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

Allbirds, Inc. (NASDAQ:BIRD) was the recipient of a significant increase in short interest during the month of October. As of October 15th, there was short interest totaling 1,343,578 shares, an increase of 68.9% from the September 30th total of 795,578 shares. Currently, 18.8% of the company’s stock are short sold. Based on an average daily volume of 817,061 shares, the days-to-cover ratio is presently 1.6 days.

Insider Transactions at Allbirds

In other Allbirds news, CFO Ann Mitchell sold 19,508 shares of the firm’s stock in a transaction on Friday, September 18th. The stock was sold at an average price of $2.30, for a total transaction of $44,868.40. Following the transaction, the chief financial officer directly owned 821,115 shares in the company, valued at approximately $1,888,564.50. This trade represents a 2.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 18.76% of the company’s stock.

Hedge Funds Weigh In On Allbirds

Several institutional investors have recently bought and sold shares of the company. Engineers Gate Manager LP bought a new position in Allbirds during the second quarter valued at $73,000. Cygnus Capital Advisors LLC bought a new stake in shares of Allbirds in the second quarter valued at $186,000. Finally, Performa Ltd US LLC lifted its position in shares of Allbirds by 36.2% during the 1st quarter. Performa Ltd US LLC now owns 25,000 shares of the company’s stock valued at $75,000 after buying an additional 6,650 shares during the last quarter. Hedge funds and other institutional investors own 44.07% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Allbirds in a report on Thursday, August 27th. Wall Street Zen raised Allbirds from a “sell” rating to a “hold” rating in a research report on Saturday, September 26th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce”.

Allbirds Stock Performance

NASDAQ BIRD opened at $1.59 on Wednesday. Allbirds has a 52-week low of $1.53 and a 52-week high of $24.31. The company has a 50-day simple moving average of $2.47 and a 200 day simple moving average of $3.54. The company has a debt-to-equity ratio of 0.36, a quick ratio of 3.70 and a current ratio of 3.70. The company has a market capitalization of $14.01 million, a PE ratio of -0.18 and a beta of 2.63.

Allbirds (NASDAQ:BIRD) last released its earnings results on Tuesday, August 18th. The company reported ($1.39) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.49) by $0.10. Allbirds had a negative net margin of 72.82% and a negative return on equity of 231.86%. The firm had revenue of $2.76 million for the quarter, compared to analysts’ expectations of $29.50 million.

About Allbirds

Allbirds, Inc is a footwear and apparel company known for developing products with a focus on natural and renewable materials. Its product range has included casual shoes, running shoes, sandals, clothing and accessories for men and women.

The company’s materials have included merino wool, eucalyptus tree fiber and sugarcane-based foam. Allbirds has emphasized product comfort, simplified design and efforts to reduce the environmental impact associated with its products and supply chain.

Founded in 2015 by Tim Brown and Joey Zwillinger, Allbirds initially built its brand through direct-to-consumer e-commerce and later expanded into company-operated retail stores and selected wholesale distribution.