Nerdy (NYSE:NRDY) Receives "Buy" Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Nerdy (NYSE:NRDY - Free Report) in a report issued on Friday,Benzinga reports. They currently have a $2.00 price objective on the stock.

Several other research firms also recently issued reports on NRDY. JMP Securities reaffirmed a "market perform" rating on shares of Nerdy in a report on Friday. Cantor Fitzgerald restated a "neutral" rating and set a $1.00 target price (down previously from $6.00) on shares of Nerdy in a research report on Friday. Raymond James cut Nerdy from an "outperform" rating to a "market perform" rating in a research report on Friday, August 9th. Northland Capmk lowered Nerdy from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 9th. Finally, Canaccord Genuity Group restated a "hold" rating and issued a $3.00 target price (down previously from $5.00) on shares of Nerdy in a research note on Friday, August 9th. Ten analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $2.98.

Nerdy Stock Down 7.3 %

NRDY stock traded down $0.06 during trading hours on Friday, hitting $0.83. The company's stock had a trading volume of 3,651,319 shares, compared to its average volume of 1,604,689. The stock has a 50 day moving average price of $0.98 and a two-hundred day moving average price of $1.48. Nerdy has a 12 month low of $0.73 and a 12 month high of $3.60. The company has a market capitalization of $146.92 million, a PE ratio of -2.49 and a beta of 1.68.

Nerdy (NYSE:NRDY - Get Free Report) last posted its earnings results on Thursday, August 8th. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.04. Nerdy had a negative return on equity of 41.05% and a negative net margin of 17.23%. The company had revenue of $50.98 million for the quarter, compared to analyst estimates of $51.14 million. During the same period last year, the company earned ($0.07) earnings per share. Sell-side analysts expect that Nerdy will post -0.48 earnings per share for the current year.

Insider Buying and Selling at Nerdy

In related news, CEO Charles K. Cohn bought 10,993,192 shares of the company's stock in a transaction on Friday, August 16th. The stock was bought at an average cost of $0.89 per share, with a total value of $9,783,940.88. Following the completion of the purchase, the chief executive officer now owns 13,110,718 shares in the company, valued at approximately $11,668,539.02. The trade was a 500.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Charles K. Cohn bought 10,993,192 shares of the company's stock in a transaction dated Friday, August 16th. The stock was bought at an average price of $0.89 per share, for a total transaction of $9,783,940.88. Following the completion of the transaction, the chief executive officer now directly owns 13,110,718 shares in the company, valued at $11,668,539.02. The trade was a 500.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Charles K. Cohn purchased 2,170,291 shares of the business's stock in a transaction dated Monday, August 19th. The shares were purchased at an average cost of $1.03 per share, for a total transaction of $2,235,399.73. Following the purchase, the chief executive officer now directly owns 13,025,870 shares of the company's stock, valued at $13,416,646.10. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 13,212,528 shares of company stock worth $12,063,972. 31.35% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nerdy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Nerdy by 2.9% in the first quarter. Vanguard Group Inc. now owns 3,101,444 shares of the company's stock valued at $9,025,000 after purchasing an additional 88,771 shares in the last quarter. Bayesian Capital Management LP acquired a new stake in Nerdy during the 1st quarter worth $101,000. Bank of New York Mellon Corp lifted its holdings in Nerdy by 28.5% during the second quarter. Bank of New York Mellon Corp now owns 261,917 shares of the company's stock worth $437,000 after acquiring an additional 58,152 shares in the last quarter. nVerses Capital LLC bought a new stake in shares of Nerdy in the second quarter worth about $34,000. Finally, ACR Alpine Capital Research LLC raised its position in shares of Nerdy by 4.1% during the second quarter. ACR Alpine Capital Research LLC now owns 991,332 shares of the company's stock worth $1,656,000 after purchasing an additional 39,270 shares during the period. 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.