Morgan Stanley Forecasts Strong Price Appreciation for Allbirds (NASDAQ:BIRD) Stock

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 objective increased by equities research 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 14.78% from the company's previous close.

Separately, Wall Street Zen downgraded shares of Allbirds from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th.

Allbirds Stock Performance

Shares of BIRD stock traded down $0.02 during trading hours on Monday, reaching $6.97. The stock had a trading volume of 53,531 shares, compared to its average volume of 63,154. The firm has a 50-day simple moving average of $10.30 and a 200-day simple moving average of $7.51. The firm has a market capitalization of $56.18 million, a PE ratio of -0.66 and a beta of 1.90. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.55 and a quick ratio of 1.80. Allbirds has a twelve month low of $3.93 and a twelve month high of $18.33.

Allbirds (NASDAQ:BIRD - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($1.92) earnings per share (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 analyst estimates of $38.44 million. Allbirds had a negative net margin of 49.36% and a negative return on equity of 87.92%. As a group, equities analysts forecast that Allbirds will post -11.87 earnings per share for the current year.

Insiders Place Their Bets

In other Allbirds news, CEO Joseph Vernachio sold 4,450 shares of Allbirds 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 of the company's stock, valued at approximately $700,928.80. This trade represents a 4.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 30.67% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted 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 during the period. Jane Street Group LLC bought a new position in shares of Allbirds in the fourth quarter valued at about $104,000. Cubist Systematic Strategies LLC bought a new position in shares of Allbirds in the fourth quarter valued at about $70,000. Jacobs Levy Equity Management Inc. raised its holdings 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 during the last quarter. Finally, PDT Partners LLC raised its holdings in shares of Allbirds by 30.0% in the second quarter. PDT Partners LLC now owns 15,344 shares of the company's stock valued at $163,000 after buying an additional 3,545 shares during the last quarter. 44.07% of the stock is owned by institutional investors.

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.