Nerdy (NYSE:NRDY) Downgraded to Hold at Canaccord Genuity Group

Nerdy (NYSE:NRDY) was downgraded by Canaccord Genuity Group from a “buy” rating to a “hold” rating in a note issued to investors on Friday, Briefing.com reports. They presently have a $3.00 target price on the stock, down from their previous target price of $5.00. Canaccord Genuity Group’s price objective points to a potential upside of 222.34% from the stock’s previous close.

Several other equities analysts have also issued reports on NRDY. Raymond James lowered Nerdy from an “outperform” rating to a “market perform” rating in a research note on Friday. Barclays lowered their price target on Nerdy from $4.00 to $3.00 and set an “equal weight” rating for the company in a report on Friday. JPMorgan Chase & Co. lowered shares of Nerdy from an “overweight” rating to a “neutral” rating in a research report on Friday. Needham & Company LLC reaffirmed a “buy” rating and issued a $4.00 price target on shares of Nerdy in a report on Friday, May 17th. Finally, The Goldman Sachs Group upped their target price on Nerdy from $3.25 to $3.75 and gave the company a “neutral” rating in a research report on Thursday, May 9th. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Nerdy presently has a consensus rating of “Hold” and an average price target of $4.34.

Nerdy Stock Down 41.5 %

NRDY stock traded down $0.66 during trading on Friday, hitting $0.93. The company had a trading volume of 3,506,745 shares, compared to its average volume of 1,223,530. The firm has a market capitalization of $163.52 million, a P/E ratio of -3.39 and a beta of 1.73. The company has a 50 day simple moving average of $1.67 and a 200-day simple moving average of $2.38. Nerdy has a 52-week low of $0.92 and a 52-week high of $5.13.

Nerdy (NYSE:NRDY) last issued its earnings results on Tuesday, May 7th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.04. The business had revenue of $53.73 million during the quarter, compared to analyst estimates of $52.20 million. Nerdy had a negative return on equity of 41.24% and a negative net margin of 14.49%. Nerdy’s revenue was up 9.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.12) EPS. Sell-side analysts forecast that Nerdy will post -0.31 earnings per share for the current year.

Insider Buying and Selling at Nerdy

In related news, CEO Charles K. Cohn acquired 500,000 shares of Nerdy stock in a transaction that occurred on Wednesday, June 12th. The shares were purchased at an average price of $1.80 per share, for a total transaction of $900,000.00. Following the completion of the transaction, the chief executive officer now owns 1,422,976 shares in the company, valued at approximately $2,561,356.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Charles K. Cohn acquired 500,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was purchased at an average price of $1.80 per share, with a total value of $900,000.00. Following the completion of the acquisition, the chief executive officer now owns 1,422,976 shares of the company’s stock, valued at approximately $2,561,356.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jason H. Pello sold 37,360 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $2.07, for a total transaction of $77,335.20. Following the completion of the transaction, the chief financial officer now owns 2,438,689 shares in the company, valued at $5,048,086.23. The disclosure for this sale can be found here. In the last quarter, insiders acquired 1,200,275 shares of company stock worth $2,131,511. Insiders own 31.35% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of NRDY. nVerses Capital LLC acquired a new position in Nerdy in the 2nd quarter valued at about $34,000. SG Americas Securities LLC purchased a new position in Nerdy in the 4th quarter valued at $50,000. Tower Research Capital LLC TRC increased its stake in Nerdy by 1,765.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 15,051 shares of the company’s stock valued at $52,000 after buying an additional 14,244 shares during the period. Bayesian Capital Management LP purchased a new position in Nerdy during the 1st quarter worth $101,000. Finally, Certuity LLC acquired a new stake in shares of Nerdy in the 4th quarter worth $120,000. Institutional investors and hedge funds own 39.10% of the company’s stock.

About Nerdy

Nerdy, Inc operates platform for live online learning. The company's purpose-built proprietary platform leverages technology, including artificial intelligence to connect students, users, parents, guardians, and purchasers of various ages to tutors, instructors, subject matter experts, educators, and other professionals, delivering value on both sides of the network.