Nerdy (NYSE:NRDY) Downgraded by JPMorgan Chase & Co. to Underweight

JPMorgan Chase & Co. cut shares of Nerdy (NYSE:NRDY) from a neutral rating to an underweight rating in a report released on Monday morning, MarketBeat reports.

Several other equities analysts also recently commented on NRDY. Barclays decreased their target price on Nerdy from $4.00 to $3.00 and set an “equal weight” rating on the stock in a research report on Friday, August 9th. Canaccord Genuity Group lowered Nerdy from a “buy” rating to a “hold” rating and decreased their price objective for the company from $5.00 to $3.00 in a report on Friday, August 9th. Cantor Fitzgerald reissued a “neutral” rating and set a $1.00 target price (down previously from $6.00) on shares of Nerdy in a report on Friday, November 8th. Canaccord Genuity Group restated a “hold” rating and issued a $3.00 price target (down from $5.00) on shares of Nerdy in a research note on Friday, August 9th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price objective on shares of Nerdy in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, Nerdy has a consensus rating of “Hold” and a consensus target price of $2.86.

Nerdy Stock Performance

Shares of NRDY stock opened at $0.82 on Monday. Nerdy has a 52 week low of $0.73 and a 52 week high of $3.60. The company has a market capitalization of $146.16 million, a price-to-earnings ratio of -2.36 and a beta of 1.68. The company has a 50-day simple moving average of $0.97 and a 200 day simple moving average of $1.43.

Insider Transactions at Nerdy

In other news, Director Abigail Blunt acquired 49,045 shares of the stock in a transaction on Wednesday, September 11th. The stock was acquired at an average cost of $0.91 per share, for a total transaction of $44,630.95. Following the completion of the transaction, the director now directly owns 50,045 shares in the company, valued at approximately $45,540.95. This trade represents a 4,900.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In other Nerdy news, Director Abigail Blunt purchased 49,045 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The shares were bought at an average price of $0.91 per share, for a total transaction of $44,630.95. Following the purchase, the director now owns 50,045 shares in the company, valued at approximately $45,540.95. This trade represents a 4,900.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Charles K. Cohn acquired 10,993,192 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were acquired at an average price of $0.89 per share, with a total value of $9,783,940.88. Following the completion of the transaction, the chief executive officer now owns 13,110,718 shares in the company, valued at $11,668,539.02. The trade was a 500.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 13,212,528 shares of company stock valued at $12,063,972. Company insiders own 31.35% of the company’s stock.

Institutional Investors Weigh In On Nerdy

Several hedge funds and other institutional investors have recently made changes to their positions in NRDY. Millennium Management LLC lifted its stake in Nerdy by 382.0% in the 2nd quarter. Millennium Management LLC now owns 1,876,105 shares of the company’s stock valued at $3,133,000 after purchasing an additional 1,486,910 shares during the last quarter. Ritholtz Wealth Management bought a new position in shares of Nerdy in the 3rd quarter valued at $867,000. Greenvale Capital LLP boosted its holdings in shares of Nerdy by 6.0% during the 2nd quarter. Greenvale Capital LLP now owns 9,000,000 shares of the company’s stock valued at $15,030,000 after acquiring an additional 509,004 shares in the last quarter. Clearline Capital LP grew its position in Nerdy by 34.3% during the 2nd quarter. Clearline Capital LP now owns 1,846,737 shares of the company’s stock worth $3,084,000 after acquiring an additional 471,603 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in Nerdy by 12.9% in the 2nd quarter. Marshall Wace LLP now owns 1,960,393 shares of the company’s stock worth $3,274,000 after purchasing an additional 224,049 shares in the last quarter. 39.10% of the stock is owned by institutional investors.

Nerdy Company Profile

Nerdy, Inc operates platform for live online learning. The company's purpose-built proprietary platform leverages technology, including artificial intelligence to connect students, users, parents, guardians, and purchasers of various ages to tutors, instructors, subject matter experts, educators, and other professionals, delivering value on both sides of the network.