Morgan Stanley Cuts Allbirds (NASDAQ:BIRD) Price Target to $8.00

Allbirds (NASDAQ:BIRD) had its target price dropped by investment analysts at Morgan Stanley from $12.00 to $8.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price suggests a potential upside of 14.94% from the stock’s current price.

Allbirds Price Performance

NASDAQ:BIRD traded up $0.01 during trading hours on Tuesday, reaching $6.96. The company had a trading volume of 10,652 shares, compared to its average volume of 49,418. Allbirds has a 1-year low of $6.11 and a 1-year high of $22.40. The business’s 50 day moving average price is $7.50 and its 200-day moving average price is $10.35. The firm has a market cap of $55.19 million, a PE ratio of -0.43 and a beta of 1.61.

Allbirds (NASDAQ:BIRD) last posted its earnings results on Wednesday, November 6th. The company reported ($2.68) earnings per share (EPS) for the quarter, beating the consensus estimate of ($3.13) by $0.45. The firm had revenue of $43.00 million during the quarter, compared to analysts’ expectations of $42.11 million. Allbirds had a negative net margin of 60.43% and a negative return on equity of 65.30%. During the same period in the previous year, the business posted ($4.20) EPS. On average, analysts expect that Allbirds will post -11.89 earnings per share for the current fiscal year.

Institutional Trading of Allbirds

An institutional investor recently bought a new position in Allbirds stock. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Allbirds, Inc. (NASDAQ:BIRD) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 129,694 shares of the company’s stock, valued at approximately $65,000. Point72 Asia Singapore Pte. Ltd. owned 0.08% of Allbirds as of its most recent filing with the Securities & Exchange Commission. 44.07% of the stock is currently owned by hedge funds and other institutional investors.

About Allbirds

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.