Nerdy Inc. (NYSE:NRDY) Sees Large Drop in Short Interest

Nerdy Inc. (NYSE:NRDY) was the target of a significant decline in short interest in the month of June. As of June 30th, there was short interest totaling 4,527,931 shares, a decline of 40.4% from the June 15th total of 7,591,316 shares. Approximately 4.9% of the shares of the company are short sold. Based on an average daily volume of 1,356,208 shares, the short-interest ratio is currently 3.3 days.

Insider Activity at Nerdy

In other news, CEO Charles K. Cohn bought 258,204 shares of Nerdy stock in a transaction that occurred on Thursday, June 11th. The stock was purchased at an average cost of $0.97 per share, with a total value of $250,457.88. Following the completion of the transaction, the chief executive officer directly owned 477,223 shares in the company, valued at $462,906.31. This trade represents a 117.89% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders acquired 978,311 shares of company stock valued at $950,853 in the last three months. Corporate insiders own 51.54% of the company’s stock.

Institutional Investors Weigh In On Nerdy

Large investors have recently bought and sold shares of the business. Bank of America Corp DE increased its holdings in Nerdy by 41.9% during the 4th quarter. Bank of America Corp DE now owns 60,565 shares of the company’s stock valued at $98,000 after purchasing an additional 17,889 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Nerdy by 67.9% during the first quarter. AQR Capital Management LLC now owns 37,660 shares of the company’s stock worth $53,000 after purchasing an additional 15,234 shares during the last quarter. Strs Ohio acquired a new stake in shares of Nerdy in the first quarter valued at $56,000. Marshall Wace LLP bought a new position in shares of Nerdy in the second quarter valued at about $221,000. Finally, Jane Street Group LLC lifted its position in Nerdy by 27.0% during the 2nd quarter. Jane Street Group LLC now owns 83,470 shares of the company’s stock worth $136,000 after buying an additional 17,768 shares in the last quarter. 39.10% of the stock is currently owned by institutional investors.

Nerdy Price Performance

NYSE:NRDY traded up $0.00 during trading hours on Thursday, reaching $0.85. The company had a trading volume of 369,870 shares, compared to its average volume of 698,856. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 0.67. The stock has a 50-day moving average of $0.87 and a two-hundred day moving average of $0.92. Nerdy has a one year low of $0.75 and a one year high of $1.74. The firm has a market capitalization of $160.83 million, a PE ratio of -3.01 and a beta of 1.73.

Nerdy (NYSE:NRDY) last posted its earnings results on Thursday, May 7th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. The business had revenue of $48.73 million for the quarter, compared to analyst estimates of $47.33 million. Nerdy had a negative net margin of 18.60% and a negative return on equity of 93.27%. Analysts forecast that Nerdy will post -0.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Nerdy in a report on Tuesday, April 21st. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Nerdy presently has a consensus rating of “Reduce” and an average target price of $1.00.

About Nerdy

Nerdy, Inc (NYSE:NRDY) is an American education technology company that operates a live online learning marketplace. Through its flagship Varsity Tutors platform, the company connects students, professionals and lifelong learners with a network of thousands of educators for personalized one-on-one tutoring, group classes and test preparation. The platform leverages proprietary matching algorithms to pair learners with instructors based on subject expertise, learning style and scheduling preferences.

Founded in 2007 by entrepreneur Chuck Cohn, Nerdy began as Varsity Tutors in Washington, DC, before establishing its headquarters in St.