Allbirds (NASDAQ:BIRD) Stock Price Down 1.1% – What’s Next?

Allbirds, Inc. (NASDAQ:BIRD)’s stock price was down 1.1% during mid-day trading on Wednesday . The company traded as low as $6.40 and last traded at $6.54. Approximately 74,351 shares changed hands during trading, an increase of 44% from the average daily volume of 51,712 shares. The stock had previously closed at $6.61.

Analysts Set New Price Targets

Separately, Morgan Stanley dropped their price target on Allbirds from $12.00 to $8.00 and set an “equal weight” rating for the company in a report on Tuesday, January 21st.

Allbirds Price Performance

The business’s 50-day moving average is $6.89 and its 200 day moving average is $9.33. The firm has a market capitalization of $51.88 million, a P/E ratio of -0.41 and a beta of 1.60.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BIRD. JPMorgan Chase & Co. boosted its stake in shares of Allbirds by 169.4% in the fourth quarter. JPMorgan Chase & Co. now owns 6,232 shares of the company’s stock valued at $43,000 after buying an additional 3,919 shares during the period. Performa Ltd US LLC raised its holdings in Allbirds by 64.0% in the 4th quarter. Performa Ltd US LLC now owns 8,200 shares of the company’s stock valued at $57,000 after acquiring an additional 3,200 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Allbirds during the 4th quarter valued at $70,000. Jane Street Group LLC acquired a new stake in shares of Allbirds during the 4th quarter worth $104,000. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of Allbirds in the third quarter worth $138,000. 44.07% of the stock is owned by 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.