenue was up 17.9% on a year-over-year basis. On average, analysts anticipate that Airbnb, Inc. will post 4.93 EPS for the current fiscal year.

About Airbnb

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.