Insider Buying: Nerdy, Inc. (NYSE:NRDY) CEO Acquires 209,360 Shares of Stock

Nerdy, Inc. (NYSE:NRDYGet Rating) CEO Charles K. Cohn bought 209,360 shares of the business’s stock in a transaction that occurred on Wednesday, June 15th. The stock was purchased at an average cost of $3.14 per share, for a total transaction of $657,390.40. Following the completion of the transaction, the chief executive officer now owns 5,000,000 shares in the company, valued at $15,700,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

NRDY traded up $0.34 during trading on Friday, reaching $3.47. The company’s stock had a trading volume of 44,522 shares, compared to its average volume of 1,500,254. The firm has a fifty day simple moving average of $3.20 and a two-hundred day simple moving average of $4.18. Nerdy, Inc. has a 1 year low of $1.59 and a 1 year high of $13.49. The company has a market cap of $551.83 million, a price-to-earnings ratio of -13.23 and a beta of 0.55.

Several brokerages have weighed in on NRDY. JPMorgan Chase & Co. cut their price target on Nerdy from $11.00 to $7.00 in a research report on Tuesday, May 17th. Raymond James cut their price target on Nerdy from $9.00 to $7.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 1st. The Goldman Sachs Group downgraded Nerdy from a “buy” rating to a “neutral” rating and cut their price target for the stock from $8.00 to $3.00 in a research report on Tuesday, May 17th. Canaccord Genuity Group cut their price target on Nerdy from $8.00 to $7.00 in a research report on Friday, May 27th. Finally, Barclays cut their price target on Nerdy from $9.00 to $5.00 in a research report on Tuesday, March 1st. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $6.60.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its holdings in shares of Nerdy by 3,036.0% during the 1st quarter. Royal Bank of Canada now owns 5,488 shares of the company’s stock worth $28,000 after buying an additional 5,313 shares during the last quarter. Citigroup Inc. acquired a new stake in shares of Nerdy during the 1st quarter worth approximately $55,000. Bank of America Corp DE increased its holdings in shares of Nerdy by 108,950.0% during the 1st quarter. Bank of America Corp DE now owns 13,086 shares of the company’s stock worth $67,000 after buying an additional 13,074 shares during the last quarter. Clear Harbor Asset Management LLC acquired a new stake in shares of Nerdy during the 1st quarter worth approximately $74,000. Finally, Sciencast Management LP acquired a new stake in shares of Nerdy during the 1st quarter worth approximately $99,000. 56.01% of the stock is currently owned by institutional investors and hedge funds.

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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