At the start of the new year, investors had some key reasons to consider the bullish opportunity in home rental platform Airbnb (ABNB). While the consumer economy encountered many challenges, the employment market remained red-hot. In other words, if people really wanted a job, they could find one. Naturally, this secure baseline helped boost sentiment for ABNB stock and its ilk.
Indeed, following the close of Airbnb’s first session of 2023, it posted a per-share price tag of $84.90. Fast forward to Feb. 16 and ABNB stock hit a peak closing price (so far this year) of $139.42. Since then, however, circumstances haven’t been so fortuitous for the underlying enterprise. Just in the past week, shares fell nearly 12%.
