In the wake of the ongoing war between Russia and Ukraine, several Ukrainians have fled the country and are seeking refuge in neighboring nations. During such pressing times, American lodging and homestay provider Airbnb, Inc. (ABNB) has offered to help Ukrainians by providing free housing to 100,000 refugees.
Airbnb is an online platform, which brings hosts and guests together to book accommodation and travel services worldwide. ABNB stock closed down 2.3% at $151.49 on February 28.
100,000 Free Homes to Refugees
Airbnb announced on Monday that it will provide free short-term housing to 100,000 Ukrainian refugees. The initiative will be funded by Airbnb.org, the company’s non-profit organization, and donors to Airbnb.org Refugee Fund, and voluntary contributions from hosts.
Moreover, Airbnb has requested people in neighboring nations to open their homes to refugees and get involved through Airbnb.org.
Further, the company is also working closely with the governments of Poland, Germany, Hungary, and Romania who are welcoming refugees within their borders to best support the specific needs in each country, including offering long-term stays.
According to the Associated Press, around 500,000 Ukrainians have fled the country since the war started. On Monday, Ukraine’s ambassador to the United Nations said that they are still hoping for a diplomatic resolution with Russia over the difficult situation.
Airbnb.org was founded to facilitate temporary stays for people in moments of crisis. The company announced last week that it has provided housing to 21,300 Afghan refugees through the organization. Moreover, it has set a new goal of providing free temporary housing to another 20,000 refugees from Afghanistan, Africa, the Middle East, Central and South America, and other regions.
Official Comments
Requesting people to help for the cause, Co-founder and CEO of Airbnb, Brian Chesky, said on Twitter (TWTR), “We need help to meet this goal… The greatest need we have is for more people who can offer their homes in nearby countries, including Poland, Germany, Hungary, and Romania.”
Target Price
The ABNB stock has a Moderate Buy consensus rating based on 9 Buys, 17 Holds, and 1 Sell. The average Airbnb price target of $201.42 implies almost 33% upside potential to current levels. However, its shares have lost 23% over the past year.
News Sentiment
TipRanks data shows that the News Score for Airbnb is currently Positive based on 38 articles published over the past seven days, at the time of writing. 86% of the articles have a Bullish Sentiment compared to a sector average of 63% while 14% of the articles have a Bearish Sentiment compared to a sector average of 38%.
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