Insider Buying: Nerdy, Inc. (NYSE:NRDY) CEO Buys 8,338,206 Shares of Stock

Nerdy, Inc. (NYSE:NRDY) CEO Charles K. Cohn acquired 8,338,206 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The shares were purchased at an average cost of $0.90 per share, for a total transaction of $7,504,385.40. Following the completion of the transaction, the chief executive officer now directly owns 20,948,924 shares in the company, valued at $18,854,031.60. The trade was a 66.12 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Nerdy Stock Performance

NYSE NRDY traded up $0.02 on Thursday, hitting $0.84. 1,541,503 shares of the stock were exchanged, compared to its average volume of 1,611,845. The stock has a fifty day moving average price of $0.96 and a two-hundred day moving average price of $1.42. The firm has a market capitalization of $149.65 million, a P/E ratio of -2.68 and a beta of 1.68. Nerdy, Inc. has a 52-week low of $0.73 and a 52-week high of $3.60.

Institutional Trading of Nerdy

Several institutional investors and hedge funds have recently made changes to their positions in the business. Greenvale Capital LLP lifted its position in shares of Nerdy by 6.0% during the second quarter. Greenvale Capital LLP now owns 9,000,000 shares of the company’s stock worth $15,030,000 after purchasing an additional 509,004 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Nerdy by 2.9% during the first quarter. Vanguard Group Inc. now owns 3,101,444 shares of the company’s stock worth $9,025,000 after purchasing an additional 88,771 shares during the last quarter. Marshall Wace LLP lifted its position in shares of Nerdy by 12.9% during the second quarter. Marshall Wace LLP now owns 1,960,393 shares of the company’s stock worth $3,274,000 after purchasing an additional 224,049 shares during the last quarter. Millennium Management LLC lifted its position in shares of Nerdy by 382.0% during the second quarter. Millennium Management LLC now owns 1,876,105 shares of the company’s stock worth $3,133,000 after purchasing an additional 1,486,910 shares during the last quarter. Finally, Clearline Capital LP lifted its position in shares of Nerdy by 34.3% during the second quarter. Clearline Capital LP now owns 1,846,737 shares of the company’s stock worth $3,084,000 after purchasing an additional 471,603 shares during the last quarter. 39.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently commented on NRDY shares. Canaccord Genuity Group reissued a “hold” rating and set a $3.00 price objective (down from $5.00) on shares of Nerdy in a research report on Friday, August 9th. Canaccord Genuity Group downgraded shares of Nerdy from a “buy” rating to a “hold” rating and dropped their price target for the company from $5.00 to $3.00 in a report on Friday, August 9th. Barclays dropped their price target on shares of Nerdy from $4.00 to $3.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. JMP Securities reaffirmed a “market perform” rating on shares of Nerdy in a report on Friday, November 8th. Finally, Northland Securities dropped their price target on shares of Nerdy from $3.00 to $2.00 and set a “market perform” rating on the stock in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $2.86.

Nerdy Company Profile

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.