11 Best Gig Economy Stocks to Buy According to Hedge Funds

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6. Airbnb, Inc. (NASDAQ:ABNB)

No. of Hedge Fund Holders: 54

Airbnb, Inc. (NASDAQ:ABNB) is a company that operates an online platform, connecting homeowners and travelers. The platform allows travelers looking to book space during their travel. Airbnb allows homeowners to list their property or space on its platform for rent. The company has massively disrupted the hospitality industry.

On February 3, BofA analyst Justin Post lowered the price target on ABNB from $159 to $151, maintaining a Neutral rating on the stock. Post expects the company’s Q4 performance to be modest and remain consistent with guidance. The analyst highlighted Q1 bookings and night outlook to be a key driver for the company, where the Street estimates a growth of 9% each.

Airbnb is expected to report earnings of $0.59 per share in Q4 2024, which would be flat from a year ago. The revenue is projected to be around $2.4 billion, up by 9.2% year-over-year and in line with the company’s guidance. The company has shown solid performance in 2024, with nine-month revenue soaring by 12% year-over-year, as of Q3 2024. Moreover, the company’s operating cash flow also increased to $4.11 billion from $3.82 billion in the first nine months of 2023.

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