Allbirds (NASDAQ:BIRD) Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Allbirds (NASDAQ:BIRDGet Rating) from a hold rating to a sell rating in a research note released on Tuesday, Zacks.com reports.

According to Zacks, “Allbirds Inc. is a lifestyle brand with naturally derived materials to make footwear and apparel products. Allbirds Inc. is based in SAN FRANCISCO. “

A number of other brokerages have also recently weighed in on BIRD. Wedbush started coverage on shares of Allbirds in a report on Thursday, April 28th. They issued an outperform rating and a $8.00 price objective on the stock. KeyCorp cut their price objective on shares of Allbirds from $28.00 to $24.00 and set an overweight rating on the stock in a report on Thursday, January 20th. Stifel Nicolaus cut their price objective on shares of Allbirds from $25.00 to $20.00 and set a buy rating on the stock in a report on Thursday, February 24th. Telsey Advisory Group cut their price objective on shares of Allbirds from $25.00 to $16.00 and set an outperform rating on the stock in a report on Friday, February 18th. Finally, Jefferies Financial Group started coverage on shares of Allbirds in a report on Thursday, March 17th. They issued a hold rating and a $6.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Allbirds has a consensus rating of Buy and a consensus price target of $17.50.

BIRD stock opened at $5.46 on Tuesday. Allbirds has a 1 year low of $4.75 and a 1 year high of $32.44. The business has a 50-day moving average of $5.97.

Allbirds (NASDAQ:BIRDGet Rating) last released its quarterly earnings results on Wednesday, February 23rd. The company reported ($0.09) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.09). The company had revenue of $97.20 million during the quarter, compared to the consensus estimate of $92.28 million. Allbirds’s quarterly revenue was up 22.6% compared to the same quarter last year. On average, analysts anticipate that Allbirds will post -0.28 EPS for the current year.

In related news, CFO Michael J. Bufano bought 25,000 shares of the company’s stock in a transaction that occurred on Monday, March 14th. The shares were bought at an average price of $5.17 per share, for a total transaction of $129,250.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Hedge funds have recently modified their holdings of the stock. Ritter Daniher Financial Advisory LLC bought a new position in Allbirds in the fourth quarter worth approximately $30,000. Koshinski Asset Management Inc. bought a new position in Allbirds in the fourth quarter worth approximately $52,000. FourThought Financial LLC bought a new position in Allbirds in the first quarter worth approximately $37,000. Cubist Systematic Strategies LLC bought a new position in Allbirds in the fourth quarter worth approximately $98,000. Finally, SG3 Management LLC bought a new position in Allbirds in the fourth quarter worth approximately $113,000. Institutional investors own 26.75% of the company’s stock.

Allbirds Company Profile (Get Rating)

Allbirds, Inc manufactures and sells footwear and apparel products for men and women. It offers shoes, such as running shoes, everyday sneakers, high-tops, slip-ons, boat shoes, flats, weather repellent shoes, and sandals. The company's apparel products include activewear, tops, bottoms, dresses, sweaters, underwear, and socks.

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