Allbirds (NASDAQ:BIRD) Trading 9.1% Higher

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BIRD shares. Telsey Advisory Group reaffirmed a “market perform” rating and set a $1.00 target price on shares of Allbirds in a research note on Wednesday, March 6th. Wedbush reduced their target price on shares of Allbirds from $1.00 to $0.90 and set a “neutral” rating on the stock in a report on Wednesday, March 13th. Finally, Piper Sandler decreased their price target on shares of Allbirds from $1.60 to $1.00 and set a “neutral” rating for the company in a research note on Wednesday, March 13th.

Allbirds Trading Down 8.2 %

The business has a 50 day moving average of $0.75 and a 200-day moving average of $0.92. The stock has a market cap of $98.33 million, a PE ratio of -0.63 and a beta of 1.82.

Allbirds (NASDAQ:BIRD) last issued its quarterly earnings results on Tuesday, March 12th. The company reported ($0.22) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.22). Allbirds had a negative net margin of 60.01% and a negative return on equity of 51.83%. The firm had revenue of $71.99 million during the quarter, compared to analysts’ expectations of $68.88 million. Research analysts expect that Allbirds, Inc. will post -0.7 EPS for the current fiscal year.

Institutional Trading of Allbirds

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hollencrest Capital Management increased its position in Allbirds by 100.0% during the 3rd quarter. Hollencrest Capital Management now owns 30,000 shares of the company’s stock worth $33,000 after purchasing an additional 15,000 shares during the period. SG Americas Securities LLC boosted its position in shares of Allbirds by 134.1% during the 3rd quarter. SG Americas Securities LLC now owns 42,338 shares of the company’s stock worth $47,000 after purchasing an additional 24,255 shares in the last quarter. Arnhold LLC grew its stake in shares of Allbirds by 20.5% during the 4th quarter. Arnhold LLC now owns 272,905 shares of the company’s stock worth $334,000 after purchasing an additional 46,350 shares during the period. Fountainhead AM LLC acquired a new stake in shares of Allbirds in the third quarter valued at about $91,000. Finally, Cheyne Capital Management UK LLP purchased a new stake in Allbirds during the third quarter worth about $111,000. Hedge funds and other 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.