Unity Software (NYSE:U) Stock Price Up 9.1% – Here’s What Happened

Unity Software Inc. (NYSE:U) shares traded up 9.1% on Wednesday . The company traded as high as $31.00 and last traded at $31.17. Approximately 2,699,511 shares traded hands during trading, a decline of 81% from the average session volume of 14,293,364 shares. The stock had previously closed at $28.58.

Wall Street Analyst Weigh In

U has been the subject of a number of analyst reports. Morgan Stanley increased their price target on Unity Software from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Friday, March 27th. Citizens Jmp restated a “market outperform” rating and issued a $37.00 price objective on shares of Unity Software in a research report on Friday, March 27th. Barclays upped their price objective on Unity Software from $28.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Needham & Company LLC increased their target price on Unity Software from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Finally, Piper Sandler began coverage on Unity Software in a research report on Tuesday, June 2nd. They set an “overweight” rating and a $40.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Unity Software currently has an average rating of “Moderate Buy” and an average target price of $37.71.

Unity Software Stock Performance

The firm’s 50 day simple moving average is $27.55 and its 200 day simple moving average is $28.95. The firm has a market cap of $12.81 billion, a PE ratio of -18.69, a PEG ratio of 3.66 and a beta of 2.05. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.56.

Insider Transactions at Unity Software

In related news, COO Alexander Blum sold 2,099 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $27.37, for a total value of $57,449.63. Following the sale, the chief operating officer directly owned 727,970 shares in the company, valued at approximately $19,924,538.90. The trade was a 0.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Rebecca Berenice Boyden sold 952 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $27.20, for a total value of $25,894.40. Following the transaction, the senior vice president directly owned 309,445 shares of the company’s stock, valued at approximately $8,416,904. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 198,321 shares of company stock valued at $5,390,783. 0.77% of the stock is owned by insiders.

Institutional Inflows and Outflows

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

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.