Unity Software (NYSE:U) Shares Gap Up – Should You Buy?

Shares of Unity Software Inc. (NYSE:U) gapped up prior to trading on Friday . The stock had previously closed at $30.73, but opened at $32.24. Unity Software shares last traded at $31.9050, with a volume of 3,459,439 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Raymond James Financial started coverage on shares of Unity Software in a report on Monday, June 29th. They issued a “market perform” rating on the stock. Citigroup cut their target price on shares of Unity Software from $43.00 to $40.00 and set a “buy” rating for the company in a research note on Thursday, April 30th. BTIG Research boosted their price target on shares of Unity Software from $39.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Wells Fargo & Company boosted their price target on shares of Unity Software from $35.00 to $36.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Piper Sandler assumed coverage on Unity Software in a research report on Tuesday, June 2nd. They set an “overweight” rating and a $40.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.77.

Unity Software Stock Up 1.4%

The business’s 50 day simple moving average is $27.94 and its 200 day simple moving average is $28.41. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $13.61 billion, a PE ratio of -20.03, a PEG ratio of 3.57 and a beta of 2.05.

Insider Buying and Selling

In other news, CAO Mark Barrysmith sold 13,247 shares of Unity Software stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $27.18, for a total value of $360,053.46. Following the completion of the transaction, the chief accounting officer owned 370,654 shares in the company, valued at approximately $10,074,375.72. The trade was a 3.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Matthew S. Bromberg sold 138,993 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $27.18, for a total value of $3,777,829.74. Following the transaction, the chief executive officer directly owned 1,557,514 shares in the company, valued at approximately $42,333,230.52. This represents a 8.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 198,321 shares of company stock valued at $5,390,783 in the last quarter. 0.77% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. REAP Financial Group LLC bought a new position in Unity Software during the fourth quarter valued at $28,000. V Square Quantitative Management LLC bought a new stake in shares of Unity Software in the 4th quarter worth about $30,000. Larson Financial Group LLC boosted its stake in shares of Unity Software by 88.1% during the 3rd quarter. Larson Financial Group LLC now owns 728 shares of the company’s stock worth $29,000 after purchasing an additional 341 shares during the period. International Assets Investment Management LLC purchased a new position in shares of Unity Software during the 4th quarter worth about $36,000. Finally, IFP Advisors Inc bought a new position in Unity Software during the 3rd quarter valued at about $33,000. 73.46% of the stock is owned by hedge funds and other institutional investors.

Unity Software Company Profile

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.