Millennium Management LLC Grows Stock Position in Nerdy, Inc. (NYSE:NRDY)

Millennium Management LLC lifted its stake in shares of Nerdy, Inc. (NYSE:NRDY) by 382.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,876,105 shares of the company’s stock after purchasing an additional 1,486,910 shares during the quarter. Millennium Management LLC owned about 1.07% of Nerdy worth $3,133,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Nerdy by 2.9% during the first quarter. Vanguard Group Inc. now owns 3,101,444 shares of the company’s stock worth $9,025,000 after purchasing an additional 88,771 shares during the last quarter. nVerses Capital LLC purchased a new stake in shares of Nerdy during the second quarter worth approximately $34,000. ACR Alpine Capital Research LLC raised its stake in shares of Nerdy by 4.1% during the second quarter. ACR Alpine Capital Research LLC now owns 991,332 shares of the company’s stock worth $1,656,000 after purchasing an additional 39,270 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Nerdy by 12.9% during the second quarter. Marshall Wace LLP now owns 1,960,393 shares of the company’s stock worth $3,274,000 after purchasing an additional 224,049 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Nerdy by 28.5% during the second quarter. Bank of New York Mellon Corp now owns 261,917 shares of the company’s stock worth $437,000 after purchasing an additional 58,152 shares during the last quarter. Hedge funds and other institutional investors own 39.10% of the company’s stock.

Nerdy Stock Performance

Shares of NYSE:NRDY opened at $1.03 on Tuesday. The business’s 50-day simple moving average is $1.02 and its 200 day simple moving average is $1.69. Nerdy, Inc. has a one year low of $0.73 and a one year high of $3.69. The company has a market cap of $180.09 million, a P/E ratio of -3.66 and a beta of 1.67.

Nerdy (NYSE:NRDY) last announced its earnings results on Thursday, August 8th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.04. Nerdy had a negative return on equity of 41.05% and a negative net margin of 17.23%. The company had revenue of $50.98 million for the quarter, compared to analyst estimates of $51.14 million. During the same period in the prior year, the company posted ($0.07) EPS. Analysts predict that Nerdy, Inc. will post -0.48 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on NRDY. Canaccord Genuity Group reiterated a “hold” rating and issued a $3.00 price objective (down previously from $5.00) on shares of Nerdy in a research report on Friday, August 9th. Barclays cut their price objective on Nerdy from $4.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday, August 9th. Cantor Fitzgerald upgraded Nerdy to a “strong-buy” rating in a research report on Tuesday, August 13th. Northland Securities cut Nerdy from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $5.00 to $3.00 in a research report on Friday, August 9th. Finally, Raymond James cut Nerdy from an “outperform” rating to a “market perform” rating in a research report on Friday, August 9th. Eight investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $3.58.

Insider Buying and Selling

In related news, CEO Charles K. Cohn acquired 10,993,192 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was purchased at an average cost of $0.89 per share, for a total transaction of $9,783,940.88. Following the purchase, the chief executive officer now directly owns 13,110,718 shares in the company, valued at $11,668,539.02. This represents a 500.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In other Nerdy news, CEO Charles K. Cohn purchased 10,993,192 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was bought at an average price of $0.89 per share, with a total value of $9,783,940.88. Following the completion of the purchase, the chief executive officer now owns 13,110,718 shares in the company, valued at $11,668,539.02. This trade represents a 500.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Charles K. Cohn purchased 2,170,291 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was acquired at an average cost of $1.03 per share, with a total value of $2,235,399.73. Following the purchase, the chief executive officer now owns 13,025,870 shares of the company’s stock, valued at approximately $13,416,646.10. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 13,212,528 shares of company stock worth $12,063,972 in the last three months. 31.35% of the stock is owned by insiders.

Nerdy Company Profile

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.