Signal Says Don't Sweat Airbnb Stock's Pullback

Jefferies cut its price objective to $165 from $170

Digital Content Manager
Oct 18, 2023 at 3:32 PM
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Airbnb Inc (NASDAQ:ABNB) stock is down 1.9% to trade at $123.38 at last check, after Jefferies cut its price objective to $165 from $170. The shares have taken a 20% haircut from their July 31, one-year high of $154.95. The silver lining is this pullback has ABNB encountering a historically bullish trendline that, if past is precedent, could trigger a rally. 

According to data from Schaeffer's Senior Quantitative Analyst Rocky White, Airbnb stock is within one standard deviation of its 80-day moving average. The equity saw at least four similar signals over the last three years, defined for this study as having traded north of the moving average 80% of the time in the past two months and in eight of the last 10 trading days. The shares finished higher one month later in 67% of those instances, with an average 5.4% gain.

ABNB 200 Day

An unwinding of pessimism in the options pits could also bode well for the stock. Over at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), ABNB carries a 50-day put/call volume ratio of 1.60 that ranks in the 96th percentile of annual readings. This suggests puts have been more popular than usual.


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