Allbirds, Inc. (NASDAQ:BIRD) Shares Shorted: Short Interest Up 68.9% in October

Allbirds, Inc. (NASDAQ:BIRD) was the recipient of a large increase in short interest in the month of October. As of October 15th, there was short interest totaling 1,343,578 shares, an increase of 68.9% from the September 30th total of 795,578 shares. Approximately 18.8% of the shares of the company are sold short. Based on an average trading volume of 817,061 shares, the days-to-cover ratio is currently 1.6 days.

Insider Buying and Selling at Allbirds

In related news, CFO Ann Mitchell sold 19,508 shares of Allbirds stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $2.30, for a total transaction of $44,868.40. Following the completion of the sale, the chief financial officer directly owned 821,115 shares of the company’s stock, valued at approximately $1,888,564.50. This trade represents a 2.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 18.76% of the company’s stock.

Institutional Investors Weigh In On Allbirds

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Engineers Gate Manager LP purchased a new position in Allbirds in the second quarter valued at approximately $73,000. Performa Ltd US LLC increased its position in shares of Allbirds by 36.2% during the first quarter. Performa Ltd US LLC now owns 25,000 shares of the company’s stock valued at $75,000 after buying an additional 6,650 shares during the period. Finally, Cygnus Capital Advisors LLC purchased a new stake in Allbirds in the 2nd quarter worth approximately $186,000. Hedge funds and other institutional investors own 44.07% of the company’s stock.

Wall Street Analyst Weigh In

BIRD has been the subject of several recent research reports. Wall Street Zen upgraded Allbirds from a “sell” rating to a “hold” rating in a research note on Saturday, September 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Allbirds in a research note on Thursday, August 27th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce”.

Allbirds Stock Down 16.9%

Shares of NASDAQ BIRD opened at $1.62 on Tuesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.70 and a quick ratio of 3.70. The company has a 50-day moving average price of $2.48 and a 200-day moving average price of $3.55. The stock has a market capitalization of $14.27 million, a P/E ratio of -0.18 and a beta of 2.60. Allbirds has a 1 year low of $1.62 and a 1 year high of $24.31.

Allbirds (NASDAQ:BIRD) last announced its quarterly earnings results on Tuesday, August 18th. The company reported ($1.39) earnings per share for the quarter, beating the consensus estimate of ($1.49) by $0.10. Allbirds had a negative net margin of 72.82% and a negative return on equity of 231.86%. The business had revenue of $2.76 million for the quarter, compared to analysts’ expectations of $29.50 million.

About Allbirds

Allbirds, Inc is a footwear and apparel company known for developing products with a focus on natural and renewable materials. Its product range has included casual shoes, running shoes, sandals, clothing and accessories for men and women.

The company’s materials have included merino wool, eucalyptus tree fiber and sugarcane-based foam. Allbirds has emphasized product comfort, simplified design and efforts to reduce the environmental impact associated with its products and supply chain.

Founded in 2015 by Tim Brown and Joey Zwillinger, Allbirds initially built its brand through direct-to-consumer e-commerce and later expanded into company-operated retail stores and selected wholesale distribution.