Allbirds (NASDAQ:BIRD) Shares Down 3.1% - Here's Why

Key Points

• Allbirds' stock (NASDAQ:BIRD) experienced a 3.1% drop in price, closing at $10.68 after trading as low as $10.40 on Monday, with a significant 33% decline in trading volume.
• Analysts have mixed views on Allbirds, with Maxim Group initiating a "buy" rating at a $14.00 price target, while Morgan Stanley lowered their target from $6.00 to $5.00 and categorized it as "equal weight."
• The company's recent earnings report revealed a loss of ($2.73) EPS, beating estimates, while revenue was reported at $32.11 million, exceeding forecasts of $29.98 million.

Allbirds, Inc. (NASDAQ:BIRD - Get Free Report) shares were down 3.1% during mid-day trading on Monday . The company traded as low as $10.40 and last traded at $10.68. Approximately 37,512 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 56,117 shares. The stock had previously closed at $11.02.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on BIRD shares. Wall Street Zen raised Allbirds from a "sell" rating to a "hold" rating in a report on Friday, June 6th. Maxim Group started coverage on Allbirds in a report on Friday, April 11th. They issued a "buy" rating and a $14.00 target price for the company. Finally, Morgan Stanley dropped their target price on Allbirds from $6.00 to $5.00 and set an "equal weight" rating for the company in a report on Monday, May 12th.

Allbirds Trading Down 2.6%

The stock has a fifty day moving average of $10.02 and a two-hundred day moving average of $7.37. The stock has a market capitalization of $79.11 million, a price-to-earnings ratio of -0.89 and a beta of 1.90.

Allbirds (NASDAQ:BIRD - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($2.73) earnings per share for the quarter, beating analysts' consensus estimates of ($3.85) by $1.12. Allbirds had a negative return on equity of 76.44% and a negative net margin of 48.13%. The firm had revenue of $32.11 million during the quarter, compared to analysts' expectations of $29.98 million. Equities analysts expect that Allbirds, Inc. will post -11.87 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Joseph Vernachio sold 4,450 shares of the firm's 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 sale, the chief executive officer directly owned 98,032 shares of the company's stock, valued at $700,928.80. This trade represents a 4.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 45.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Allbirds

A number of hedge funds and other institutional investors have recently bought and sold shares of BIRD. JPMorgan Chase & Co. increased its stake in shares of 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 during the period. Cubist Systematic Strategies LLC acquired a new stake in shares of Allbirds in the 4th quarter valued at $70,000. PDT Partners LLC acquired a new stake in shares of Allbirds in the 1st quarter valued at $76,000. Jane Street Group LLC acquired a new stake in shares of Allbirds in the 4th quarter valued at $104,000. Finally, Jacobs Levy Equity Management Inc. increased its stake in shares of Allbirds by 262.5% in the 4th 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 during the period. 44.07% of the stock is 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.