Piper Sandler lowers Allbirds (NASDAQ:BIRD) price target to $8.00

Allbirds (NASDAQ:BIRD – Get a Rating) had its price target lowered by Piper Sandler from $10.00 to $8.00 in a research report published on Tuesday, reports The Fly. The company currently has an “overweight” rating on the stock. Piper Sandler’s price target indicates a potential upside of 70.94% from the company’s current price.

Several other stock analysts have also recently weighed in on the stock. Telsey Advisory Group lowered its price target on Allbirds shares from $9.00 to $7.00 and set an “outperform” rating for the company in a Tuesday, Aug. 2 report. Robert W. Baird reiterated an “outperform” rating and set a $9.00 price target on Allbirds stock in a Wednesday, August 3 report. KeyCorp assumed coverage for Allbirds stock in a Wednesday, July 20, report. They set a “sector weight” rating for the company. Wedbush assumed coverage for Allbirds stock in a Thursday, April 28, report. They set an “outperform” rating and a price target of $8.00 for the company. Finally, Cowen lowered his price target on Allbirds shares from $16.00 to $7.00 in a Wednesday, May 11 report. Six equity research analysts gave the stock a hold rating and eight gave the company a buy rating. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $10.86.

Performance of Allbirds shares

NASDAQ:BIRD opened at $4.68 on Tuesday. The company has a 50-day moving average price of $4.84 and a two-hundred-day moving average price of $6.24. Allbirds has a 12-month low of $3.64 and a 12-month high of $32.44.

Allbirds (NASDAQ:BIRD – Get Rating) last released its results on Monday, August 8. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.04. The company posted revenue of $78.17 million for the quarter, versus $77.78 million expected by analysts. The company’s quarterly revenue increased 15.1% year over year. On average, stock analysts expect Allbirds to post -0.47 earnings per share for the current year.

Insider Buying and Selling at Allbirds

In other Allbirds news, CEO Timothy O. Brown purchased 50,000 shares of Allbirds in a trade on Tuesday, May 17. The shares were purchased at an average cost of $4.86 per share, with a total value of $243,000.00. Following completion of the transaction, the CEO now directly owns 50,000 shares of the company, valued at approximately $243,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. 31.93% of the shares are currently held by company insiders.

Institutional entries and exits

A number of institutional investors have recently changed their positions in BIRD. Ritter Daniher Financial Advisory LLC acquired a new position in Allbirds stock during the fourth quarter worth $30,000. FourThought Financial LLC acquired a new position in Allbirds stock during the first quarter worth $37,000. Captrust Financial Advisors increased its position in Allbirds shares by 90.8% in the first quarter. Captrust Financial Advisors now owns 6,514 shares of the company worth $39,000 after buying 3,100 additional shares in the last quarter. ProShare Advisors LLC bought a new stake in Allbirds stock in the second quarter worth $41,000. Finally, Stephens Inc. AR purchased a new equity stake in Allbirds in the second quarter for $45,000. 26.75% of the shares are held by institutional investors and hedge funds.

Allbirds Company Profile

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Allbirds, Inc. manufactures and sells footwear and apparel for men and women. It offers footwear 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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Richard L. Militello