Nerdy, Inc. (NYSE:NRDY) Short Interest Update

Nerdy, Inc. (NYSE:NRDY) was the recipient of a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 6,820,000 shares, an increase of 20.3% from the November 30th total of 5,670,000 shares. Based on an average daily volume of 2,120,000 shares, the short-interest ratio is presently 3.2 days. Currently, 28.4% of the shares of the company are sold short.

Insider Activity at Nerdy

In related news, CEO Charles K. Cohn bought 2,000,000 shares of the stock in a transaction on Monday, December 16th. The shares were bought at an average cost of $1.99 per share, for a total transaction of $3,980,000.00. Following the completion of the transaction, the chief executive officer now owns 30,509,191 shares of the company’s stock, valued at $60,713,290.09. This represents a 7.02 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christopher C. Swenson sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $1.49, for a total value of $37,250.00. Following the completion of the sale, the insider now owns 1,743,248 shares in the company, valued at approximately $2,597,439.52. This represents a 1.41 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 13,455,750 shares of company stock worth $15,530,190 and sold 160,732 shares worth $211,015. 31.35% of the stock is owned by insiders.

Hedge Funds Weigh In On Nerdy

Hedge funds have recently made changes to their positions in the business. Rhumbline Advisers increased its holdings in Nerdy by 11.6% in the 2nd quarter. Rhumbline Advisers now owns 84,739 shares of the company’s stock valued at $142,000 after purchasing an additional 8,834 shares in the last quarter. State Street Corp raised its holdings in shares of Nerdy by 0.9% during the 3rd quarter. State Street Corp now owns 1,253,663 shares of the company’s stock valued at $1,232,000 after buying an additional 11,721 shares during the period. nVerses Capital LLC acquired a new position in Nerdy during the 2nd quarter worth approximately $34,000. SG Americas Securities LLC purchased a new position in Nerdy in the 3rd quarter worth approximately $29,000. Finally, AM Investment Strategies LLC acquired a new stake in Nerdy in the third quarter valued at approximately $29,000. Hedge funds and other institutional investors own 39.10% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $2.00 target price on shares of Nerdy in a report on Friday, November 8th. Northland Securities lowered their price objective on shares of Nerdy from $3.00 to $2.00 and set a “market perform” rating on the stock in a research note on Friday, November 8th. 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, November 8th. JMP Securities reiterated a “market perform” rating on shares of Nerdy in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. cut shares of Nerdy from a “neutral” rating to an “underweight” rating in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Nerdy presently has a consensus rating of “Hold” and a consensus target price of $2.86.

Nerdy Price Performance

NYSE NRDY traded down $0.03 during mid-day trading on Tuesday, hitting $1.62. The company’s stock had a trading volume of 997,292 shares, compared to its average volume of 1,774,961. The firm has a market capitalization of $292.21 million, a P/E ratio of -4.76 and a beta of 2.00. Nerdy has a 52-week low of $0.73 and a 52-week high of $3.60. The stock’s fifty day simple moving average is $1.33 and its two-hundred day simple moving average is $1.30.

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.