Hidden Lake Asset Management LP Takes Position in Unity Software Inc. $U

Hidden Lake Asset Management LP purchased a new position in shares of Unity Software Inc. (NYSE:U) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 93,863 shares of the company’s stock, valued at approximately $3,758,000. Unity Software makes up 0.5% of Hidden Lake Asset Management LP’s portfolio, making the stock its 29th largest position.

A number of other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Unity Software by 2.8% during the third quarter. Vanguard Group Inc. now owns 34,556,611 shares of the company’s stock valued at $1,383,647,000 after purchasing an additional 930,293 shares in the last quarter. Slate Path Capital LP lifted its stake in Unity Software by 25.4% during the second quarter. Slate Path Capital LP now owns 20,016,952 shares of the company’s stock worth $484,410,000 after purchasing an additional 4,048,484 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Unity Software by 58.7% in the 3rd quarter. Wellington Management Group LLP now owns 18,213,875 shares of the company’s stock valued at $729,284,000 after purchasing an additional 6,734,285 shares in the last quarter. Norges Bank bought a new position in shares of Unity Software in the 2nd quarter valued at $151,221,000. Finally, Geode Capital Management LLC increased its stake in shares of Unity Software by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 5,064,703 shares of the company’s stock valued at $122,587,000 after purchasing an additional 36,105 shares during the last quarter. 73.46% of the stock is owned by institutional investors.

Unity Software Stock Performance

NYSE:U opened at $19.42 on Monday. The stock has a market cap of $8.41 billion, a P/E ratio of -20.23, a price-to-earnings-growth ratio of 10.42 and a beta of 2.15. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.52. The stock’s 50-day moving average is $29.51 and its 200-day moving average is $37.29. Unity Software Inc. has a 1-year low of $15.33 and a 1-year high of $52.15.

Unity Software (NYSE:U) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.04. Unity Software had a negative net margin of 21.77% and a negative return on equity of 4.76%. The business had revenue of $503.09 million during the quarter, compared to analyst estimates of $490.64 million. During the same quarter last year, the business earned ($0.30) EPS. The firm’s quarterly revenue was up 10.1% on a year-over-year basis. Equities research analysts anticipate that Unity Software Inc. will post -1.25 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on U shares. UBS Group lowered their price target on Unity Software from $46.00 to $32.00 and set a “neutral” rating for the company in a report on Tuesday, February 10th. Jefferies Financial Group lifted their target price on Unity Software from $49.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, January 5th. Wall Street Zen raised Unity Software from a “hold” rating to a “buy” rating in a research note on Saturday. Bank of America raised shares of Unity Software from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $18.00 to $19.00 in a report on Tuesday, March 3rd. Finally, Citigroup reduced their price target on shares of Unity Software from $52.00 to $43.00 and set a “buy” rating on the stock in a research note on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Unity Software currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.73.

Insider Buying and Selling

In related news, CFO Jarrod Yahes sold 6,205 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $21.03, for a total transaction of $130,491.15. Following the completion of the transaction, the chief financial officer directly owned 728,381 shares of the company’s stock, valued at $15,317,852.43. This trade represents a 0.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Alexander Blum sold 2,541 shares of Unity Software stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $18.76, for a total value of $47,669.16. Following the transaction, the chief operating officer directly owned 548,425 shares in the company, valued at $10,288,453. The trade was a 0.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 41,684 shares of company stock valued at $773,350 over the last 90 days. 3.61% of the stock is owned by insiders.

About Unity Software

Unity Software is a leading provider of a real-time 3D development platform that enables creators across industries to design, build and operate interactive, real-time experiences. Originally focused on the game development market, Unity’s technology now extends into sectors such as film, automotive, architecture, engineering and construction, delivering immersive content for mobile, desktop, console, augmented reality and virtual reality devices. The company’s core offering comprises a suite of authoring tools, runtime engines and cloud services that streamline the creation and deployment of interactive 3D applications.

The Unity Editor serves as the central hub where developers design scenes, script behavior and iterate on assets.