Grassi Investment Management Reduces Stake in Airbnb, Inc. (NASDAQ:ABNB)

Grassi Investment Management lessened its holdings in shares of Airbnb, Inc. (NASDAQ:ABNB) by 15.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,620 shares of the company’s stock after selling 300 shares during the period. Grassi Investment Management’s holdings in Airbnb were worth $213,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Pacer Advisors Inc. grew its stake in Airbnb by 6,085.6% in the third quarter. Pacer Advisors Inc. now owns 4,241,557 shares of the company’s stock worth $537,872,000 after purchasing an additional 4,172,985 shares in the last quarter. Meritage Group LP bought a new position in Airbnb in the third quarter worth approximately $160,985,000. Edgewood Management LLC grew its stake in Airbnb by 9.2% in the third quarter. Edgewood Management LLC now owns 13,582,433 shares of the company’s stock worth $1,722,388,000 after purchasing an additional 1,143,464 shares in the last quarter. International Assets Investment Management LLC grew its stake in Airbnb by 19,430.3% in the third quarter. International Assets Investment Management LLC now owns 1,119,479 shares of the company’s stock worth $1,419,610,000 after purchasing an additional 1,113,747 shares in the last quarter. Finally, Temasek Holdings Private Ltd grew its stake in Airbnb by 91.3% in the third quarter. Temasek Holdings Private Ltd now owns 2,324,151 shares of the company’s stock worth $294,726,000 after purchasing an additional 1,109,076 shares in the last quarter. Hedge funds and other institutional investors own 80.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ABNB shares. Bank of America increased their target price on Airbnb from $154.00 to $159.00 and gave the company a “neutral” rating in a research report on Wednesday, December 18th. Wells Fargo & Company increased their price objective on Airbnb from $100.00 to $102.00 and gave the company an “underweight” rating in a report on Tuesday, October 8th. Robert W. Baird increased their price objective on Airbnb from $120.00 to $140.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Raymond James began coverage on Airbnb in a report on Friday, September 27th. They set a “market perform” rating and a $134.00 price objective for the company. Finally, JPMorgan Chase & Co. increased their price objective on Airbnb from $121.00 to $142.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Six research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Airbnb has a consensus rating of “Hold” and an average target price of $139.32.

Insider Activity

In related news, CTO Aristotle N. Balogh sold 600 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $133.51, for a total transaction of $80,106.00. Following the completion of the transaction, the chief technology officer now owns 193,444 shares in the company, valued at approximately $25,826,708.44. The trade was a 0.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Nathan Blecharczyk sold 9,603 shares of the stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $130.22, for a total transaction of $1,250,502.66. Following the transaction, the insider now directly owns 164,850 shares of the company’s stock, valued at $21,466,767. This represents a 5.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 916,597 shares of company stock valued at $122,880,766. 27.83% of the stock is currently owned by company insiders.

Airbnb Price Performance

ABNB traded down $0.70 during trading on Monday, reaching $128.93. The company’s stock had a trading volume of 2,159,885 shares, compared to its average volume of 3,463,281. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.23. The firm has a fifty day simple moving average of $134.98 and a two-hundred day simple moving average of $132.55. Airbnb, Inc. has a 1 year low of $110.38 and a 1 year high of $170.10. The company has a market cap of $81.74 billion, a price-to-earnings ratio of 45.24, a PEG ratio of 1.93 and a beta of 1.13.

Airbnb (NASDAQ:ABNB) last released its earnings results on Thursday, November 7th. The company reported $2.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.04). Airbnb had a return on equity of 32.88% and a net margin of 16.96%. The business had revenue of $3.73 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the business earned $2.39 earnings per share. As a group, analysts anticipate that Airbnb, Inc. will post 3.99 EPS for the current year.

Airbnb Profile

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.