Allbirds (NASDAQ:BIRD) Shares Up 1% - Here's Why

Allbirds, Inc. (NASDAQ:BIRD - Get Free Report) shares rose 1% during trading on Friday . The stock traded as high as $10.84 and last traded at $10.59. Approximately 34,059 shares changed hands during trading, a decline of 45% from the average daily volume of 62,284 shares. The stock had previously closed at $10.48.

Wall Street Analyst Weigh In

BIRD has been the subject of several research reports. Maxim Group initiated coverage on shares of Allbirds in a report on Friday, April 11th. They set a "buy" rating and a $14.00 price objective for the company. Morgan Stanley dropped their price target 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. Finally, Wall Street Zen upgraded Allbirds from a "sell" rating to a "hold" rating in a research report on Friday, June 6th.

Allbirds Stock Performance

The stock's fifty day moving average is $8.07 and its 200 day moving average is $6.87. The stock has a market cap of $85.36 million, a P/E ratio of -0.96 and a beta of 1.90.

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

Insider Transactions at Allbirds

In other news, CEO Joseph Vernachio sold 4,450 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $7.15, for a total value of $31,817.50. Following the completion of the sale, the chief executive officer owned 98,032 shares in the company, valued at approximately $700,928.80. This trade represents a 4.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 45.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Allbirds

Several institutional investors have recently added to or reduced their stakes in the company. PDT Partners LLC bought a new stake in shares of Allbirds during the first quarter worth $76,000. Jacobs Levy Equity Management Inc. lifted its holdings in Allbirds by 262.5% during 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 in the last quarter. Cubist Systematic Strategies LLC bought a new stake in Allbirds during the 4th quarter valued at about $70,000. Jane Street Group LLC bought a new stake in Allbirds during the 4th quarter valued at about $104,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Allbirds by 169.4% during the fourth quarter. JPMorgan Chase & Co. now owns 6,232 shares of the company's stock valued at $43,000 after acquiring an additional 3,919 shares in the last quarter. Institutional investors own 44.07% of the company's stock.

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.

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