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

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

Allbirds Stock Performance

Allbirds stock traded down $0.02 during mid-day trading on Friday, hitting $0.53. The company had a trading volume of 594,593 shares, compared to its average volume of 877,517. Allbirds has a 1 year low of $0.51 and a 1 year high of $1.83. The business has a fifty day moving average of $0.62 and a 200 day moving average of $0.84.

Allbirds (NASDAQ:BIRD) last posted its earnings results on Wednesday, May 8th. The company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.03. Allbirds had a negative net margin of 60.50% and a negative return on equity of 57.15%. The firm had revenue of $39.33 million for the quarter, compared to the consensus estimate of $39.73 million. Research analysts forecast that Allbirds will post -0.66 EPS for the current fiscal year.

Insider Transactions at Allbirds

In related news, CFO Ann Mitchell sold 62,486 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $0.56, for a total transaction of $34,992.16. Following the completion of the transaction, the chief financial officer now directly owns 812,024 shares of the company’s stock, valued at approximately $454,733.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of Allbirds

Several institutional investors and hedge funds have recently made changes to their positions in BIRD. Hollencrest Capital Management grew its stake in Allbirds by 100.0% during 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 during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Allbirds in the 3rd quarter valued at $209,000. Coldstream Capital Management Inc. purchased a new stake in Allbirds in the 4th quarter valued at $274,000. Arnhold LLC boosted its stake in Allbirds by 20.5% during the 4th quarter. Arnhold LLC now owns 272,905 shares of the company’s stock worth $334,000 after purchasing an additional 46,350 shares during the period. Finally, CastleKnight Management LP purchased a new position in Allbirds during the 4th quarter worth $348,000. 44.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on BIRD shares. Wedbush lowered their price target on shares of Allbirds from $0.90 to $0.70 and set a “neutral” rating for the company in a report on Thursday, May 9th. Piper Sandler lowered their target price on shares of Allbirds from $1.60 to $1.00 and set a “neutral” rating for the company in a research note on Wednesday, March 13th. Finally, Telsey Advisory Group restated a “market perform” rating and issued a $1.00 price target on shares of Allbirds in a research note on Wednesday, March 6th.

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.