Allbirds (NASDAQ:BIRD) Lowered to "Sell" Rating 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 lowered shares of Allbirds (NASDAQ:BIRD - Free Report) from a hold rating to a sell rating in a report released on Saturday.

Several other research firms have also issued reports on BIRD. Morgan Stanley dropped their price objective on Allbirds from $6.00 to $5.00 and set an "equal weight" rating for the company in a research note on Monday, May 12th. Maxim Group initiated coverage on Allbirds in a research note on Friday, April 11th. They set a "buy" rating and a $14.00 price objective for the company.

Allbirds Price Performance

Shares of NASDAQ BIRD traded up $0.43 during trading hours on Friday, reaching $6.84. The stock had a trading volume of 110,942 shares, compared to its average volume of 62,612. The business's fifty day moving average is $10.35 and its two-hundred day moving average is $7.52. The company has a market cap of $55.13 million, a price-to-earnings ratio of -0.65 and a beta of 1.90. Allbirds has a twelve month low of $3.93 and a twelve month high of $18.33.

Allbirds (NASDAQ:BIRD - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($1.92) EPS for the quarter, beating analysts' consensus estimates of ($2.78) by $0.86. The business had revenue of $39.69 million during the quarter, compared to analyst estimates of $38.44 million. Allbirds had a negative return on equity of 81.03% and a negative net margin of 49.36%. Sell-side analysts forecast that Allbirds will post -11.87 earnings per share for the current fiscal year.

Insider Transactions at Allbirds

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

Institutional Trading of Allbirds

Hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its stake in shares of Allbirds by 169.4% in the fourth 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. Jane Street Group LLC acquired a new stake in shares of Allbirds in the fourth quarter valued at $104,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Allbirds in the fourth quarter valued at $70,000. Jacobs Levy Equity Management Inc. increased its stake in shares of Allbirds by 262.5% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 42,521 shares of the company's stock valued at $296,000 after buying an additional 30,791 shares in the last quarter. Finally, PDT Partners LLC acquired a new stake in shares of Allbirds in the first quarter valued at $76,000. 44.07% of the stock is currently owned by institutional investors and hedge funds.

Allbirds Company Profile

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.