Allbirds (NASDAQ:BIRD) Shares Up 9.1%

Allbirds, Inc. (NASDAQ:BIRD) was up 9.1% during mid-day trading on Monday . The stock traded as high as $0.77 and last traded at $0.65. Approximately 3,508,444 shares were traded 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.

Analysts Set New Price Targets

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

Allbirds Price Performance

The stock has a market capitalization of $101.15 million, a P/E ratio of -0.65 and a beta of 1.82. The company has a 50 day simple moving average of $0.78 and a 200-day simple moving average of $0.92.

Allbirds (NASDAQ:BIRD) last issued its earnings results on Tuesday, March 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.22). The business had revenue of $71.99 million for the quarter, compared to analysts’ expectations 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 analysts forecast that Allbirds, Inc. will post -0.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Allbirds

A number of large investors have recently modified their holdings of the company. FMR LLC grew its holdings in shares of Allbirds by 64.9% during the third quarter. FMR LLC now owns 9,827,176 shares of the company’s stock worth $10,908,000 after purchasing an additional 3,868,839 shares in the last quarter. Laidlaw Wealth Management LLC bought a new position in shares of Allbirds in the 4th quarter worth $751,000. CastleKnight Management LP purchased a new stake in shares of Allbirds during the 4th quarter valued at $348,000. Arnhold LLC lifted its holdings 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 acquiring an additional 46,350 shares during the last quarter. Finally, Coldstream Capital Management Inc. purchased a new position in Allbirds in the fourth quarter worth $274,000. 44.07% of the stock is currently 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.