Nerdy Inc. (NYSE:NRDY) Short Interest Down 40.4% in June

Nerdy Inc. (NYSE:NRDY) was the target of a significant drop in short interest during the month of June. As of June 30th, there was short interest totaling 4,527,931 shares, a drop of 40.4% from the June 15th total of 7,591,316 shares. Based on an average daily trading volume, of 1,356,208 shares, the short-interest ratio is presently 3.3 days. Approximately 4.9% of the shares of the company are short sold.

Insider Buying and Selling

In related news, CEO Charles K. Cohn acquired 250,007 shares of the stock in a transaction on Monday, June 15th. The shares were acquired at an average price of $1.00 per share, with a total value of $250,007.00. Following the completion of the transaction, the chief executive officer owned 978,311 shares in the company, valued at approximately $978,311. The trade was a 34.33% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have bought a total of 978,311 shares of company stock valued at $950,853 over the last 90 days. Insiders own 51.54% of the company’s stock.

Institutional Trading of Nerdy

A number of institutional investors have recently modified their holdings of the business. Abel Hall LLC purchased a new position in Nerdy in the 4th quarter valued at approximately $67,000. Wells Fargo & Company MN lifted its position in shares of Nerdy by 80.5% during the fourth quarter. Wells Fargo & Company MN now owns 65,041 shares of the company’s stock worth $68,000 after acquiring an additional 29,007 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Nerdy by 236.2% during the second quarter. Bank of America Corp DE now owns 123,534 shares of the company’s stock worth $201,000 after acquiring an additional 86,791 shares in the last quarter. Jane Street Group LLC boosted its holdings in shares of Nerdy by 27.0% in the second quarter. Jane Street Group LLC now owns 83,470 shares of the company’s stock worth $136,000 after acquiring an additional 17,768 shares during the period. Finally, Marshall Wace LLP bought a new position in shares of Nerdy in the second quarter worth $221,000. 39.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Nerdy in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $1.00.

Nerdy Stock Performance

NRDY traded down $0.02 during trading hours on Friday, hitting $0.83. The stock had a trading volume of 553,488 shares, compared to its average volume of 857,487. The company’s fifty day simple moving average is $0.87 and its 200 day simple moving average is $0.92. Nerdy has a 1 year low of $0.75 and a 1 year high of $1.74. The stock has a market cap of $158.17 million, a PE ratio of -2.97 and a beta of 1.73. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 0.67.

Nerdy (NYSE:NRDY) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. The business had revenue of $48.73 million for the quarter, compared to analysts’ expectations of $47.33 million. Nerdy had a negative return on equity of 93.27% and a negative net margin of 18.60%. Equities analysts anticipate that Nerdy will post -0.18 earnings per share for the current year.

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.