Allbirds (NASDAQ:BIRD) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Key Points

• Morgan Stanley has increased its price target for Allbirds' stock from $5.00 to $8.00, suggesting a potential upside of 15.27% from its previous close, while maintaining an "equal weight" rating.
• Conversely, Wall Street Zen downgraded Allbirds from a "hold" rating to a "sell" rating, indicating mixed analyst sentiment about the stock.
• Allbirds reported a revenue of $39.69 million in its latest earnings, exceeding analysts' expectations, but also posted a negative EPS of ($1.92) per share.

Allbirds (NASDAQ:BIRD - Get Free Report) had its price target hoisted by investment analysts at Morgan Stanley from $5.00 to $8.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's target price would indicate a potential upside of 18.52% from the company's current price.

Separately, Wall Street Zen downgraded shares of Allbirds from a "hold" rating to a "sell" rating in a report on Saturday.

Allbirds Stock Up 5.3%

NASDAQ:BIRD traded up $0.34 during mid-day trading on Monday, reaching $6.75. The company's stock had a trading volume of 114,198 shares, compared to its average volume of 65,207. The firm has a market capitalization of $54.41 million, a PE ratio of -0.64 and a beta of 1.90. The company has a quick ratio of 1.80, a current ratio of 2.55 and a debt-to-equity ratio of 0.07. The stock has a fifty day moving average of $10.34 and a 200-day moving average of $7.51. Allbirds has a 1 year low of $3.93 and a 1 year high of $18.33.

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

Insider Buying and Selling

In other news, CEO Joseph Vernachio sold 4,450 shares of the company's 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 transaction, the chief executive officer 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 is available through this hyperlink. Corporate insiders own 30.67% of the company's stock.

Hedge Funds Weigh In On Allbirds

Several hedge funds have recently modified their holdings of BIRD. Jacobs Levy Equity Management Inc. increased its holdings in shares of Allbirds by 262.5% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 42,521 shares of the company's stock valued at $296,000 after acquiring an additional 30,791 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of Allbirds during the fourth quarter valued at about $104,000. PDT Partners LLC acquired a new position in shares of Allbirds during the first quarter valued at about $76,000. Cubist Systematic Strategies LLC acquired a new position in shares of Allbirds during the fourth quarter valued at about $70,000. Finally, JPMorgan Chase & Co. increased its holdings 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 and hedge funds 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.