Unity Software (NYSE:U) Trading Up 8.6% After Earnings Beat

Unity Software Inc. (NYSE:U) shares were up 8.6% during trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $16.11 and last traded at $15.60. Approximately 3,410,208 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 9,571,104 shares. The stock had previously closed at $14.36.

The company reported ($0.32) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.12. The firm had revenue of $449.30 million during the quarter, compared to analyst estimates of $438.37 million. Unity Software had a negative return on equity of 7.73% and a negative net margin of 40.11%. Unity Software’s quarterly revenue was down 15.8% compared to the same quarter last year. During the same period last year, the company earned ($0.26) EPS.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Benchmark restated a “sell” rating and set a $16.00 price objective on shares of Unity Software in a report on Friday, May 10th. Needham & Company LLC reiterated a “buy” rating and issued a $31.00 price target on shares of Unity Software in a report on Friday, May 10th. Wedbush reiterated an “outperform” rating and issued a $33.50 price target on shares of Unity Software in a report on Monday, July 29th. Barclays cut their price target on Unity Software from $28.00 to $27.00 and set an “equal weight” rating on the stock in a report on Friday, May 10th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $17.00 price target (down from $25.00) on shares of Unity Software in a report on Friday. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Unity Software currently has a consensus rating of “Hold” and a consensus target price of $28.75.

Insider Transactions at Unity Software

In other Unity Software news, insider Marc Whitten sold 86,768 shares of Unity Software stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $20.60, for a total transaction of $1,787,420.80. Following the completion of the sale, the insider now owns 2,483 shares of the company’s stock, valued at approximately $51,149.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Unity Software news, Chairman James M. Whitehurst sold 49,854 shares of Unity Software stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $19.10, for a total transaction of $952,211.40. Following the completion of the sale, the chairman now owns 313,266 shares of the company’s stock, valued at approximately $5,983,380.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Marc Whitten sold 86,768 shares of Unity Software stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $20.60, for a total value of $1,787,420.80. Following the sale, the insider now directly owns 2,483 shares of the company’s stock, valued at approximately $51,149.80. The disclosure for this sale can be found here. Insiders sold 245,005 shares of company stock valued at $4,798,048 in the last quarter. 6.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Unity Software

Several institutional investors and hedge funds have recently modified their holdings of the stock. Plato Investment Management Ltd acquired a new position in shares of Unity Software in the 2nd quarter valued at about $393,000. Parallel Advisors LLC lifted its holdings in shares of Unity Software by 25.4% in the 2nd quarter. Parallel Advisors LLC now owns 47,939 shares of the company’s stock valued at $779,000 after buying an additional 9,706 shares during the period. Johnson Investment Counsel Inc. lifted its holdings in shares of Unity Software by 23.1% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 24,085 shares of the company’s stock valued at $392,000 after buying an additional 4,516 shares during the period. Achmea Investment Management B.V. lifted its holdings in shares of Unity Software by 204.5% in the 2nd quarter. Achmea Investment Management B.V. now owns 85,120 shares of the company’s stock valued at $1,384,000 after buying an additional 57,163 shares during the period. Finally, Coldstream Capital Management Inc. lifted its holdings in shares of Unity Software by 127.1% in the 2nd quarter. Coldstream Capital Management Inc. now owns 139,235 shares of the company’s stock valued at $2,264,000 after buying an additional 77,934 shares during the period. Institutional investors and hedge funds own 73.46% of the company’s stock.

Unity Software Trading Up 12.0 %

The firm has a market cap of $6.29 billion, a price-to-earnings ratio of -6.89 and a beta of 2.25. The company has a fifty day moving average price of $16.38 and a 200-day moving average price of $23.33. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.70.

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.