SAN FRANCISCO – Joseph Gebbia, director and significant shareholder of Airbnb, Inc. (NASDAQ:), recently sold a significant portion of his shares in the company. According to a filing with the U.S. Securities and Exchange Commission (SEC), Gebbia sold a total of 214,285 Class A shares of Airbnb on December 17, 2024. The sale comes at a time when Airbnb, currently valued at a market value of $80.8 billion, is in strong financial health with an impressive gross margin of 83%, according to InvestingPro data. The transactions were conducted at prices between $130.94 and $132.29 per share, for a total sales value of approximately $28.3 million.
These sales were made pursuant to a Rule 10b5-1 trading plan that Gebbia adopted on August 20, 2024. Following these transactions, Gebbia holds 1,285,715 shares indirectly through the Sycamore Trust and 2,509 shares directly. The sales reflect Gebbia's continued management of his investment in the company he co-founded as he continues to play a significant role in Airbnb's governance and strategy.
In other recent news, Airbnb is under investigation by Spain's Ministry of Consumer Protection, which is probing unregulated rental offers on the platform. Airbnb has confirmed it is the target of the investigation and said it will appeal if it violates regulations. This is part of a broader crackdown in Spain against holiday rentals brokered by platforms such as Airbnb and Booking.com.
Booking Holdings Chief Financial Officer Ewout Steenbergen reported that American consumers continue to delay vacation planning due to inflation. In contrast, European travelers booked earlier, which had a positive impact on Booking Holdings' outlook. Despite the impact of inflation on lower-income groups, Steenbergen remains optimistic about the future of the U.S. travel market.
Airbnb has recently seen several adjustments from analysts. Truist Securities slightly lowered its price target for Airbnb and maintained a Hold recommendation. DA Davidson raised the price target on Airbnb, reflecting a broader rerating in the large-cap technology sector and a slight increase in the company's financial forecasts for Airbnb. However, PhillipCapital downgraded Airbnb stock to Reduce from Neutral, citing considerations regarding Airbnb's valuation premium.
Airbnb's third-quarter 2024 results beat expectations with revenue of $3,732 million, up 10% year-over-year. The company's fourth-quarter revenue forecast is between $2.39 billion and $2.44 billion, up 7.8% to 10% year-over-year. These are the latest developments in the company's current performance.
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