Why Allbirds Stock Fell as Much as 20% This Week
Allbirds (NASDAQ: BIRD), which pegs itself as a global lifestyle brand, has basically fallen all week long, dropping as much as 20% according to data from S&P Global Market Intelligence. Just before the opening bell on Friday, Nov. 12, the stock was off by roughly 18% for the week so far. The big news here, however, actually happened last week.
On Nov. 3 Allbirds held its initial public offering (IPO). The shares of the shoe and clothing maker, which focuses on using natural materials in its products, were priced at $15. It sold 23,221,152 shares in total, but there were a number of different pieces under that top-level figure. Allbirds sold 16,850,799 shares directly and the IPO underwriters sold an additional 3,028,845 shares. In addition to that, insiders sold 6,370,353 of their shares, the proceeds from which went to these shareholders and not to Allbirds. The stock was listed on the Nasdaq market.
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Source Fool.com
