Why Allbirds Inc’s (BIRD) stock trending? Footwear firm sees 18% hike

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Why Allbirds Inc’s (BIRD) stock trending? Footwear firm sees 18% hike

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 Why Allbirds Inc’s (BIRD) stock trending? Footwear firm sees 18% hike
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Highlights

  • Allbirds designs and manufactures eco-friendly footwear and apparel.
  • The BIRD stock was up 17.59% from its previous close.
  • Allbirds and Adidas have joined forces.

The stocks of Allbirds, Inc. (NASDAQ: BIRD) gained attention from investors Tuesday as the firm partnering with Adidas will release its first collaborative sneaker this week. In the previous year in May, Adidas and Allbirds announced a joint project that intends to provide solutions for controlling the industry's alarming emission numbers.

Adidas is a German firm that specializes in designing and manufacturing footwear, clothing, and accessories. It is based out of Herzogenaurach and is one of the largest sportswear manufacturing firms throughout the world.

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Allbirds is a San Francisco, California-based company that engages in designing and manufacturing footwear and apparel. It claims to keep its products eco-friendly and provides shoes made from merino wool for consumers.

Meanwhile, after one year, the two brands have revealed their joint sneakers and given away 100 pairs to consumers. Notably, the Adidas x Allbirds Futurecraft Footprint sneaker is expected to release on December 15 for €120 (US$135.19) and the release is exclusive only to Adidas members. Interested buyers may visit Adidas's website to become a member.

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The footwear industry emits around 700 million metric tons of carbon dioxide into the environment annually, marking itself as one of the most harmful sectors throughout the world. However, to reduce the effects, various footwear firms have increased their focus on producing more sustainable sneakers by utilizing recycled and renewable materials.

Allbirds and Adidas have joined forces to reduce these effects. In addition, the sneaker is also based on Adidas's exclusive performance cushioning technologies and is made up of Allbird's sugarcane-based SweetFoam material. 70% of the footprint is made up of recycled polyester, while 30% of it is made with Tencel, i.e. a renewable substance made out of wood pulp.

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 Allbirds, Inc. (BIRD) and Adidas to release Adidas x Allbirds Futurecraft Footprint sneaker

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Stock performance & highlights of Allbirds, Inc. (NASDAQ: BIRD):

The BIRD stocks were priced at US$14.90 AT 6:18 am ET on December 15, down by 2.23% in pre-market trading. Meanwhile, on December 14, it closed at US$15.24, up 17.59% from its previous close. It has a market cap of US$2.23 billion.

The BIRD stocks saw the highest price of US$32.44 and lowest price of US$12.56 in the last 52 weeks. Its trading volume on December 14 was 1,681,401.

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The net revenue of Allbirds surged 33% to US$62.7 million in Q3, FY21. It reported a net loss of US$13.80 million, or US$0.25 per share, as compared to a loss of US$6.99 million, or US$0.13 per share in Q3, FY20.

For the full fiscal year 2021, the firm expects its revenue to be between US$270 million and US$272 million, representing an increase of 23% to 24% year-over-year.

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Bottom line:

The Adidas x Allbirds Futurecraft Footprint sneaker creates only 2.94 kilograms of carbon dioxide. It is the lowest carbon-emitting footprint that Adidas and Allbirds have ever created. However, the stock value of BIRD tumbled 47.25% year-to-date.

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