Unity Software (NYSE:U) Stock Price Down 6.3% on Analyst Downgrade

Unity Software Inc. (NYSE:U)’s stock price fell 6.3% on Thursday after Arete downgraded the stock from a buy rating to a neutral rating. Arete now has a $36.00 price target on the stock. Unity Software traded as low as $35.10 and last traded at $35.04. 2,935,359 shares traded hands during trading, a decline of 76% from the average session volume of 12,116,265 shares. The stock had previously closed at $37.41.

Several other equities research analysts also recently commented on U. Weiss Ratings reiterated a “sell (d-)” rating on shares of Unity Software in a report on Wednesday, October 8th. JMP Securities lifted their price objective on Unity Software from $30.00 to $35.00 and gave the stock a “market outperform” rating in a report on Thursday, August 7th. Bank of America began coverage on Unity Software in a report on Thursday, June 26th. They issued an “underperform” rating and a $15.00 price objective for the company. Hsbc Global Res downgraded Unity Software from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 30th. Finally, Wells Fargo & Company lifted their price objective on Unity Software from $29.00 to $37.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $33.16.

Insider Buying and Selling at Unity Software

In other Unity Software news, COO Alexander Blum sold 63,813 shares of the business’s stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $39.41, for a total transaction of $2,514,870.33. Following the completion of the sale, the chief operating officer directly owned 603,811 shares in the company, valued at $23,796,191.51. The trade was a 9.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Anirma Gupta sold 2,296 shares of the business’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $43.99, for a total value of $101,001.04. Following the sale, the senior vice president owned 628,453 shares of the company’s stock, valued at approximately $27,645,647.47. This represents a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,233,415 shares of company stock worth $94,949,128. 3.61% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in U. Norges Bank purchased a new position in shares of Unity Software during the 2nd quarter valued at about $151,221,000. Atreides Management LP lifted its position in shares of Unity Software by 146.7% during the 1st quarter. Atreides Management LP now owns 9,430,955 shares of the company’s stock valued at $184,752,000 after buying an additional 5,607,572 shares in the last quarter. Slate Path Capital LP lifted its position in shares of Unity Software by 25.4% during the 2nd quarter. Slate Path Capital LP now owns 20,016,952 shares of the company’s stock valued at $484,410,000 after buying an additional 4,048,484 shares in the last quarter. Broad Peak Investment Advisers Pte Ltd purchased a new position in shares of Unity Software during the 1st quarter valued at about $47,648,000. Finally, Fuller & Thaler Asset Management Inc. purchased a new position in shares of Unity Software during the 1st quarter valued at about $43,265,000. 73.46% of the stock is owned by hedge funds and other institutional investors.

Unity Software Trading Down 7.1%

The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.73 and a current ratio of 2.73. The stock has a market capitalization of $14.68 billion, a PE ratio of -32.77 and a beta of 2.32. The stock has a 50-day moving average price of $40.13 and a two-hundred day moving average price of $30.00.

Unity Software (NYSE:U) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.01). Unity Software had a negative net margin of 24.38% and a negative return on equity of 13.59%. The company had revenue of $440.94 million for the quarter, compared to analysts’ expectations of $425.18 million. During the same period in the previous year, the firm earned ($0.32) earnings per share. The firm’s quarterly revenue was down 1.9% on a year-over-year basis. As a group, equities analysts forecast that Unity Software Inc. will post -1.25 earnings per share for the current year.

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.