Unity Software (NYSE:U) Shares Gap Down – Here’s What Happened

Shares of Unity Software Inc. (NYSE:U) gapped down before the market opened on Thursday . The stock had previously closed at $24.15, but opened at $23.18. Unity Software shares last traded at $23.34, with a volume of 2,214,052 shares traded.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on U. Citizens Jmp raised Unity Software from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 11th. Wedbush cut shares of Unity Software from a “strong-buy” rating to a “strong sell” rating in a research report on Wednesday, May 7th. Citigroup raised shares of Unity Software from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a research report on Tuesday, March 11th. Barclays decreased their price target on shares of Unity Software from $26.00 to $25.00 and set an “equal weight” rating for the company in a research report on Thursday, May 8th. Finally, Macquarie initiated coverage on shares of Unity Software in a research report on Monday, March 10th. They issued a “neutral” rating and a $24.00 price target for the company. Two analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $24.47.

Unity Software Stock Up 4.0%

The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 0.70. The firm’s 50 day moving average is $22.82 and its 200-day moving average is $22.33. The firm has a market cap of $10.11 billion, a PE ratio of -21.72 and a beta of 2.34.

Unity Software (NYSE:U) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.38) by $0.19. Unity Software had a negative net margin of 25.21% and a negative return on equity of 14.12%. The firm had revenue of $435.00 million during the quarter, compared to analyst estimates of $415.77 million. During the same quarter in the prior year, the business posted $0.28 earnings per share. Unity Software’s revenue for the quarter was down 5.5% compared to the same quarter last year. As a group, equities research analysts expect that Unity Software Inc. will post -1.25 earnings per share for the current fiscal year.

Insider Activity

In other Unity Software news, Director David Helgason sold 2,146 shares of the stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $26.11, for a total transaction of $56,032.06. Following the transaction, the director now directly owns 8,347 shares in the company, valued at $217,940.17. This represents a 20.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Mark Barrysmith sold 1,595 shares of the firm’s stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $18.43, for a total transaction of $29,395.85. Following the completion of the transaction, the chief accounting officer now owns 481,822 shares in the company, valued at approximately $8,879,979.46. The trade was a 0.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,294,611 shares of company stock worth $30,506,382. 3.61% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of Unity Software by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 32,964,521 shares of the company’s stock worth $645,775,000 after acquiring an additional 1,841,486 shares during the period. Capital International Investors increased its holdings in shares of Unity Software by 10.4% in the 4th quarter. Capital International Investors now owns 18,886,853 shares of the company’s stock worth $424,388,000 after acquiring an additional 1,786,032 shares during the period. Norges Bank acquired a new stake in shares of Unity Software in the 4th quarter worth about $269,320,000. Atreides Management LP increased its holdings in shares of Unity Software by 146.7% in the 1st quarter. Atreides Management LP now owns 9,430,955 shares of the company’s stock worth $184,752,000 after acquiring an additional 5,607,572 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Unity Software by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 4,769,609 shares of the company’s stock worth $107,208,000 after acquiring an additional 84,480 shares during the period. 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.