5 Best IPO Stocks To Buy Heading Into 2023

3. Airbnb, Inc. (NASDAQ:ABNB)

Number of Hedge Fund Holders: 58

IPO Year: 2020

Founded in 2008, Airbnb, Inc. (NASDAQ:ABNB) is a leading accommodation travel company. The company offers a marketplace for short-term homestays and experiences for tourists and travelers. Airbnb, Inc. (NASDAQ:ABNB) charges a commission fee on each booking and acts as a broker between the owner and the traveler.

On November 22, 2022, Mario Lu, an analyst at Barclays, increased his price target on Airbnb, Inc. (NASDAQ:ABNB) to $103 from $101 while keeping an Equal Weight rating on the stock. The analyst revised his forecast after the company’s Q3 earnings and now believes that the travel industry is expected to grow by 12% in 2023.

58 hedge funds were long on the company’s stock at the end of the third quarter, according to Insider Monkey’s database. Renaissance Technologies had the biggest long position in the company at the end of Q3 2022.

In its Q2 2022 investor letter, Brick By Brick Capital, an asset management firm, highlighted a few stocks, and Airbnb, Inc. (NASDAQ:ABNB) was one of them. Here is what the fund said:

What is millennial tech?

It is a term I have coined to describe the type of companies I research. It is a disruptive technology that is changing the status quo of a given industry. For example, Airbnb (NASDAQ:ABNB) with the lodging industry. This definition casts a wide net in terms of what sectors I look at, but it is very specific in terms of what type of companies I look at. I also believe focusing on these companies gives me an inherent edge over Wall St. as they are often older and disconnected from what is truly innovative (…read more)