M&T Bank Corp Has $58.11 Million Stake in Airbnb, Inc. (NASDAQ:ABNB)

M&T Bank Corp lifted its position in shares of Airbnb, Inc. (NASDAQ:ABNB) by 2,527.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 458,243 shares of the company’s stock after buying an additional 440,803 shares during the quarter. M&T Bank Corp owned about 0.07% of Airbnb worth $58,110,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Northwest Investment Counselors LLC acquired a new stake in Airbnb during the 3rd quarter worth about $25,000. Hollencrest Capital Management lifted its stake in shares of Airbnb by 6,666.7% in the 3rd quarter. Hollencrest Capital Management now owns 203 shares of the company’s stock valued at $26,000 after purchasing an additional 200 shares during the period. New Millennium Group LLC bought a new stake in shares of Airbnb during the 2nd quarter valued at about $28,000. Cultivar Capital Inc. acquired a new stake in Airbnb during the second quarter worth approximately $30,000. Finally, Ashton Thomas Securities LLC bought a new stake in Airbnb in the third quarter worth approximately $30,000. Institutional investors own 80.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ABNB. Wedbush raised their price objective on shares of Airbnb from $135.00 to $155.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Truist Financial reduced their price target on shares of Airbnb from $124.00 to $123.00 and set a “hold” rating for the company in a report on Wednesday, December 4th. Cantor Fitzgerald reiterated an “underweight” rating and set a $94.00 price objective on shares of Airbnb in a report on Monday, October 7th. Mizuho cut their price objective on shares of Airbnb from $175.00 to $170.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Finally, Sanford C. Bernstein decreased their target price on Airbnb from $174.00 to $155.00 and set an “outperform” rating for the company in a research report on Tuesday, September 17th. Six research analysts have rated the stock with a sell rating, eighteen have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $138.94.

Airbnb Price Performance

ABNB opened at $137.27 on Tuesday. Airbnb, Inc. has a fifty-two week low of $110.38 and a fifty-two week high of $170.10. The firm has a 50-day moving average of $134.92 and a 200 day moving average of $134.97. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.62 and a current ratio of 1.62. The firm has a market cap of $87.03 billion, a P/E ratio of 48.16, a PEG ratio of 1.91 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). The company had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.72 billion. Airbnb had a net margin of 16.96% and a return on equity of 32.88%. During the same period in the prior year, the company earned $2.39 earnings per share. On average, research analysts expect that Airbnb, Inc. will post 3.99 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Elinor Mertz sold 10,500 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $136.97, for a total transaction of $1,438,185.00. Following the sale, the chief financial officer now directly owns 503,738 shares in the company, valued at approximately $68,996,993.86. This represents a 2.04 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Joseph Gebbia sold 19,448 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $137.14, for a total transaction of $2,667,098.72. Following the completion of the transaction, the director now directly owns 2,509 shares of the company’s stock, valued at approximately $344,084.26. This trade represents a 88.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 748,465 shares of company stock valued at $96,015,340 over the last ninety days. 27.83% of the stock is currently owned by insiders.

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.