Unity Software (NYSE:U) Stock Price Up 7.3% – Here’s What Happened

Unity Software Inc. (NYSE:U)’s share price rose 7.3% during trading on Wednesday . The stock traded as high as $23.39 and last traded at $23.40. Approximately 4,546,959 shares traded hands during trading, a decline of 59% from the average daily volume of 10,958,624 shares. The stock had previously closed at $21.81.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on U shares. Morgan Stanley dropped their price objective on shares of Unity Software from $32.00 to $25.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Wedbush cut Unity Software from a “strong-buy” rating to a “strong sell” rating in a report on Wednesday, May 7th. Wells Fargo & Company reduced their price target on Unity Software from $22.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 8th. JMP Securities reiterated a “market perform” rating on shares of Unity Software in a report on Monday, February 3rd. Finally, Macquarie began coverage on shares of Unity Software in a research note on Monday, March 10th. They set a “neutral” rating and a $24.00 price target for the company. One research analyst has rated the stock with a sell rating, ten have given a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $24.21.

Unity Software Trading Up 12.2%

The firm’s 50-day simple moving average is $20.57 and its 200 day simple moving average is $22.07. The stock has a market capitalization of $10.17 billion, a P/E ratio of -14.46 and a beta of 2.29. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 0.70.

Unity Software (NYSE:U) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.19. The business had revenue of $435.00 million during the quarter, compared to the consensus estimate of $415.77 million. Unity Software had a negative net margin of 36.63% and a negative return on equity of 13.40%. Unity Software’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.28 earnings per share. Equities research analysts anticipate that Unity Software Inc. will post -1.25 EPS for the current fiscal year.

Insider Buying and Selling

In other Unity Software news, CAO Mark Barrysmith sold 1,414 shares of Unity Software stock in a transaction on Friday, May 16th. The shares were sold at an average price of $21.42, for a total value of $30,287.88. Following the completion of the sale, the chief accounting officer now directly owns 480,408 shares of the company’s stock, valued at approximately $10,290,339.36. The trade was a 0.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David Helgason sold 38,924 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $25.84, for a total value of $1,005,796.16. Following the sale, the director now directly owns 7,750,646 shares of the company’s stock, valued at $200,276,692.64. The trade was a 0.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 614,082 shares of company stock valued at $13,706,735. 6.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Unity Software

Several hedge funds and other institutional investors have recently modified their holdings of U. Cornerstone Planning Group LLC lifted its stake in shares of Unity Software by 30,300.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 1,216 shares of the company’s stock valued at $25,000 after buying an additional 1,212 shares in the last quarter. Anderson Financial Strategies LLC bought a new position in shares of Unity Software during the 4th quarter worth approximately $28,000. R Squared Ltd acquired a new stake in Unity Software during the 4th quarter valued at approximately $30,000. Principal Securities Inc. raised its holdings in Unity Software by 50.5% in the 4th quarter. Principal Securities Inc. now owns 1,422 shares of the company’s stock worth $32,000 after purchasing an additional 477 shares during the period. Finally, Banque Transatlantique SA acquired a new position in Unity Software during the first quarter worth $28,000. Hedge funds and other institutional investors own 73.46% of the company’s stock.

About Unity Software

Unity Software Inc operates a real-time 3D development platform. Its platform provides software solutions to create, run, and monetize interactive, real-time 2D and 3D content for mobile phones, tablets, PCs, consoles, and augmented and virtual reality devices. The company offers its solutions directly through its online store and field sales operations in North America, Denmark, Finland, the United Kingdom, Germany, Japan, China, Singapore, and South Korea, as well as indirectly through independent distributors and resellers worldwide.