Booking Holdings (BKNG) is in a buy zone from a buy point of 3,251.71. Shares are on track for six straight days of gains and are finding plenty of buyers among funds as well. BKNG stock is today’s selection for IBD 50 Stocks To Watch
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Shares bottomed in the base after finding support at the 200-day moving average in late October. On Nov. 2, when it announced third-quarter results, the stock started rising from the line, according to IBD MarketSmith. Q3 sales grew 21% to $7.3 billion while earnings per share of $72.32 rose 36%.
Booking Holdings ranks second in the travel booking industry group. It boasts an ideal Composite Rating of 99 and an EPS Rating of 77. The 92 Relative Strength Rating is a show of technical strength.
BKNG stock has gained 67% so far this year, making the S&P 500’s gain of 20% look tame.
The travel company offers a digital platform for travel bookings and related services under brands such as Booking.com, Priceline, Agoda, Rentalcars.com, Kayak and OpenTable.
Users can make reservations for hotels, resorts, homes, apartments, bed-and-breakfasts and other alternative and traditional accommodations. Booking also offers flight and car rental reservation features, vacation packages, tours, cruises and other attractions, activities and experiences.
Its metasearch service allows users to compare reservation information from several online travel platforms. Booking also offers travel-related insurance products and restaurant management services.
The company contracts with travel service providers and earns a commission or margin on the travel transaction.
In June, it launched a new AI Trip Planner and added it to its machine learning tools that recommended travel destinations to customers. The AI feature uses models from OpenAI’s ChatGPT to create a conversational experience.
BKNG Stock Shows Strong Fund Ownership
Strong interest from fund managers has earned the stock an Accumulation/Distribution Rating of B-. Mutual funds own 56% of shares outstanding. More funds have been net buyers of the stock over the past four quarters. The Franklin Growth Fund (FKGRX) and Fidelity Contrafund (FCNTX) hold shares of BKNG.
Exchange traded funds that own it include Consumer Discretionary Select Sector SPDR Fund (XLY) and iShares MSCI KLD 400 Social ETF (DSI).
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