Unity Software (NYSE:U) Shares Down 7.6% – Here’s Why

Shares of Unity Software Inc. (NYSE:U) were down 7.6% during trading on Friday . The stock traded as low as $17.40 and last traded at $17.40. Approximately 7,095,044 shares changed hands during mid-day trading, a decline of 32% from the average daily volume of 10,403,077 shares. The stock had previously closed at $18.84.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on U. Piper Sandler reissued a “neutral” rating and issued a $17.00 price target (down previously from $25.00) on shares of Unity Software in a report on Friday, August 9th. Wedbush upped their target price on shares of Unity Software from $21.00 to $27.00 and gave the company an “outperform” rating in a research note on Monday, September 16th. Barclays lifted their price objective on Unity Software from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Friday, November 8th. Wells Fargo & Company began coverage on Unity Software in a report on Monday, October 28th. They issued an “equal weight” rating and a $20.00 target price for the company. Finally, Morgan Stanley raised Unity Software from an “equal weight” rating to an “overweight” rating and set a $22.00 price target on the stock in a research note on Tuesday, September 3rd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Unity Software has an average rating of “Hold” and an average target price of $23.35.

Unity Software Stock Performance

The company has a current ratio of 2.41, a quick ratio of 2.36 and a debt-to-equity ratio of 0.70. The business’s fifty day simple moving average is $20.67 and its 200 day simple moving average is $18.77.

Insider Activity

In related news, Director David Helgason sold 250,000 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $20.59, for a total value of $5,147,500.00. Following the transaction, the director now directly owns 8,201,851 shares in the company, valued at $168,876,112.09. This represents a 2.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Felix The sold 30,000 shares of Unity Software stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $17.89, for a total transaction of $536,700.00. Following the sale, the senior vice president now directly owns 423,679 shares of the company’s stock, valued at $7,579,617.31. This represents a 6.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 281,600 shares of company stock valued at $5,714,000 over the last three months. 6.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC increased its stake in Unity Software by 343.8% in the third quarter. GAMMA Investing LLC now owns 1,225 shares of the company’s stock valued at $28,000 after purchasing an additional 949 shares in the last quarter. Planning Capital Management Corp acquired a new stake in Unity Software during the 3rd quarter worth $34,000. Brooklyn Investment Group bought a new position in Unity Software during the third quarter worth about $43,000. Northwestern Mutual Wealth Management Co. grew its stake in Unity Software by 163.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,241 shares of the company’s stock valued at $36,000 after acquiring an additional 1,389 shares during the period. Finally, Advisors Asset Management Inc. increased its holdings in shares of Unity Software by 31.6% in the first quarter. Advisors Asset Management Inc. now owns 2,338 shares of the company’s stock worth $62,000 after acquiring an additional 562 shares in the last quarter. 73.46% of the stock is currently owned by institutional investors.

Unity Software Company Profile

Unity Software Inc operates a real-time 3D development platform. Its platform provides software solutions to create, run, and monetize interactive, real-time 2D and 3D content for mobile phones, tablets, PCs, consoles, and augmented and virtual reality devices. The company offers its solutions directly through its online store and field sales operations in North America, Denmark, Finland, the United Kingdom, Germany, Japan, China, Singapore, and South Korea, as well as indirectly through independent distributors and resellers worldwide.