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Airbnb stock drops more than 6% as post-IPO lockup ends

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By Levi Sumagaysay

Airbnb Inc.’s stock fell sharply Monday as the company’s post-IPO lockup expired, meaning insiders can now sell shares.

Before this lockup expiration, about 40% of shares held by Airbnb /zigman2/quotes/222990650/composite ABNB +1.42% insiders had already been unlocked, analysts from Susquehanna International Group said in a note to investors.

Airbnb shares were down more than 6% in Monday trading, hovering around $132.10. That’s about 8.7% lower than the closing price of $144.71 on IPO day. The company’s stock is off 9% year to date and has fallen about 34% in the past three months. Meanwhile, the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.12% is seeing a more than 10% increase so far this year.

The lodging-booking platform went public in December , several months after it lost about 80% of its business during the early days of the COVID-19 pandemic that wiped out travel around much of the world. Since then, though, the San Francisco-based company has recovered as its customers booked stays closer to home, or long-term rentals for working remotely. Last week, Airbnb reported first-quarter results that included sales and booking growth, and Chief Executive Brian Chesky said he expected a rebound “unlike anything we’ve seen before.”

Out of 26 analysts surveyed by FactSet, 11 have a buy rating on Airbnb stock, 13 say hold, one rates it a sell, and one considers it overweight. The average price target Monday was $166.04.

/zigman2/quotes/222990650/composite
US : U.S.: Nasdaq
$ 151.80
+2.12 +1.42%
Volume: 2.46M
June 23, 2021 10:45a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$92.43 billion
Rev. per Employee
$603,573
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/zigman2/quotes/210599714/realtime
US : S&P US
4,251.33
+4.89 +0.12%
Volume: 424.54M
June 23, 2021 10:45a
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