Nerdy (NYSE:NRDY) Given New $7.00 Price Target at Canaccord Genuity Group

Nerdy (NYSE:NRDY – Get Rating) had its price objective reduced by investment analysts at Canaccord Genuity Group from $8.00 to $7.00 in a note issued to investors on Friday, The Fly reports. Canaccord Genuity Group’s price target would suggest a potential upside of 192.89% from the stock’s current price.

Several other research firms have also commented on NRDY. Cantor Fitzgerald assumed coverage on Nerdy in a research note on Tuesday, March 29th. They set an “overweight” rating and a $7.00 price objective for the company. Northland Securities dropped their price target on Nerdy from $10.00 to $5.00 in a research report on Tuesday, May 17th. Barclays decreased their price objective on Nerdy from $9.00 to $5.00 in a report on Tuesday, March 1st. JPMorgan Chase & Co. reduced their target price on shares of Nerdy from $11.00 to $7.00 in a research report on Tuesday, May 17th. Finally, JMP Securities lowered their price target on shares of Nerdy from $11.00 to $7.00 and set a “market outperform” rating on the stock in a research report on Tuesday, May 17th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $6.60.

Nerdy stock opened at $2.39 on Friday. The firm has a market cap of $377.85 million, a PE ratio of -9.19 and a beta of 0.52. Nerdy has a 12 month low of $1.59 and a 12 month high of $13.49. The stock’s 50 day simple moving average is $3.76 and its two-hundred day simple moving average is $4.58.

Nerdy (NYSE:NRDY – Get Rating) last issued its quarterly earnings data on Monday, February 28th. The company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.39. Nerdy had a negative net margin of 13.70% and a negative return on equity of 55.71%. The business had revenue of $42.02 million during the quarter, compared to the consensus estimate of $41.65 million. As a group, sell-side analysts forecast that Nerdy will post -1.22 earnings per share for the current fiscal year.

In related news, CEO Charles K. Cohn purchased 221,408 shares of Nerdy stock in a transaction on Wednesday, March 2nd. The shares were bought at an average price of $4.52 per share, with a total value of $1,000,764.16. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Jason H. Pello acquired 27,000 shares of the stock in a transaction dated Friday, May 20th. The shares were bought at an average cost of $1.86 per share, with a total value of $50,220.00. Following the completion of the transaction, the chief financial officer now owns 503,920 shares of the company’s stock, valued at approximately $937,291.20. The disclosure for this purchase can be found here. Insiders have purchased a total of 260,908 shares of company stock valued at $1,072,234 over the last 90 days. 31.08% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the stock. Royal Bank of Canada raised its holdings in Nerdy by 3,036.0% during the first quarter. Royal Bank of Canada now owns 5,488 shares of the company’s stock worth $28,000 after purchasing an additional 5,313 shares in the last quarter. Citigroup Inc. purchased a new position in shares of Nerdy in the 1st quarter valued at $55,000. Clear Harbor Asset Management LLC acquired a new stake in Nerdy during the 1st quarter worth $74,000. Sciencast Management LP purchased a new stake in Nerdy in the first quarter valued at $99,000. Finally, Davy Global Fund Management Ltd acquired a new position in Nerdy in the first quarter valued at $164,000. 56.01% of the stock is currently owned by hedge funds and other institutional investors.

About Nerdy (Get Rating)

Nerdy, Inc operates platform for live online learning. The company's purpose-built proprietary platform leverages technology, including AI, to connect learners of various ages to experts, delivering value on both sides of the network. Its learning destination provides learning experiences across various subjects and multiple formats, including one-on-one instruction, small group classes, large format group classes, and adaptive self-study.

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