Airbnb-A Stock To Watch As The World Starts To Reopen
Like most of you, I just can't wait for the world to reopen. There's a sense of regret and lost time after the lockdowns we all had to experience in 2020. There is a massive amount of pent up demand for socializing, traveling, and time outside in general. A big benefactor of this environment could be Airbnb as friends and family travel again this summer. Airbnb had already been gaining ground on traditional hotels prior to 2020, but I think the impact may just be beginning. Not only does Airbnb allow you to stay at a discount from local hotels, it also provides safety for those who are still worried about COVID-19 and do not wish to visit a large hotel with thousands of people. Staying at an airbnb is a perfect way for people to reunite with loved ones without having to worry about interacting with a large number of people.
From a technical perspective, Airbnb is a recent IPO that has held up quite well over the last month as many growth stocks got hammered. There is very little distribution on this chart, and I really like the support that came in off the $160 level. I took a pilot position in ABNB this week and will look to add should we see some follow-through buying in the coming weeks.
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Full Disclosure: I currently own ABNB.
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