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Airbnb, Inc. (NASDAQ:ABNB) shares are trading lower Wednesday after the company reported its second-quarter results and issued weak forward guidance after Tuesday's closing bell.
The Details:
Airbnb reported an increase in revenue of 10.63% year-over-year, but missed expectations with earnings of 86 cents per share.
The company issued weak third-quarter revenue guidance of between $3.67 billion and $3.73 billion, below the consensus estimate of $3.836 billion for the quarter. Airbnb also said it expects sequential moderation in growth of Nights and Experiences Booked when compared to the second quarter.
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Several analysts lowered price targets on Airbnb's stock following the print:
When trying to assess whether or not Airbnb will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $145.10 on Airbnb. The Street high target is currently at $190 and the Street low target is $100. Of all the analysts covering Airbnb, 7 have positive ratings, 10 have neutral ratings and 3 have negative ratings.
In the last month, 11 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Airbnb have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Airbnb is 15.67% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Airbnb, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
ABNB Price Action: According to Benzinga Pro, Airbnb shares are down 14.5% at $111.55 at the time of publication Wednesday.
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Posted In: ABNB