Allbirds (NASDAQ:BIRD) Stock Rating Lowered by Wall Street Zen

Key Points

• Allbirds' rating has been downgraded from "hold" to "sell" by analysts at Wall Street Zen.
• The stock price of Allbirds has dropped by 29.3%, with shares currently trading around $6.94, down from a twelve-month high of $18.33.
• CEO Joseph Vernachio sold 4,450 shares of Allbirds, decreasing his ownership by 4.34%, signaling potential concerns from company leadership.

Wall Street Zen downgraded shares of Allbirds (NASDAQ:BIRD - Free Report) from a hold rating to a sell rating in a research report sent to investors on Saturday.

Other equities research analysts have also issued reports about the stock. Morgan Stanley lowered their price target on shares of Allbirds from $6.00 to $5.00 and set an "equal weight" rating on the stock in a report on Monday, May 12th. Maxim Group assumed coverage on shares of Allbirds in a report on Friday, April 11th. They issued a "buy" rating and a $14.00 price target on the stock.

Allbirds Stock Performance

Shares of NASDAQ BIRD traded up $0.26 during mid-day trading on Friday, hitting $7.01. The stock had a trading volume of 42,450 shares, compared to its average volume of 62,432. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.80 and a current ratio of 2.55. The company has a 50 day moving average of $10.34 and a two-hundred day moving average of $7.51. Allbirds has a twelve month low of $3.93 and a twelve month high of $18.33. The firm has a market cap of $56.46 million, a PE ratio of -0.66 and a beta of 1.90.

Allbirds (NASDAQ:BIRD - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($1.92) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.78) by $0.86. Allbirds had a negative return on equity of 87.92% and a negative net margin of 49.36%. The firm had revenue of $39.69 million for the quarter, compared to the consensus estimate of $38.44 million. Research analysts predict that Allbirds will post -11.87 EPS for the current fiscal year.

Insider Activity

In other news, CEO Joseph Vernachio sold 4,450 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $7.15, for a total transaction of $31,817.50. Following the sale, the chief executive officer directly owned 98,032 shares of the company's stock, valued at $700,928.80. This represents a 4.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 30.67% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Allbirds

Several hedge funds have recently modified their holdings of BIRD. Jacobs Levy Equity Management Inc. boosted its stake in shares of Allbirds by 262.5% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 42,521 shares of the company's stock worth $296,000 after acquiring an additional 30,791 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Allbirds during the 4th quarter worth about $104,000. PDT Partners LLC purchased a new stake in shares of Allbirds during the 1st quarter worth about $76,000. Cubist Systematic Strategies LLC purchased a new position in Allbirds in the 4th quarter valued at about $70,000. Finally, JPMorgan Chase & Co. lifted its stake in Allbirds by 169.4% in the 4th quarter. JPMorgan Chase & Co. now owns 6,232 shares of the company's stock valued at $43,000 after buying an additional 3,919 shares in the last quarter. 44.07% of the stock is owned by hedge funds and other institutional investors.

About Allbirds

Allbirds, Inc manufactures and sells footwear and apparel products for men and women in the United States and internationally. The company offers a range of lifestyle and performance shoes; and apparel, including classic tees and sweats, socks, and underwear. It sells its products through its retail stores, as well as online.