Nerdy (NYSE:NRDY) Lowered to “Underweight” Rating by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Nerdy (NYSE:NRDY) from a neutral rating to an underweight rating in a research report sent to investors on Monday, Marketbeat reports.

NRDY has been the topic of a number of other research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price target on shares of Nerdy in a report on Friday, November 8th. Northland Securities dropped their price target on Nerdy from $3.00 to $2.00 and set a “market perform” rating on the stock in a research report on Friday, November 8th. Canaccord Genuity Group reiterated a “hold” rating and set a $3.00 target price (down previously from $5.00) on shares of Nerdy in a research report on Friday, August 9th. JMP Securities reaffirmed a “market perform” rating on shares of Nerdy in a report on Friday, November 8th. Finally, Raymond James cut Nerdy from an “outperform” rating to a “market perform” rating in a report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Nerdy currently has an average rating of “Hold” and a consensus price target of $2.86.

Nerdy Stock Performance

Nerdy stock opened at $0.84 on Monday. The stock has a market cap of $149.65 million, a PE ratio of -2.47 and a beta of 1.68. Nerdy has a fifty-two week low of $0.73 and a fifty-two week high of $3.60. The firm’s 50-day simple moving average is $0.96 and its 200 day simple moving average is $1.42.

Insider Transactions at Nerdy

In other news, Director Abigail Blunt acquired 49,045 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were acquired at an average cost of $0.91 per share, with a total value of $44,630.95. Following the completion of the acquisition, the director now owns 50,045 shares of the company’s stock, valued at approximately $45,540.95. This trade represents a 4,904.50 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Charles K. Cohn bought 8,338,206 shares of Nerdy stock in a transaction that occurred on Tuesday, November 12th. The shares were acquired at an average cost of $0.90 per share, with a total value of $7,504,385.40. Following the acquisition, the chief executive officer now owns 20,948,924 shares of the company’s stock, valued at $18,854,031.60. The trade was a 66.12 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders bought 10,557,542 shares of company stock worth $9,784,416. 31.35% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NRDY. Millennium Management LLC raised its holdings in shares of Nerdy by 382.0% during the 2nd quarter. Millennium Management LLC now owns 1,876,105 shares of the company’s stock worth $3,133,000 after acquiring an additional 1,486,910 shares during the period. Ritholtz Wealth Management acquired a new stake in shares of Nerdy during the third quarter worth about $867,000. Greenvale Capital LLP boosted its position in Nerdy by 6.0% in the 2nd quarter. Greenvale Capital LLP now owns 9,000,000 shares of the company’s stock valued at $15,030,000 after buying an additional 509,004 shares during the period. Clearline Capital LP boosted its holdings in Nerdy by 34.3% in the second quarter. Clearline Capital LP now owns 1,846,737 shares of the company’s stock valued at $3,084,000 after purchasing an additional 471,603 shares during the period. Finally, Marshall Wace LLP increased 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 buying an additional 224,049 shares during the period. Institutional investors and hedge funds own 39.10% of the company’s stock.

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.