There was a significant reduction in the number of short positions taken on Allbirds, Inc. throughout August (NASDAQ: BIRD). There were 12,110,000 shares borrowed as of July 31st, but as of August 15th, there were only 9,670,000 shares borrowed, which is a decrease of 20.1% from the number of shares that were borrowed on July 31st. The days-to-cover ratio is currently at 3.8 days, derived from the fact that the market sees an average daily volume of 2,520,000 shares.
Now, short positions account for around 10.3% of the company’s total number of outstanding shares. A contemporary take on the traditional “initial public offering.” Even though Allbirds is implementing certain critical modifications, the company is still planning to make more money. Several professionals specializing in equity research have expressed their thoughts on the BIRD stock. Allbirds had a rating adjustment from “buy” to “hold” in a research report published on Wednesday, July 20th, and Stifel Nicolaus dropped their target price for the business from $7.00 to $5.00.
Both of these changes were made in response to the study’s publication. Both of these alterations were carried out as a direct reaction to the unsatisfactory financial performance of the company. As a result, they lowered their “overweight” rating on Allbirds stock in a report distributed on Tuesday, August 9th, and they decreased their price objective on the company’s stock from $10.00 to $8.00. Both of these changes were made in response to a dip in the stock price.
In a research note published on Wednesday, August 10th, Morgan Stanley lowered their target price for Allbirds shares from $12.00 to $5.00 and downgraded them from “overweight” to “equal weight.” In a research report dated Wednesday, August 3rd, Baird reissued an “outperform” rating on shares of Allbirds and established a price objective of $9.00 for the company’s stock. The analysis was published on the company’s website. Cowen cut their price target for Allbirds from $16.00 to $7.00 in a research report released on Wednesday, May 11th.
Eight of the analysts polled have given the business a buy recommendation, while the other six recommend holding on to the stock for the time being. According to the information made available by MarketBeat, the firm is currently regarded as having an average rating of “Moderate Buy,” and it has an established price target of $10.86. NASDAQ: BIRD was first available for trading on Monday with an opening price of $4.25. The moving average of the company’s stock price over the past 50 days is $4.73, and the moving average over the last 200 days is $5.59.
Allbirds reached an all-time low of $3.64 during the 52 weeks, while the stock reached an all-time high of $32.44 over the same period. The company’s price-to-earnings ratio is currently at -6.16, and its market capitalization is currently at $626.30 million. On August 8th, the most current quarterly report for Allbirds (NASDAQ: BIRD) was made available for the general public to review. The company announced earnings per share for the quarter of $0.12, which was $0.04 higher than the consensus estimate of $0.16 for earnings per share.
In the case of Allbirds, the company’s net margin was -25.09%, and the return on equity was -23.75%, both of which were negative. The revenue for the quarter was $78.17 million, but it was reported to have been $77.78 million, which was lower than the actual figure. Compared to the previous year’s period, the company’s sales increased by 15.1% during the most recent quarter. Sell-side analysts forecast that Allbirds will have a loss of $0.55 per share in the current financial year.
Recently, a few hedge funds have modified the amount of BIRD stock they presently hold in their portfolios. For example, Allworth Financial LP invested Allbirds shares in the amount of $1,123,000.00 during the year’s first three months. In addition, Lombard Odier Asset Management Europe Ltd. purchased an additional stake in Allbirds during the last three months of 2018, spending $3,720,000.
During the first three months of the year, Wesbanco Bank, Inc. made a new investment in the company, Allbirds. The value of this new investment was around 116, 000 dollars. Advisor Group Holdings Inc. was purchased in the fourth quarter of 2018, leading to the company’s new stake in Allbirds. The purchase price was about $253,000. Point72 Hong Kong Ltd raised its holdings in Allbirds shares during the fourth quarter of the year, doing so at a total cost of around 162,000 Hong Kong dollars for the transaction.
That took place at the end of the calendar year. To the tune of 26.75 percent of the company’s stock, institutional investors and hedge funds collectively hold the company’s shares. Allbirds, Inc. is in the business of designing and retailing a wide range of clothing and shoes for male and female customers. There are many kinds of sneakers and other shoes available, including running shoes, everyday sneakers, high-tops, slip-on, boat shoes, flats, and sandals, just a few options.
The company sells a wide variety of women’s and men’s clothing, including activewear, shirts, bottoms, skirts, sweaters, undergarments, and socks. The company also sells activewear for children.