Allbirds (NASDAQ:BIRD) Shares Up 8.2% - Here's What Happened

Allbirds, Inc. (NASDAQ:BIRD - Get Free Report)'s share price shot up 8.2% during mid-day trading on Monday . The stock traded as high as $11.34 and last traded at $11.30. 24,027 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 54,535 shares. The stock had previously closed at $10.44.

Allbirds Trading Up 12.8 %

The firm's fifty day moving average price is $11.84 and its 200-day moving average price is $12.04. The firm has a market cap of $1.84 billion, a price-to-earnings ratio of -12.39 and a beta of 1.78.

Allbirds (NASDAQ:BIRD - Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($2.40) earnings per share for the quarter, topping analysts' consensus estimates of ($3.60) by $1.20. The firm had revenue of $51.58 million during the quarter, compared to analysts' expectations of $50.34 million. Allbirds had a negative net margin of 61.24% and a negative return on equity of 61.22%. During the same quarter in the prior year, the business earned ($3.60) EPS. On average, sell-side analysts expect that Allbirds, Inc. will post -12.57 earnings per share for the current year.

Insiders Place Their Bets

In other Allbirds news, CEO Joseph Vernachio sold 2,367 shares of the company's stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $12.00, for a total transaction of $28,404.00. Following the completion of the transaction, the chief executive officer now owns 43,536 shares in the company, valued at approximately $522,432. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Allbirds news, Director Timothy O. Brown sold 2,500 shares of the company's stock in a transaction on Monday, August 12th. The shares were sold at an average price of $11.80, for a total transaction of $29,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph Vernachio sold 2,367 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $12.00, for a total transaction of $28,404.00. Following the completion of the transaction, the chief executive officer now owns 43,536 shares of the company's stock, valued at $522,432. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,742 shares of company stock worth $68,404. 45.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Allbirds

An institutional investor recently bought a new position in Allbirds stock. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Allbirds, Inc. (NASDAQ:BIRD - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 129,694 shares of the company's stock, valued at approximately $65,000. Point72 Asia Singapore Pte. Ltd. owned approximately 0.08% of Allbirds as of its most recent SEC filing. 44.07% of the stock is currently owned by institutional investors and hedge funds.

Allbirds Company Profile

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.

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