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Expedia Group, Inc. (EXPE) - free report >>
Why Shares of Airbnb (ABNB) Fell on Monday
Shares of Airbnb (ABNB - Free Report) were down 9% in morning trading after analysts at investment firm Gordon Haskett downgraded the stock. ABNB closed the day down about 7% to $129.51 per share.
ABNB was lowered to underperform from buy with a $103 price target, representing a 26% downside from Friday’s closing price of $139.25. Analyst Robert Mollins said that ABNB’s valuation is “more than stretched” compared to other online travel stocks Booking Holdings (BKNG - Free Report) and Expedia (EXPE - Free Report) .
Today’s downgrade comes just days after the firm initiated coverage with a buy rating and $77 PT. ABNB went IPO last week opening at $146 per share; shares skyrocketed 112% and $3.5 billion was raised for the company.
Its market cap hit $100 billion and now sits around $77.2 billion.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>