Allbirds (NASDAQ:BIRD) trades up 8.7% after insider buying activity

Allbirds, Inc. (NASDAQ:BIRD – Get Rating) stock price traded up 8.7% during the midday session on Thursday following insider buying activity. The stock traded as high as $5.00 and last traded at $4.99. 31,104 shares were traded at midday, down 99% from the average session volume of 2,825,920 shares. The stock had previously closed at $4.59. Specifically, CEO Timothy O. Brown acquired 50,000 shares of Allbirds in a transaction dated Tuesday, May 17. The stock was purchased at an average price of $4.86 per share, for a total transaction of $243,000.00. As a result of the transaction, the CEO now owns 50,000 shares of the company, valued at around $243,000. The acquisition was disclosed in a filing with the SEC, available on the SEC’s website. Additionally, Chief Financial Officer Michael J. Bufano acquired 25,000 shares of Allbirds in a transaction dated Monday, March 14. The shares were acquired at an average price of $5.17 per share, with a total value of $129,250.00. Disclosure of this purchase can be found here.

Several research analysts commented on the title. Robert W. Baird lowered his price target on Allbirds shares from $17.00 to $10.00 in a Wednesday, May 11 report. Stifel Nicolaus lowered his price target on Allbirds shares from $20.00 to $7.00 in a Wednesday May 11 report. Jefferies Financial Group assumed coverage for Allbirds stock in a Thursday, March 17, report. They issued a “hold” rating and a target price of $6.00 for the company. Cowen lowered his price target on Allbirds shares from $16.00 to $7.00 in a Wednesday, May 11 report. Finally, Wedbush assumed coverage for Allbirds stock in a report on Thursday, April 28. They issued an “outperform” rating and a target price of $8.00 for the company. One analyst rated the stock with a sell rating, three issued a hold rating and eleven assigned the company a buy rating. Based on data from MarketBeat.com, Allbirds has an average rating of “Buy” and a consensus target price of $14.33.

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The company’s 50-day moving average is $5.50 and its two-hundred-day moving average is $11.31.

Allbirds (NASDAQ:BIRD – Get Rating) last released quarterly earnings data on Tuesday, May 10. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.03). The company posted revenue of $62.76 million for the quarter, versus $61.97 million expected by analysts. The company’s quarterly revenue increased 26.4% year over year. In the same quarter a year earlier, the company posted ($0.25) earnings per share. As a group, stock analysts predict Allbirds, Inc. will post -0.46 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently changed their stock holdings. Gamco Investors Inc. ET AL bought a new position in Allbirds during the first quarter worth about $75,000. Walleye Capital LLC acquired a new position in Allbirds during the first quarter worth approximately $78,000. Avalon Investment & Advisory acquired a new position in Allbirds during the first quarter worth approximately $63,000. Virtu Financial LLC increased its holdings in Allbirds by 98.3% in the first quarter. Virtu Financial LLC now owns 34,242 shares of the company valued at $206,000 after purchasing an additional 16,970 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in Allbirds during the first quarter valued at approximately $69,000. 26.75% of the shares are currently held by hedge funds and other institutional investors.

Allbirds Company Profile (NASDAQ: BIRD)

Allbirds, Inc. manufactures and sells footwear and apparel for men and women. It offers shoes, such as running shoes, everyday sneakers, high-top shoes, slip-on shoes, boat shoes, flat shoes, waterproof shoes, and sandals. The Company’s apparel products include sportswear, tops, bottoms, dresses, sweaters, underwear and socks.

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