Bird Global Inc. (NYSE: BRDS) dropped 5% after announcing a joint bike-share integration with the Madrid Municipal Transport Company (EMT). The company’s Global Policy SVP Brian Bucella said that the Madrid Municipal Transport Company is pushing ahead in providing locals and tourists with more sustainable transport options, and Bird is committed to assisting them in any way they can.
Market Reaction
On Thursday, BRDS stock slid 5.42% to $1.73 with more than 1.38 million shares, compared to its average volume of 714K shares. The stock moved within a range of $1.7000 – 1.9100 after opening trade at $1.85.
Bird Launches Smart Bikeshare Program in Madrid, Spain
The innovative cooperative bike share implementation is a great illustration of how municipalities and mobility companies can work together to improve transport for everybody while promoting a mode shift to a sustainable mode of transportation.
The news came at the back of Mayor José Luis Martnez-Almeida’s declaration at the start of the year of a €1 billion reinvestment in EMT by the city. Bird’s shareable e-bikes are already linked to Madrid’s Mobility 360 transport app, and the BiciMAD municipal bikeshare will now be accessible via Bird’s app, thanks to the agreement. The integration seeks to assist EMT in being carbon-free by increasing the ability to gain access to BiciMAD and Bird’s e-bikes. So BRDS is worth watching.
Key Quote
“The Madrid Municipal Transport Company is leading the way in bringing more sustainable mobility solutions to residents and visitors, and Bird is committed to doing everything we can to support them,” said Brian Buccella, Bird’s Senior Vice President of Global Policy. “This innovative joint bikeshare integration is a perfect example of how cities and transportation providers can work hand-in-hand to improve mobility for everyone while driving modeshift to eco-friendly transportation.”
Traders Review
BRDS stock is trading below the 20-Day and 50-Day Moving averages of $2.24 and $2.85 respectively. Moreover, the stock is trading below the 200-Day moving average of $6.86.
