Allbirds (NASDAQ:BIRD) Shares Up 9.1%

Allbirds, Inc. (NASDAQ:BIRD) rose 9.1% during trading on Monday . The stock traded as high as $0.77 and last traded at $0.65. Approximately 3,508,444 shares traded hands during mid-day trading, an increase of 242% from the average daily volume of 1,025,155 shares. The stock had previously closed at $0.60.

Wall Street Analysts Forecast Growth

BIRD has been the subject of a number of recent research reports. Telsey Advisory Group reissued a “market perform” rating and set a $1.00 price target on shares of Allbirds in a research report on Wednesday, March 6th. Piper Sandler cut their price target on Allbirds from $1.60 to $1.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 13th. Finally, Wedbush lowered their price objective on Allbirds from $1.00 to $0.90 and set a “neutral” rating for the company in a research note on Wednesday, March 13th.

Allbirds Trading Down 8.2 %

The business’s 50 day simple moving average is $0.75 and its two-hundred day simple moving average is $0.92. The firm has a market capitalization of $98.33 million, a PE ratio of -0.63 and a beta of 1.82.

Allbirds (NASDAQ:BIRD) last released its quarterly earnings results on Tuesday, March 12th. The company reported ($0.22) earnings per share for the quarter, hitting the consensus estimate of ($0.22). The business had revenue of $71.99 million for the quarter, compared to the consensus estimate of $68.88 million. Allbirds had a negative net margin of 60.01% and a negative return on equity of 51.83%. As a group, equities research analysts anticipate that Allbirds, Inc. will post -0.7 earnings per share for the current year.

Institutional Investors Weigh In On Allbirds

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hollencrest Capital Management boosted its stake in shares of Allbirds by 100.0% in the third quarter. Hollencrest Capital Management now owns 30,000 shares of the company’s stock worth $33,000 after acquiring an additional 15,000 shares during the period. SG Americas Securities LLC grew its stake in Allbirds by 134.1% during the third quarter. SG Americas Securities LLC now owns 42,338 shares of the company’s stock valued at $47,000 after acquiring an additional 24,255 shares in the last quarter. Fountainhead AM LLC bought a new stake in Allbirds in the 3rd quarter valued at $91,000. Cheyne Capital Management UK LLP purchased a new stake in Allbirds in the 3rd quarter worth $111,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Allbirds during the 3rd quarter valued at about $209,000. Institutional investors own 44.07% of the company’s stock.

About Allbirds

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.