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

Airbnb Inc.’s stock fell sharply Monday as the corporate’s post-IPO lockup expired, which means insiders can now promote shares.

Before this lockup expiration, about 40% of shares held by Airbnb

insiders had already been unlocked, analysts from Susquehanna International Group stated in a notice to buyers.

Airbnb shares have been down more than 6% in Monday buying and selling, hovering round $132.10. That’s about 8.7% decrease than the closing value of $144.71 on IPO day. The firm’s stock is off 9% yr up to now and has fallen about 34% previously three months. Meanwhile, the S&P 500 index

is seeing a more than 10% enhance to this point this yr.

The lodging-booking platform went public in December, a number of months after it misplaced about 80% of its enterprise in the course of the early days of the COVID-19 pandemic that worn out journey round a lot of the world. Since then, although, the San Francisco-based firm has recovered as its prospects booked stays nearer to dwelling, or long-term leases for working remotely. Last week, Airbnb reported first-quarter results that included gross sales and reserving progress, and Chief Executive Brian Chesky stated he anticipated a rebound “unlike anything we’ve seen before.”

Out of 26 analysts surveyed by FactSet, 11 have a purchase ranking on Airbnb stock, 13 say maintain, one charges it a promote, and one considers it chubby. The common value goal Monday was $166.04.

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