Allbirds, Inc. (NASDAQ:BIRD) Sees Significant Decline in Short Interest

Allbirds, Inc. (NASDAQ:BIRDGet Free Report) was the target of a significant drop in short interest in May. As of May 31st, there was short interest totalling 10,290,000 shares, a drop of 11.3% from the May 15th total of 11,600,000 shares. Based on an average daily trading volume, of 1,300,000 shares, the days-to-cover ratio is currently 7.9 days. Currently, 10.5% of the shares of the stock are short sold.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Wedbush cut their price objective on Allbirds from $0.90 to $0.70 and set a “neutral” rating for the company in a research report on Thursday, May 9th. Piper Sandler reduced their target price on Allbirds from $1.60 to $1.00 and set a “neutral” rating for the company in a report on Wednesday, March 13th. Finally, Telsey Advisory Group reiterated a “market perform” rating and issued a $1.00 price target on shares of Allbirds in a research report on Wednesday, March 6th.

View Our Latest Stock Analysis on BIRD

Allbirds Stock Down 3.0 %

Shares of NASDAQ:BIRD traded down $0.02 during mid-day trading on Friday, hitting $0.53. The stock had a trading volume of 594,593 shares, compared to its average volume of 877,517. Allbirds has a 12-month low of $0.51 and a 12-month high of $1.83. The company’s 50 day moving average is $0.62 and its 200-day moving average is $0.84.

Allbirds (NASDAQ:BIRDGet Free Report) last released its earnings results on Wednesday, May 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.03. Allbirds had a negative return on equity of 57.15% and a negative net margin of 60.50%. The company had revenue of $39.33 million during the quarter, compared to analyst estimates of $39.73 million. As a group, research analysts expect that Allbirds will post -0.66 earnings per share for the current year.

Insider Activity at Allbirds

In other Allbirds news, CFO Ann Mitchell sold 62,486 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $0.56, for a total value of $34,992.16. Following the completion of the sale, the chief financial officer now directly owns 812,024 shares of the company’s stock, valued at approximately $454,733.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Allbirds

Several institutional investors and hedge funds have recently bought and sold shares of the business. FMR LLC boosted 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 during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Allbirds in the 3rd quarter worth approximately $209,000. Hollencrest Capital Management lifted its position in Allbirds by 100.0% in the 3rd quarter. Hollencrest Capital Management now owns 30,000 shares of the company’s stock worth $33,000 after buying an additional 15,000 shares in the last quarter. Arnhold LLC boosted 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 valued at $334,000 after buying an additional 46,350 shares during the period. Finally, Coldstream Capital Management Inc. purchased a new position in shares of Allbirds during the 4th quarter valued at $274,000. Hedge funds and other institutional investors own 44.07% of the company’s stock.

About Allbirds

(Get Free Report)

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.

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