Airbnb Stock Lower After Gloomy Outlook

Options volume is running at four times the intraday average

Deputy Editor
Nov 2, 2023 at 10:47 AM
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Shares of Airbnb Inc (NASDAQ: ABNB) are 0.8% lower at $118.56 at last check, after the online lodging company issued softer guidance for the fourth quarter than analysts anticipated. The company did beat third-quarter earnings and revenue forecasts. The firm' also saw stronger-than-expected total nights and experiences of 113.2 million for the quarter.

In response, ABNB's options pits are exploding with activity. So far, 27,000 puts and 29,000 calls have already exchanged hands, total volume that's four times the average intraday volume. Bullish bets are more popular overall, with the most active contract the weekly 11/3 125-strike call.

However, pessimism was high ahead of Airbnb's earnings call. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), ABNB's 10- and 50-day put/call volume ratios of 2.25 and 1.71, respectively, stand higher than 98% of readings from the last 12 months. Echoing this, Airbnb stock's Schaeffer's put/call open interest ratio (SOIR) of 1.48 stands in the high 94th percentile of annual readings.

Meanwhile, analysts are slamming the equity with bear notes. At least nine firms have slashed their price targets on the stock today, including Goldman Sachs to $114 from $117. The current 12-month target price of $135.77 is a 16.3% premium to ABNB's current perch, indicating more cuts could be on the way.

The security is on track to snap a three-day winning streak. Over the last three months, Airbnb stock is down 16.3%, though it's up 37.5% in 2023.


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