Raymond James Lowers Nerdy (NYSE:NRDY) to Market Perform

Raymond James downgraded shares of Nerdy (NYSE:NRDY) from an outperform rating to a market perform rating in a report released on Friday morning, MarketBeat.com reports.

Other research analysts also recently issued research reports about the company. The Goldman Sachs Group boosted their target price on Nerdy from $3.25 to $3.75 and gave the company a neutral rating in a research note on Thursday, May 9th. Needham & Company LLC reiterated a buy rating and set a $4.00 price target on shares of Nerdy in a report on Friday, May 17th. Eight research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $3.58.

Nerdy Stock Down 2.4 %

Shares of Nerdy stock traded down $0.02 during midday trading on Friday, hitting $0.81. The company’s stock had a trading volume of 3,608,563 shares, compared to its average volume of 1,355,397. The firm has a market capitalization of $141.67 million, a P/E ratio of -2.95 and a beta of 1.73. Nerdy has a 1-year low of $0.74 and a 1-year high of $5.13. The stock has a 50-day simple moving average of $1.65 and a 200-day simple moving average of $2.36.

Nerdy (NYSE:NRDY) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.04. Nerdy had a negative net margin of 14.49% and a negative return on equity of 41.24%. The firm had revenue of $50.98 million for the quarter, compared to the consensus estimate of $51.14 million. During the same period in the previous year, the firm posted ($0.07) earnings per share. As a group, sell-side analysts predict that Nerdy will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Jason H. Pello sold 37,360 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $2.07, for a total transaction of $77,335.20. Following the transaction, the chief financial officer now owns 2,438,689 shares in the company, valued at approximately $5,048,086.23. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Charles K. Cohn bought 347,275 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was acquired at an average cost of $1.93 per share, with a total value of $670,240.75. Following the completion of the purchase, the chief executive officer now owns 2,117,526 shares of the company’s stock, valued at $4,086,825.18. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Jason H. Pello sold 37,360 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $2.07, for a total transaction of $77,335.20. Following the sale, the chief financial officer now directly owns 2,438,689 shares in the company, valued at $5,048,086.23. The disclosure for this sale can be found here. Insiders have acquired a total of 1,200,275 shares of company stock worth $2,131,511 in the last three months. Insiders own 31.35% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Rhumbline Advisers raised its stake in Nerdy by 11.6% in the second quarter. Rhumbline Advisers now owns 84,739 shares of the company’s stock valued at $142,000 after buying an additional 8,834 shares during the period. ACR Alpine Capital Research LLC raised its stake in Nerdy by 4.1% in the second quarter. ACR Alpine Capital Research LLC now owns 991,332 shares of the company’s stock valued at $1,656,000 after purchasing an additional 39,270 shares in the last quarter. nVerses Capital LLC bought a new stake in shares of Nerdy during the 2nd quarter worth approximately $34,000. Bank of New York Mellon Corp boosted its holdings in shares of Nerdy by 28.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 261,917 shares of the company’s stock valued at $437,000 after purchasing an additional 58,152 shares in the last quarter. Finally, Bayesian Capital Management LP acquired a new stake in Nerdy in the first quarter valued at about $101,000. 39.10% of the stock is currently owned by institutional investors and hedge funds.

About Nerdy

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.