Wall Street Zen Upgrades Allbirds (NASDAQ:BIRD) to "Hold"

Allbirds (NASDAQ:BIRD - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Friday.

Several other analysts have also commented on the company. Morgan Stanley dropped their target price on Allbirds from $6.00 to $5.00 and set an "equal weight" rating on the stock in a report on Monday, May 12th. Maxim Group assumed coverage on Allbirds in a research report on Friday, April 11th. They set a "buy" rating and a $14.00 price target on the stock.

Allbirds Stock Performance

NASDAQ:BIRD traded up $0.37 during mid-day trading on Friday, hitting $8.55. 84,153 shares of the company's stock traded hands, compared to its average volume of 58,151. Allbirds has a twelve month low of $3.93 and a twelve month high of $18.33. The company has a market capitalization of $68.90 million, a P/E ratio of -0.53 and a beta of 1.69. The company has a fifty day moving average of $5.80 and a 200 day moving average of $6.51.

Allbirds (NASDAQ:BIRD - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($2.73) EPS for the quarter, beating the consensus estimate of ($3.85) by $1.12. The business had revenue of $32.11 million for the quarter, compared to the consensus estimate of $29.98 million. Allbirds had a negative net margin of 60.43% and a negative return on equity of 65.30%. On average, research analysts expect that Allbirds will post -11.87 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Joseph Vernachio sold 4,450 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $7.15, for a total value of $31,817.50. Following the transaction, the chief executive officer now owns 98,032 shares in the company, valued at $700,928.80. This trade 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 link. Company insiders own 45.50% of the company's stock.

Hedge Funds Weigh In On Allbirds

Several hedge funds and other institutional investors have recently made changes to their positions in BIRD. Performa Ltd US LLC lifted its position in shares of Allbirds by 64.0% in the fourth quarter. Performa Ltd US LLC now owns 8,200 shares of the company's stock valued at $57,000 after acquiring an additional 3,200 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Allbirds by 169.4% during the fourth quarter. JPMorgan Chase & Co. now owns 6,232 shares of the company's stock worth $43,000 after buying an additional 3,919 shares in the last quarter. Jane Street Group LLC purchased a new position in Allbirds during the fourth quarter worth approximately $104,000. Cubist Systematic Strategies LLC purchased a new position in Allbirds during the fourth quarter worth approximately $70,000. Finally, Jacobs Levy Equity Management Inc. lifted its position in Allbirds by 262.5% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 42,521 shares of the company's stock worth $296,000 after buying an additional 30,791 shares in the last quarter. Hedge funds and other 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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