Benzinga | Nov 5, 2021 09:43AM EDT

Why Airbnb Shares Are Rising Today

Airbnb Inc (NASDAQ:ABNB) is trading higher Friday after the company announced better-than-expected third-quarter financial results.

Airbnb reported quarterly earnings of $1.22 per share, which beat the estimate of 75 cents per share. The company reported quarterly revenue of $2.24 billion, which beat the estimate of $2.04 billion.

Airbnb expects fourth-quarter revenue to be in a range of $1.39 billion to $1.48 billion versus the estimate of $1.44 billion.

"Host earnings reached a record $12.8 billion in the quarter, and active listings continued to grow. But something bigger than a travel rebound is happening. The world is undergoing a revolution in how we live and work. Technologies like Zoom make it possible to work from home. Airbnb makes it possible to work from any home," Airbnb said in a letter to shareholders.

Analyst Assessment: Multiple analyst firms raised price targets on the stock following Airbnb's financial results:

* Needham analyst Bernie McTernan maintained Airbnb with a Buy rating and raised the price target from $200 to $210.

* Credit Suisse analyst Stephen Ju maintained Airbnb with a Neutral rating and raised the price target from $167 to $179.

* RBC Capital analyst Brad Erickson maintained Airbnb with an Outperform rating and raised the price target from $170 to $195.

ABNB Price Action: Airbnb has traded as high as $219.94 and as low as $121.50 over a 52-week period.

The stock was up 4.79% at $187 at time of publication.

Photo: courtesy of Airbnb.