The victim, who has not been named, was attacked in Hedgetree Croft and is said to be in a "stable condition" in hospital. His injuries are not thought to be life-threatening.
Police, who were called to the scene at just after 11am, have suggested that the man had been deliberately targeted and are now following up a number of leads.
Following the incident, a section of the street was cordoned off and locals reported both forensic officers searching the area and a helicopter circling overhead.
Anyone with information should call West Midlands Police on 101 or Crimestoppers, anonymously, on 0800 555 111.
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