Morgan Stanley Cuts Allbirds (NASDAQ:BIRD) Price Target to $5.00

Allbirds (NASDAQ:BIRD) had its target price reduced by Morgan Stanley from $6.00 to $5.00 in a report released on Monday,Benzinga reports. They currently have an equal weight rating on the stock.

Separately, Maxim Group initiated coverage on Allbirds in a report on Friday, April 11th. They issued a “buy” rating and a $14.00 price target for the company.

Allbirds Stock Performance

Shares of BIRD stock opened at $6.70 on Monday. The stock has a fifty day moving average price of $5.34 and a 200 day moving average price of $6.79. The stock has a market cap of $53.61 million, a PE ratio of -0.42 and a beta of 1.47. Allbirds has a 1 year low of $3.93 and a 1 year high of $18.33.

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

Institutional Investors Weigh In On Allbirds

Hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its position in shares of Allbirds by 169.4% in the fourth quarter. JPMorgan Chase & Co. now owns 6,232 shares of the company’s stock valued at $43,000 after purchasing an additional 3,919 shares during the period. Performa Ltd US LLC grew its position in shares of Allbirds by 64.0% in the fourth quarter. Performa Ltd US LLC now owns 8,200 shares of the company’s stock valued at $57,000 after purchasing an additional 3,200 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in shares of Allbirds in the fourth quarter valued at $70,000. Jane Street Group LLC purchased a new stake in shares of Allbirds in the fourth quarter valued at $104,000. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Allbirds by 262.5% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 42,521 shares of the company’s stock valued at $296,000 after purchasing an additional 30,791 shares during the period. 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.