Allbirds, Inc. (NASDAQ:BIRD) Short Interest Up 17.7% in March

Allbirds, Inc. (NASDAQ:BIRD) was the recipient of a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 10,090,000 shares, a growth of 17.7% from the February 29th total of 8,570,000 shares. Based on an average trading volume of 938,600 shares, the short-interest ratio is currently 10.8 days. Currently, 10.4% of the shares of the company are sold short.

Wall Street Analyst Weigh In

Several brokerages have commented on BIRD. Wedbush dropped their price target on shares of Allbirds from $1.00 to $0.90 and set a “neutral” rating on the stock in a research note on Wednesday, March 13th. Piper Sandler dropped their price target on shares of Allbirds from $1.60 to $1.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 13th. Finally, Telsey Advisory Group restated a “market perform” rating and issued a $1.00 price target on shares of Allbirds in a research note on Wednesday, March 6th.

Allbirds Price Performance

Shares of NASDAQ BIRD traded down $0.02 during mid-day trading on Tuesday, reaching $0.63. 935,087 shares of the company traded hands, compared to its average volume of 899,291. Allbirds has a fifty-two week low of $0.61 and a fifty-two week high of $1.83. The stock has a fifty day simple moving average of $0.88 and a 200-day simple moving average of $0.98.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Envestnet Asset Management Inc. acquired a new position in Allbirds in the first quarter worth approximately $186,000. JPMorgan Chase & Co. grew its position in Allbirds by 559.4% in the first quarter. JPMorgan Chase & Co. now owns 493,235 shares of the company’s stock worth $2,964,000 after buying an additional 418,435 shares during the last quarter. Lord Abbett & CO. LLC grew its position in Allbirds by 651.0% in the first quarter. Lord Abbett & CO. LLC now owns 2,902,677 shares of the company’s stock worth $17,445,000 after buying an additional 2,516,177 shares during the last quarter. Ergoteles LLC acquired a new position in Allbirds in the 1st quarter worth approximately $276,000. Finally, Fund Management at Engine No. 1 LLC acquired a new position in Allbirds in the 1st quarter worth approximately $482,000. Institutional investors and hedge funds own 44.07% of the company’s stock.

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.