Nerdy (NYSE:NRDY) Shares Down 0.7% – Here’s What Happened

Nerdy Inc. (NYSE:NRDY) dropped 0.7% on Thursday . The stock traded as low as $0.9837 and last traded at $0.9930. Approximately 849,232 shares changed hands during mid-day trading, an increase of 11% from the average daily volume of 768,239 shares. The stock had previously closed at $1.00.

Wall Street Analyst Weigh In

Several brokerages recently commented on NRDY. Weiss Ratings reiterated a “sell (e+)” rating on shares of Nerdy in a report on Thursday, January 22nd. Cantor Fitzgerald lowered their price objective on shares of Nerdy from $1.50 to $1.00 and set a “neutral” rating for the company in a research report on Friday, November 7th. Finally, Wall Street Zen raised shares of Nerdy from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $1.25.

Nerdy Trading Down 0.7%

The business has a 50 day simple moving average of $1.10 and a two-hundred day simple moving average of $1.18. The stock has a market cap of $186.02 million, a price-to-earnings ratio of -2.84 and a beta of 1.80.

Insider Activity at Nerdy

In related news, CEO Charles K. Cohn purchased 270,578 shares of the firm’s stock in a transaction dated Wednesday, November 19th. The stock was acquired at an average price of $0.91 per share, with a total value of $246,225.98. Following the completion of the transaction, the chief executive officer owned 30,779,769 shares of the company’s stock, valued at $28,009,589.79. This represents a 0.89% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders purchased 3,312,265 shares of company stock worth $4,156,430 and sold 252,446 shares worth $292,028. Company insiders own 50.94% of the company’s stock.

Hedge Funds Weigh In On Nerdy

Several large investors have recently modified their holdings of the stock. Geode Capital Management LLC grew its stake in Nerdy by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 1,557,017 shares of the company’s stock worth $1,620,000 after purchasing an additional 17,325 shares in the last quarter. Jefferies Financial Group Inc. bought a new position in Nerdy during the 4th quarter worth approximately $78,000. Thompson Davis & CO. Inc. acquired a new position in shares of Nerdy in the 4th quarter worth approximately $101,000. Moneta Group Investment Advisors LLC grew its position in shares of Nerdy by 170.7% in the 3rd quarter. Moneta Group Investment Advisors LLC now owns 237,883 shares of the company’s stock worth $300,000 after acquiring an additional 150,000 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Nerdy by 236.2% in the 2nd quarter. Bank of America Corp DE now owns 123,534 shares of the company’s stock valued at $201,000 after acquiring an additional 86,791 shares during the last quarter. Institutional investors own 39.10% of the company’s stock.

About Nerdy

Nerdy, Inc (NYSE:NRDY) is an American education technology company that operates a live online learning marketplace. Through its flagship Varsity Tutors platform, the company connects students, professionals and lifelong learners with a network of thousands of educators for personalized one-on-one tutoring, group classes and test preparation. The platform leverages proprietary matching algorithms to pair learners with instructors based on subject expertise, learning style and scheduling preferences.

Founded in 2007 by entrepreneur Chuck Cohn, Nerdy began as Varsity Tutors in Washington, DC, before establishing its headquarters in St.