Wedbush Trims Allbirds (NASDAQ:BIRD) Target Price to $0.70

Allbirds (NASDAQ:BIRD) had its target price lowered by Wedbush from $0.90 to $0.70 in a report issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Wedbush’s price target suggests a potential upside of 12.90% from the company’s previous close.

A number of other analysts have also weighed in on the company. Piper Sandler dropped their price objective on Allbirds from $1.60 to $1.00 and set a “neutral” rating for the company in a research note on Wednesday, March 13th. Telsey Advisory Group reissued a “market perform” rating and issued a $1.00 price target on shares of Allbirds in a report on Wednesday, March 6th.

Allbirds Stock Performance

BIRD stock opened at $0.62 on Thursday. The company has a market capitalization of $96.22 million, a PE ratio of -0.62 and a beta of 1.79. Allbirds has a one year low of $0.54 and a one year high of $1.83. The company’s 50 day moving average price is $0.69 and its two-hundred day moving average price is $0.89.

Allbirds (NASDAQ:BIRD) last issued its earnings results on Tuesday, March 12th. The company reported ($0.22) EPS for the quarter, hitting analysts’ consensus estimates of ($0.22). Allbirds had a negative net margin of 60.01% and a negative return on equity of 51.83%. The company had revenue of $71.99 million for the quarter, compared to analysts’ expectations of $68.88 million. On average, research analysts predict that Allbirds will post -0.69 EPS for the current year.

Institutional Trading of Allbirds

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BIRD. FMR LLC increased its position in shares of Allbirds by 64.9% during the third quarter. FMR LLC now owns 9,827,176 shares of the company’s stock valued at $10,908,000 after buying an additional 3,868,839 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Allbirds in the 3rd quarter worth approximately $209,000. Fountainhead AM LLC purchased a new position in shares of Allbirds in the 3rd quarter valued at approximately $91,000. Hollencrest Capital Management boosted its position in shares of Allbirds by 100.0% during the third quarter. Hollencrest Capital Management now owns 30,000 shares of the company’s stock valued at $33,000 after purchasing an additional 15,000 shares in the last quarter. Finally, SG Americas Securities LLC grew its stake in Allbirds by 134.1% in the third quarter. SG Americas Securities LLC now owns 42,338 shares of the company’s stock worth $47,000 after purchasing an additional 24,255 shares during the period. Hedge funds and other institutional investors own 44.07% of the company’s stock.

Allbirds Company Profile

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.