Why Airbnb Stock Is Moving Higher

Airbnb Inc ABNB shares are trading higher Wednesday after the company reported better-than-expected financial results and issued guidance above analyst estimates.

Airbnb said first-quarter revenue increased 70% year-over-year to $1.5 billion, which beat the $1.45 billion estimate, according to data from Benzinga Pro. The company reported a quarterly earnings loss of 3 cents per share, which beat the estimate for a loss of 29 cents per share.

Airbnb said nights and experiences booked in the first quarter totaled 102.1 million, an increase of 59% year-over-year. Gross booking value reached $17.2 billion during the quarter, an increase of 67% year-over-year.

Airbnb expects second-quarter revenue to be between $2.03 billion and $2.13 billion versus the $1.97 billion estimate.

Related Link: Airbnb Q1 Earnings Highlights: Revenue And EPS Beat, Record Bookings, Strong Demand Moving Forward

Analyst Assessment:

• Piper Sandler analyst Thomas Champion maintained Airbnb with a Neutral rating and lowered the price target from $194 to $174.
• Barclays analyst Mario Lu maintained Airbnb with an Equal-Weight rating and lowered the price target from $185 to $170.
• UBS analyst Lloyd Walmsley maintained Airbnb with a Neutral rating and raised the price target from $178 to $185.
• Credit Suisse analyst Stephen Ju maintained Airbnb with a Neutral rating and raised the price target from $185 to $190.

ABNB 52-Week Range: $129.71 - $212.58

The stock was up 5.17% at $152.46 at press time.

Photo: InstagramFOTOGRAFIN from Pixabay.