Allbirds descends for third session, but still up 26% from Nov. 3 IPO

Allbirds lost altitude for a third straight session Tuesday, sinking 13.4% to a post-IPO low as the popular shoe brand continues to fall back to Earth following its hot market premiere earlier this month.

BIRD fell to a record intraday low of $18.35 before partly recovering to end Tuesday’s session at $18.90, its worst finish since the stock went public Nov. 3 at $15 a share.

Allbirds (BIRD) has fallen 29.4% since last Thursday’s close at $26.76, although the stock is still 26% above its initial public offering price. BIRD has been easing on no apparent news other than a consolidation of its initial run, coupled with word that it will release Q3 results after the bell next Tuesday, Nov. 30.

The stock took flight earlier this month after its upsized IPO priced above the offering’s $12-$14/share expected range. BIRD soared 116.3% to a $32.44 intraday high in its first trading session. However, the stock has slowly descended since then, ending Tuesday 41.7% below its first-day peak.

Founded by pro soccer player Tim Brown and renewables expert Joey Zwillinger, Allbirds makes popular ecofriendly shoes out of merino wool from Brown’s native New Zealand. The company sells its wares online and through some 20 brick-and-mortar stores in the United States, Europe, Asia and New Zealand.

Actor Leonardo DiCaprio was one of BIRD’s pre-IPO investors, while former U.S. President Barack Obama is said to be a customer.

Here’s a look at analyst estimates for BIRD’s revenues and earnings per share: