Quantum Private Wealth Reduces Stake in Airbnb Shares

Quantum Private Wealth LLC has reduced its holdings in shares of Airbnb, Inc. (NASDAQ:ABNB) by 37.4% during the third quarter of this year. This information was shared in the company's latest report submitted to the Securities and Exchange Commission (SEC). Following this reduction, Quantum Private Wealth LLC now owns 7,761 shares of Airbnb, having sold 4,639 shares during the quarter. At the end of the most recent quarter, the value of their holdings in Airbnb was approximately $984,000.

Changes in Institutional Investments

Additionally, several other institutional investors have also adjusted their stakes in Airbnb. AIA Group Ltd elevated its position by 5.5% in the third quarter, bringing its total ownership to 27,501 shares valued at about $3,487,000 after acquiring 1,425 additional shares. Meanwhile, Bensler LLC established a new stake worth around $3,230,000 in the same period. Principal Financial Group Inc. raised its holdings by 17.9%, now owning 680,539 shares worth $86,299,000 after purchasing 103,087 shares last quarter. Moreover, Malaga Cove Capital LLC and Blake Schutter Theil Wealth Advisors LLC also entered the market, with new stakes valued at approximately $249,000 and $226,000, respectively. Collectively, institutional investors and hedge funds possess about 80.76% of Airbnb's stock.

Insider Transactions

In related news, there have been significant insider transactions at Airbnb. Chief Technology Officer Aristotle N. Balogh sold 600 shares on August 20th at an average price of $118.94, amounting to a total of $71,364. After this sale, Balogh holds 198,244 shares valued at approximately $23,579,141.36, representing no change in ownership percentage. Similarly, Director Joseph Gebbia sold 42,719 shares on October 1st at an average price of $126.48, totaling $5,403,099.12. Following this transaction, Gebbia now owns 16,472 shares worth about $2,083,378.56. Over the last quarter, company insiders have sold 417,806 shares, with insider ownership currently at 27.83%.

Market Analyst Ratings

Market analysts have recently provided updated ratings on Airbnb's stock. Bank of America maintained a "hold" rating, raising its price target from $132.00 to $142.00. Sanford C. Bernstein lowered their price target from $174.00 to $155.00, assigning an "outperform" rating to the stock. On the other hand, Wedbush reduced their target from $165.00 to $135.00 while keeping an "outperform" rating. Needham & Company LLC reaffirmed its "hold" rating. Lastly, Royal Bank of Canada decreased their target price from $150.00 to $120.00 and designated a "sector perform" rating. Currently, five research analysts have rated the stock as a sell, nineteen as hold, and eight as buy, leading to consensus ratings of "hold" and an average target price of $136.65 according to MarketBeat.

Airbnb Stock Performance Overview

As of Friday, ABNB stock opened at $133.49, reflecting a decline of 9.4%. The firm has a fifty-day moving average of $128.79 and a two-hundred-day moving average of $137.88. Airbnb's market capitalization stands at $85.65 billion, with a price-to-earnings ratio of 18.16 and a price-to-earnings-growth ratio of 1.93. Over the past year, the stock has reached a low of $110.38 and a high of $170.10. The last quarterly earnings report, issued on August 6th, revealed an earnings per share (EPS) of $0.86, falling short of the consensus estimate of $0.92. Nonetheless, the company reported revenue of $2.75 billion, a 10.6% increase from the same quarter last year, despite missing the target set by analysts who estimated $2.74 billion. Analysts predict that Airbnb, Inc. will achieve an EPS of 4.17 for the current year.

About Airbnb

Airbnb, Inc., along with its subsidiaries, operates a platform that connects hosts and guests from around the globe, allowing individuals to book stays and experiences. The company's marketplace primarily offers private rooms, primary homes, and vacation rentals, facilitating a diverse travel experience for customers.

Airbnb, Investments, Stocks