Airbnb (ABNB) - Get Report shares were falling Monday after the vacation-rental company's post-IPO lockup expired, permitting insiders to sell their shares for the first time since the company went public in December.
Shares of the San Francisco company at last check were off 6.6% to $131.85.
Airbnb had dropped as much as 7.8% on Monday to the lowest in five months, more than erasing the stock’s post-earnings rally on Friday, Bloomberg data showed.
The company was among Wall Street's five most-traded stocks as of midday, with about $3.3 billion of shares bought and sold, more than triple the average of under $1 billion a day over the past 20 sessions, Reuters reported, citing Refinitiv data.
Last week, Airbnb's first-quarter revenue beat expectations, but its loss for the period came in wider than analyst forecasts.
The lockup period expired two trading days after the company reported quarterly earnings.
Airbnb posted a loss of $1.17 billion, or $1.95 a share, for the latest quarter, widening from $340.6 million, or $1.30 a share, a year earlier. The analyst consensus called for a loss of $1.17 a share in the latest quarter.
Revenue totaled $886.9 million for the quarter, up 5% from $841.8 million a year earlier. The FactSet analyst consensus: $720.8 million for the latest quarter.
The company said that with the rollout of COVID-19 vaccines "and the easing of some travel restrictions, our business significantly improved in Q1 2021 compared with the same period a year ago."
In February the company posted better-than-expected fourth-quarter revenue in its first results since it went public.
Airbnb priced its initial public offering at $68 a share, well above an already raised estimated range of $56 to $60 a share.