Why Allbirds Stock Tanked 24% in March
Shares of eco-friendly footwear company Allbirds (NASDAQ: BIRD) fell 24% in March according to data provided by S&P Global Market Intelligence. The company, which went public in October, has seen its stock plummet in the ensuing months. It posted a loss in its first earnings release as a public company in February, along with underwhelming guidance. Several Wall street analysts downgraded the stock, and investor sentiment remained low in March.
Allbirds is a footwear company focused on sustainable materials, for a young generation of shoppers who care about the environment. It's a popular concept, and sales have been increasing. But not as much as it might have envisioned, and it's been dealing with operational challenges as well, such as pandemic surges and supply chain disruptions.
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Source Fool.com
