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

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

Nerdy Price Performance

Shares of NRDY stock traded down $0.02 during mid-day trading on Friday, hitting $0.83. 553,458 shares of the stock were exchanged, compared to its average volume of 701,702. The company has a market cap of $158.17 million, a PE ratio of -2.97 and a beta of 1.73. The firm has a fifty day moving average of $0.87 and a 200 day moving average of $0.92. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 0.67. Nerdy has a 52-week low of $0.75 and a 52-week high of $1.74.

Nerdy (NYSE:NRDY) last released its quarterly 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 firm had revenue of $48.73 million during the quarter, compared to the consensus estimate of $47.33 million. Nerdy had a negative net margin of 18.60% and a negative return on equity of 93.27%. Research analysts anticipate that Nerdy will post -0.18 earnings per share for the current year.

Insider Activity at Nerdy

In related news, CEO Charles K. Cohn bought 258,204 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was bought at an average cost of $0.97 per share, for a total transaction of $250,457.88. Following the purchase, the chief executive officer directly owned 477,223 shares of the company’s stock, valued at approximately $462,906.31. This trade represents a 117.89% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have purchased 978,311 shares of company stock valued at $950,853. Company insiders own 51.54% of the company’s stock.

Institutional Investors Weigh In On Nerdy

A number of institutional investors and hedge funds have recently made changes to their positions in NRDY. Moneta Group Investment Advisors LLC lifted its stake in Nerdy by 170.7% during the third quarter. Moneta Group Investment Advisors LLC now owns 237,883 shares of the company’s stock worth $300,000 after purchasing an additional 150,000 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Nerdy during the second quarter worth approximately $221,000. Bridgeway Capital Management LLC raised its holdings in shares of Nerdy by 62.9% in the 4th quarter. Bridgeway Capital Management LLC now owns 265,100 shares of the company’s stock valued at $276,000 after purchasing an additional 102,400 shares in the last quarter. Thompson Davis & CO. Inc. purchased a new stake in Nerdy during the 4th quarter worth about $101,000. Finally, Bank of America Corp DE boosted its holdings in Nerdy by 236.2% in the second quarter. Bank of America Corp DE now owns 123,534 shares of the company’s stock valued at $201,000 after purchasing an additional 86,791 shares in the last quarter. 39.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Nerdy in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to 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.