Moore Capital Management LP Makes New $6.84 Million Investment in Unity Software Inc. $U

Key Points

• Moore Capital Management initiated a new Unity Software position worth approximately $6.84 million, purchasing 239,235 shares. Institutional investors and hedge funds collectively own 73.46% of Unity’s stock.
• Unity reported quarterly EPS of $0.28, exceeding estimates by $0.39, while revenue of $546.47 million rose 24% year over year and topped expectations.
• Analyst sentiment is broadly positive, with recent upgrades from Deutsche Bank and Bank of America. Unity carries a “Moderate Buy” consensus rating and an average price target of $45.16.

Moore Capital Management LP bought a new position in shares of Unity Software Inc. (NYSE:U - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 239,235 shares of the company's stock, valued at approximately $6,837,000. Moore Capital Management LP owned about 0.05% of Unity Software at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in U. Wellington Management Group LLP increased its holdings in shares of Unity Software by 58.7% in the third quarter. Wellington Management Group LLP now owns 18,213,875 shares of the company's stock valued at $729,284,000 after purchasing an additional 6,734,285 shares during the last quarter. Atreides Management LP acquired a new position in Unity Software during the second quarter worth $292,826,000. Geode Capital Management LLC boosted its stake in Unity Software by 5.9% during the fourth quarter. Geode Capital Management LLC now owns 5,852,047 shares of the company's stock worth $258,547,000 after buying an additional 328,595 shares during the last quarter. Norges Bank purchased a new stake in Unity Software in the 4th quarter valued at $230,285,000. Finally, Ameriprise Financial Inc. grew its holdings in Unity Software by 37.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 4,628,328 shares of the company's stock valued at $112,006,000 after buying an additional 1,270,798 shares in the last quarter. 73.46% of the stock is currently owned by institutional investors and hedge funds.

Unity Software Stock Performance

Shares of Unity Software stock opened at $43.40 on Monday. Unity Software Inc. has a 52 week low of $16.78 and a 52 week high of $52.15. The business's fifty day simple moving average is $35.17 and its 200-day simple moving average is $27.74. The firm has a market cap of $19.10 billion, a PE ratio of -31.91, a price-to-earnings-growth ratio of 1.90 and a beta of 2.04. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.55.

Unity Software (NYSE:U - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.11) by $0.39. The firm had revenue of $546.47 million during the quarter, compared to the consensus estimate of $514.72 million. Unity Software had a positive return on equity of 4.64% and a negative net margin of 28.97%.The company's quarterly revenue was up 24.0% on a year-over-year basis. During the same period last year, the company earned $0.18 EPS. Equities analysts forecast that Unity Software Inc. will post 0.55 earnings per share for the current year.

Insider Activity at Unity Software

In other Unity Software news, COO Alexander Blum sold 20,595 shares of Unity Software stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $45.31, for a total transaction of $933,159.45. Following the completion of the sale, the chief operating officer directly owned 707,375 shares in the company, valued at $32,051,161.25. This trade represents a 2.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Rebecca Berenice Boyden sold 1,032 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $45.32, for a total transaction of $46,770.24. Following the completion of the sale, the senior vice president directly owned 308,413 shares in the company, valued at $13,977,277.16. This trade represents a 0.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 65,991 shares of company stock worth $2,989,081. 0.77% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on U shares. Zacks Research upgraded Unity Software from a "hold" rating to a "strong-buy" rating in a report on Monday, July 13th. Deutsche Bank Aktiengesellschaft raised shares of Unity Software from a "hold" rating to a "buy" rating and upped their price objective for the company from $31.00 to $50.00 in a report on Friday, August 7th. Wedbush raised their price objective on shares of Unity Software from $32.00 to $36.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 22nd. Bank of America raised shares of Unity Software from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $30.00 to $50.00 in a research note on Friday, August 7th. Finally, Wall Street Zen upgraded shares of Unity Software from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $45.16.

Unity Software Profile

Unity Software is a leading provider of a real-time 3D development platform that enables creators across industries to design, build and operate interactive, real-time experiences. Originally focused on the game development market, Unity's technology now extends into sectors such as film, automotive, architecture, engineering and construction, delivering immersive content for mobile, desktop, console, augmented reality and virtual reality devices. The company's core offering comprises a suite of authoring tools, runtime engines and cloud services that streamline the creation and deployment of interactive 3D applications.

The Unity Editor serves as the central hub where developers design scenes, script behavior and iterate on assets.

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