Allbirds (NASDAQ:BIRD) Raised to Hold at Wall Street Zen

Allbirds (NASDAQ:BIRD) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Friday.

Other research analysts have also issued reports about the stock. Maxim Group began coverage on shares of Allbirds in a research report on Friday, April 11th. They set a “buy” rating and a $14.00 target price on the stock. Morgan Stanley lowered their price target on shares of Allbirds from $6.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Monday, May 12th.

Allbirds Trading Up 4.5%

Shares of BIRD opened at $8.55 on Friday. The firm’s 50-day moving average is $5.80 and its two-hundred day moving average is $6.50. Allbirds has a twelve month low of $3.93 and a twelve month high of $18.33. The firm has a market capitalization of $68.90 million, a P/E ratio of -0.53 and a beta of 1.69.

Allbirds (NASDAQ:BIRD) last issued its earnings results on Thursday, May 8th. The company reported ($2.73) earnings per share for the quarter, topping the consensus estimate of ($3.85) by $1.12. Allbirds had a negative net margin of 60.43% and a negative return on equity of 65.30%. The company had revenue of $32.11 million for the quarter, compared to analyst estimates of $29.98 million. Analysts predict that Allbirds will post -11.87 EPS for the current year.

Insider Activity

In other news, CEO Joseph Vernachio sold 4,450 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $7.15, for a total value of $31,817.50. Following the sale, the chief executive officer now directly owns 98,032 shares in the company, valued at $700,928.80. This represents a 4.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 45.50% of the company’s stock.

Hedge Funds Weigh In On Allbirds

Several institutional investors and hedge funds have recently modified their holdings of BIRD. JPMorgan Chase & Co. lifted its stake in shares of Allbirds by 169.4% during the fourth quarter. JPMorgan Chase & Co. now owns 6,232 shares of the company’s stock valued at $43,000 after buying an additional 3,919 shares during the period. Performa Ltd US LLC lifted its stake in shares of Allbirds by 64.0% during the fourth quarter. Performa Ltd US LLC now owns 8,200 shares of the company’s stock valued at $57,000 after buying an additional 3,200 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of Allbirds during the fourth quarter valued at approximately $70,000. PDT Partners LLC purchased a new position in shares of Allbirds during the first quarter valued at approximately $76,000. Finally, Jane Street Group LLC purchased a new position in shares of Allbirds during the fourth quarter valued at approximately $104,000. Hedge funds and other institutional investors own 44.07% of the company’s stock.

About Allbirds

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.