Allbirds (NASDAQ:BIRD) Shares Down 5.3% – Here’s Why

Allbirds, Inc. (NASDAQ:BIRD)’s share price was down 5.3% on Friday . The company traded as low as $2.68 and last traded at $2.70. Approximately 391,385 shares were traded during mid-day trading, a decline of 66% from the average session volume of 1,153,851 shares. The stock had previously closed at $2.85.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Weiss Ratings raised Allbirds from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 1st. Wall Street Zen downgraded Allbirds from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $8.00.

Allbirds Trading Down 5.3%

The firm’s 50 day simple moving average is $4.10 and its 200-day simple moving average is $4.18. The company has a market capitalization of $23.79 million, a PE ratio of -0.30 and a beta of 2.55. The company has a quick ratio of 0.68, a current ratio of 1.59 and a debt-to-equity ratio of 1.07.

Allbirds (NASDAQ:BIRD) last posted its earnings results on Monday, April 20th. The company reported ($2.37) earnings per share for the quarter. Allbirds had a negative net margin of 53.36% and a negative return on equity of 173.54%. The business had revenue of $22.32 million for the quarter.

Insider Activity at Allbirds

In other news, CEO Nadia Catherine Carlsten sold 117,459 shares of the company’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $4.21, for a total value of $494,502.39. Following the completion of the sale, the chief executive officer owned 1,414,920 shares of the company’s stock, valued at $5,956,813.20. This represents a 7.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 122,405 shares of company stock worth $516,690 in the last 90 days. Insiders own 30.67% of the company’s stock.

Institutional Investors Weigh In On Allbirds

Hedge funds have recently modified their holdings of the stock. Tenzing Global Management LLC purchased a new position in Allbirds in the 2nd quarter worth approximately $3,762,000. Vanguard Group Inc. lifted its position in shares of Allbirds by 4.9% during the third quarter. Vanguard Group Inc. now owns 243,983 shares of the company’s stock worth $1,383,000 after purchasing an additional 11,459 shares in the last quarter. Bridgeway Capital Management LLC boosted its stake in shares of Allbirds by 46.6% in the fourth quarter. Bridgeway Capital Management LLC now owns 34,931 shares of the company’s stock valued at $143,000 after purchasing an additional 11,100 shares during the period. Performa Ltd US LLC grew its holdings in Allbirds by 36.2% during the 1st quarter. Performa Ltd US LLC now owns 25,000 shares of the company’s stock valued at $75,000 after purchasing an additional 6,650 shares in the last quarter. Finally, PDT Partners LLC increased its stake in Allbirds by 30.0% during the 2nd quarter. PDT Partners LLC now owns 15,344 shares of the company’s stock worth $163,000 after buying an additional 3,545 shares during the period. 44.07% of the stock is currently owned by hedge funds and other institutional investors.

About Allbirds

Allbirds, Inc is a sustainable lifestyle company specializing in environmentally friendly footwear and apparel. The company’s core business centers on designing, manufacturing, and selling shoes that leverage natural and recycled materials to minimize ecological impact. Allbirds’ product portfolio includes lifestyle sneakers, running shoes, and casual slip-ons, all engineered for comfort, durability, and low carbon footprint.

The company’s signature offerings include the Wool Runner series, crafted from New Zealand merino wool, and the Tree line, which uses eucalyptus fiber.