Pinnacle Associates Ltd. Raises Position in Thryv Holdings, Inc. (NASDAQ:THRY)

Key Points

• Pinnacle Associates Ltd. increased its stake in Thryv Holdings, Inc. by 82.3% during the first quarter, owning 56,456 shares valued at approximately $723,000.
• Multiple hedge funds, including Brooktree Capital Management and Massachusetts Financial Services Co., have also increased their holdings in Thryv, indicating strong institutional interest with 96.38% of the stock owned by institutional investors.
• Analysts have mixed views on Thryv's stock, with price targets ranging from $16.00 to $26.00, while the company's recent earnings report missed estimates and showed a 22.3% decline in revenue year-over-year.

Pinnacle Associates Ltd. increased its stake in Thryv Holdings, Inc. (NASDAQ:THRY - Free Report) by 82.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 56,456 shares of the company's stock after buying an additional 25,493 shares during the quarter. Pinnacle Associates Ltd. owned about 0.13% of Thryv worth $723,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Brooktree Capital Management increased its stake in Thryv by 37.7% during the 1st quarter. Brooktree Capital Management now owns 700,035 shares of the company's stock worth $8,967,000 after buying an additional 191,728 shares during the period. Jackson Creek Investment Advisors LLC acquired a new stake in shares of Thryv during the first quarter valued at about $1,151,000. Parthenon LLC increased its position in shares of Thryv by 30.0% during the first quarter. Parthenon LLC now owns 125,673 shares of the company's stock worth $1,610,000 after acquiring an additional 29,000 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of Thryv during the first quarter worth about $30,209,000. Finally, New York State Common Retirement Fund lifted its stake in shares of Thryv by 4.5% in the first quarter. New York State Common Retirement Fund now owns 29,974 shares of the company's stock worth $384,000 after acquiring an additional 1,300 shares in the last quarter. 96.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Thryv

In related news, CEO Joe Walsh purchased 5,000 shares of Thryv stock in a transaction dated Wednesday, May 7th. The shares were acquired at an average cost of $13.40 per share, for a total transaction of $67,000.00. Following the transaction, the chief executive officer directly owned 586,043 shares of the company's stock, valued at approximately $7,852,976.20. This trade represents a 0.86% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 9.88% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Royal Bank Of Canada cut their price target on shares of Thryv from $17.00 to $16.00 and set a "sector perform" rating on the stock in a report on Friday, May 2nd. Needham & Company LLC lowered their price objective on Thryv from $28.00 to $20.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, B. Riley reduced their target price on Thryv from $30.00 to $26.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $21.40.

Thryv Price Performance

NASDAQ THRY opened at $11.90 on Monday. The firm has a market cap of $520.51 million, a P/E ratio of -4.70 and a beta of 0.94. The stock's 50-day moving average is $12.83 and its two-hundred day moving average is $14.35. Thryv Holdings, Inc. has a fifty-two week low of $10.02 and a fifty-two week high of $20.92. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.07 and a quick ratio of 1.07.

Thryv (NASDAQ:THRY - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported ($0.22) earnings per share for the quarter, missing analysts' consensus estimates of $0.24 by ($0.46). The business had revenue of $181.37 million during the quarter, compared to the consensus estimate of $173.83 million. Thryv had a negative net margin of 11.94% and a negative return on equity of 51.25%. The business's revenue was down 22.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.22 EPS. On average, analysts anticipate that Thryv Holdings, Inc. will post -2.24 earnings per share for the current fiscal year.

Thryv Profile

Thryv Holdings, Inc provides digital marketing solutions and cloud-based tools to the small-to-medium sized businesses in the United States. It operates through four segments: Thryv U.S. Marketing Services, Thryv U.S. SaaS, Thryv International Marketing Services, and Thryv International SaaS. The company provides print yellow pages, internet yellow pages, and search engine marketing; and other digital media solutions, such as online display and social advertising, online presence and video, and search engine optimization tools.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.