Nerdy (NYSE:NRDY) Shares Down 3.3%

Nerdy, Inc. (NYSE:NRDYGet Rating) shares fell 3.3% during mid-day trading on Tuesday . The stock traded as low as $3.22 and last traded at $3.23. 15,672 shares were traded during mid-day trading, a decline of 99% from the average session volume of 1,437,527 shares. The stock had previously closed at $3.34.

A number of equities analysts have weighed in on NRDY shares. The Goldman Sachs Group cut shares of Nerdy from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $8.00 to $3.00 in a research report on Tuesday, May 17th. JMP Securities dropped their target price on shares of Nerdy from $11.00 to $7.00 and set a “market outperform” rating for the company in a report on Tuesday, May 17th. Needham & Company LLC dropped their target price on shares of Nerdy from $8.00 to $4.00 and set a “buy” rating for the company in a report on Tuesday, May 17th. JPMorgan Chase & Co. dropped their target price on shares of Nerdy from $11.00 to $7.00 in a report on Tuesday, May 17th. Finally, Cantor Fitzgerald initiated coverage on shares of Nerdy in a research report on Tuesday, March 29th. They issued an “overweight” rating and a $7.00 target price on the stock. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Nerdy has an average rating of “Moderate Buy” and an average target price of $6.60.

The firm has a 50 day moving average price of $3.15 and a 200-day moving average price of $4.12.

In related news, CEO Charles K. Cohn acquired 300,000 shares of the stock in a transaction that occurred on Tuesday, May 31st. The stock was purchased at an average cost of $2.81 per share, for a total transaction of $843,000.00. Following the purchase, the chief executive officer now directly owns 3,379,348 shares in the company, valued at $9,495,967.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jason H. Pello acquired 27,000 shares of the stock in a transaction that occurred on Friday, May 20th. The shares were bought at an average price of $1.86 per share, with a total value of $50,220.00. Following the completion of the purchase, the chief financial officer now owns 503,920 shares in the company, valued at $937,291.20. The disclosure for this purchase can be found here. Insiders acquired a total of 1,095,965 shares of company stock valued at $3,229,291 in the last 90 days. 31.08% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada grew its holdings in shares of 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 during the last quarter. Citigroup Inc. acquired a new position in Nerdy in the first quarter valued at about $55,000. Bank of America Corp DE lifted its stake in Nerdy by 108,950.0% in the first quarter. Bank of America Corp DE now owns 13,086 shares of the company’s stock valued at $67,000 after buying an additional 13,074 shares during the period. Clear Harbor Asset Management LLC acquired a new stake in shares of Nerdy during the first quarter worth about $74,000. Finally, Sciencast Management LP acquired a new stake in shares of Nerdy during the first quarter worth about $99,000. 56.01% of the stock is currently owned by institutional investors and hedge funds.

Nerdy Company Profile (NYSE:NRDY)

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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