SCS Capital Management LLC Makes New Investment in Airbnb, Inc. $ABNB

by · The Cerbat Gem

SCS Capital Management LLC acquired a new position in Airbnb, Inc. (NASDAQ:ABNB – Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 91,678 shares of the company’s stock, valued at approximately $10,952,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Park Square Financial Group LLC acquired a new position in Airbnb in the fourth quarter worth $26,000. Orion Capital Management LLC bought a new stake in Airbnb in the fourth quarter valued at $28,000. Stonebridge Financial Group LLC lifted its stake in Airbnb by 75.7% in the first quarter. Stonebridge Financial Group LLC now owns 246 shares of the company’s stock valued at $29,000 after buying an additional 106 shares during the last quarter. Bartlett & CO. Wealth Management LLC lifted its stake in Airbnb by 209.6% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 257 shares of the company’s stock valued at $31,000 after buying an additional 174 shares during the last quarter. Finally, SouthState Corp lifted its stake in Airbnb by 216.1% in the first quarter. SouthState Corp now owns 294 shares of the company’s stock valued at $35,000 after buying an additional 201 shares during the last quarter. Institutional investors and hedge funds own 80.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ABNB. Wells Fargo & Company set a $110.00 target price on Airbnb and gave the company an “underweight” rating in a research note on Thursday, August 7th. Citizens Jmp upgraded Airbnb to a “hold” rating in a research note on Monday, August 11th. Phillip Securities upgraded Airbnb from a “moderate sell” rating to a “hold” rating in a research note on Friday, August 8th. Morgan Stanley cut their target price on Airbnb from $130.00 to $120.00 and set an “underweight” rating on the stock in a research note on Thursday, August 7th. Finally, BNP Paribas upgraded Airbnb to a “hold” rating in a research note on Wednesday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nineteen have assigned a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $142.66.

View Our Latest Research Report on ABNB

Insider Transactions at Airbnb

In related news, Director Joseph Gebbia sold 236,000 shares of Airbnb 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 transaction, the director directly owned 944,015 shares of the company’s stock, valued at $122,212,181.90. The trade was a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO David C. Bernstein sold 5,000 shares of Airbnb stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $142.00, for a total value of $710,000.00. Following the transaction, the chief accounting officer directly owned 42,619 shares in the company, valued at approximately $6,051,898. The trade was a 10.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,438,926 shares of company stock valued at $188,880,433 in the last three months. 27.83% of the stock is currently owned by insiders.

Airbnb Stock Up 0.7%

Shares of NASDAQ ABNB opened at $124.62 on Tuesday. Airbnb, Inc. has a fifty-two week low of $99.88 and a fifty-two week high of $163.93. The firm’s 50-day simple moving average is $131.48 and its 200 day simple moving average is $128.96. The stock has a market cap of $77.44 billion, a P/E ratio of 30.17, a P/E/G ratio of 2.26 and a beta of 1.13.

Airbnb (NASDAQ:ABNB – Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.11. Airbnb had a net margin of 22.67% and a return on equity of 32.19%. The business had revenue of $3.10 billion for the quarter, compared to analysts’ expectations of $3.02 billion. During the same period in the previous year, the business earned $0.86 earnings per share. The company’s revenue was up 12.7% on a year-over-year basis. On average, sell-side analysts anticipate that Airbnb, Inc. will post 4.31 earnings per share for the current fiscal year.

About Airbnb

(Free Report)

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.

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