Wall Street had a second thought about Airbnb’s lung market launch last week.
The share of home-sharing companies more than doubled last week in the company’s initial public offering – fell more than 8 percent on Monday, after a research firm downgraded the shares ’value, citing doubts as to whether the company’s performance could justify them. High price.
Gordon Hasket Capital analyst Robert Mollins wrote, “We’re talking about Airbnb’s business model, wanting to be holders for a long time, but now they’re no longer realizing that trading at 300 to 400 percent appraisal premium is selling stocks.”
The home-sharing company became publicly traded last Thursday, with its shares rising from its list price of $ 68 to $ 165. They closed at 4 144.71, which gave the company a $ 83 billion market cap – higher than the market values of Marriott, Hilton and Hyatt.
On Monday, the stock was down 8.3 percent at $ 127.70.
Molins said his price target for Airbin shares was 3,103 per share, adding that he was “positive” in his forecast for the company’s “long-term” future. But he said the “majority” of investors he spoke to were eager to reap their quick returns.
Airbin’s 39-year-old CEO Brian Cesky is tied to the $ 6.5 billion rich and tongue-in-cheek as the share price of holiday-rental companies more than doubled in its blockbuster market launch last Thursday. According to the Bloomberg Billionaires Index, Cesky’s net worth was more than $ 11 billion, which gave him a fortune more than record manager David Caffeine and hedge-fund CEO Steve Cohen.
“This is the first time I’ve heard that number,” he told Bloomberg Television. “So I don’t know what else to say. It… it is a… it is very… it… um… means… yes… I am very humble. ”