Market News

Airbnb Users Ask for Crypto Rentals in 2022; Shares Down 5%

Several users of the global travel and accommodation service provider Airbnb, Inc. (ABNB) have demanded crypto rentals in 2022, according to a Twitter Inc. (TWTR) poll started by the company. Shares closed down 5% at $162.25 driven by the overall hawkish economic environment.

Airbnb’s Twitter Poll

Following the path taken by billionaire Elon Musk, CEO of Tesla Inc. (TSLA), Airbnb CEO Brian Chesky initiated a Twitter poll during the weekend asking users, “If Airbnb could launch anything in 2022, what would it be?”

Out of his 399,000 followers, about 4,000 replied to his poll. Of all the suggestions, enabling cryptocurrency payments for their next home rentals was the most voted response. Users urged that Airbnb allow them to make payments for their rentals using famous cryptocurrencies such as Bitcoins, Ethereum, etc.

Other popular responses included having clear pricing displays, a guest loyalty program, better customer service, and so on. Replying to the poll, Chesky said, “Already working on most, will look into others now!” Currently, the company accepts popular payment options such as Visa, Mastercard, Apple Pay, Google Pay, and PayPal. Chesky had earlier shown his interest in the crypto and metaverse sectors during interviews in 2021.

Digital wallets and digital currencies are finding a place in several sectors, with companies accepting the currency as a legitimate payment mode. The crypto markets have been volatile and currently. Bitcoin (BTC-USD price) is trading around $42,715, up 25% over the past six months.

Wall Street Take

Recently, Wolfe Research analyst Deepak Mathivanan lowered the price target on the stock to $150 (7.5% downside potential) from $160, while maintaining a Hold rating.  

The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 10 Buys, 14 Holds, and 1 Sell. The average Airbnb price target of $196.75 implies 21.3% upside potential to current levels.

News Sentiment

TipRanks’ News Sentiment and Media Buzz Analysis shows the combined News Score based on DISCA’s News Sentiment and Media Buzz.

According to TipRanks data, the News Score for Airbnb is currently Positive based on 23 articles published over the past seven days. 80% of the articles have a Bullish Sentiment compared to a sector average of 60%, while 20% of the articles have a Bearish Sentiment compared to a sector average of 40%.

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