Allbirds, Inc. (NASDAQ:BIRD – Get Rating) was the target of a large growth in short interest in March. As of March 31st, there was short interest totalling 8,080,000 shares, a growth of 6.2% from the March 15th total of 7,610,000 shares. Based on an average trading volume of 2,360,000 shares, the short-interest ratio is presently 3.4 days. Approximately 8.7% of the shares of the company are short sold.
Wall Street Analysts Forecast Growth
Several analysts recently commented on BIRD shares. Robert W. Baird lowered Allbirds from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $7.00 to $2.00 in a research note on Friday, March 10th. Telsey Advisory Group lowered Allbirds from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $4.00 to $2.25 in a research note on Friday, March 10th. BTIG Research started coverage on Allbirds in a research note on Monday, February 6th. They issued a “neutral” rating on the stock. Piper Sandler decreased their price target on Allbirds from $4.00 to $3.00 in a research note on Friday, March 10th. Finally, TD Cowen downgraded Allbirds from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $4.00 to $1.50 in a research report on Monday, March 13th. Twelve analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $3.98.
Allbirds Trading Up 3.2 %
Shares of BIRD stock traded up $0.04 on Friday, reaching $1.30. 453,063 shares of the stock were exchanged, compared to its average volume of 2,165,069. Allbirds has a one year low of $1.03 and a one year high of $6.12. The stock has a 50 day moving average price of $1.82 and a 200 day moving average price of $2.48.
Allbirds (NASDAQ:BIRD – Get Rating) last released its earnings results on Thursday, March 9th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.03). The firm had revenue of $84.18 million for the quarter, compared to the consensus estimate of $96.55 million. Allbirds had a negative return on equity of 24.47% and a negative net margin of 34.04%. As a group, equities research analysts expect that Allbirds will post -0.81 EPS for the current year.
Insider Activity at Allbirds
In related news, CEO Joseph Zwillinger sold 22,099 shares of the firm’s stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $2.75, for a total value of $60,772.25. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Joseph Zwillinger sold 22,099 shares of Allbirds stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $2.75, for a total transaction of $60,772.25. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Dan Levitan acquired 75,796 shares of the firm’s stock in a transaction dated Wednesday, March 15th. The shares were purchased at an average cost of $1.08 per share, for a total transaction of $81,859.68. Following the acquisition, the director now directly owns 106,283 shares in the company, valued at approximately $114,785.64. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 162,896 shares of company stock valued at $452,220. Corporate insiders own 31.93% of the company’s stock.
Institutional Investors Weigh In On Allbirds
A number of institutional investors and hedge funds have recently added to or reduced their stakes in BIRD. Envestnet Asset Management Inc. bought a new stake in Allbirds in the first quarter valued at about $186,000. JPMorgan Chase & Co. increased its holdings in Allbirds by 559.4% in the first quarter. JPMorgan Chase & Co. now owns 493,235 shares of the company’s stock valued at $2,964,000 after purchasing an additional 418,435 shares during the last quarter. Lord Abbett & CO. LLC increased its holdings in Allbirds by 651.0% in the first quarter. Lord Abbett & CO. LLC now owns 2,902,677 shares of the company’s stock valued at $17,445,000 after purchasing an additional 2,516,177 shares during the last quarter. Ergoteles LLC bought a new stake in Allbirds in the first quarter valued at about $276,000. Finally, Fund Management at Engine No. 1 LLC acquired a new position in Allbirds in the first quarter valued at about $482,000. Institutional investors own 33.14% of the company’s stock.
About Allbirds
Allbirds, Inc manufactures and sells footwear and apparel products for men and women. It offers shoes, such as running shoes, everyday sneakers, high-tops, slip-ons, boat shoes, flats, weather repellent shoes, and sandals. The company’s apparel products include activewear, tops, bottoms, dresses, sweaters, underwear, and socks.