Readystate Asset Management LP Purchases New Stake in Unity Software Inc. (NYSE:U)

Readystate Asset Management LP bought a new stake in Unity Software Inc. (NYSE:U - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 102,363 shares of the company's stock, valued at approximately $2,005,000.

Other institutional investors have also modified their holdings of the company. Cornerstone Planning Group LLC lifted its holdings in shares of Unity Software by 30,300.0% during the first quarter. Cornerstone Planning Group LLC now owns 1,216 shares of the company's stock worth $25,000 after purchasing an additional 1,212 shares during the period. Anderson Financial Strategies LLC acquired a new stake in shares of Unity Software during the fourth quarter worth $28,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Unity Software during the fourth quarter worth $36,000. Itau Unibanco Holding S.A. lifted its holdings in shares of Unity Software by 150.4% during the fourth quarter. Itau Unibanco Holding S.A. now owns 1,778 shares of the company's stock worth $40,000 after purchasing an additional 1,068 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Unity Software by 72.5% during the first quarter. GAMMA Investing LLC now owns 2,822 shares of the company's stock worth $55,000 after purchasing an additional 1,186 shares during the period. 73.46% of the stock is owned by institutional investors and hedge funds.

Unity Software Trading Down 1.9%

Shares of Unity Software stock traded down $0.63 during trading hours on Friday, hitting $32.71. The company's stock had a trading volume of 7,931,270 shares, compared to its average volume of 15,723,192. Unity Software Inc. has a 1-year low of $13.90 and a 1-year high of $38.96. The business has a fifty day moving average of $26.38 and a 200 day moving average of $23.25. The company has a market capitalization of $13.60 billion, a PE ratio of -29.21 and a beta of 2.29. The company has a quick ratio of 2.74, a current ratio of 2.74 and a debt-to-equity ratio of 0.70.

Unity Software (NYSE:U - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.38) by $0.19. Unity Software had a negative net margin of 25.21% and a negative return on equity of 14.12%. The company had revenue of $435.00 million during the quarter, compared to analyst estimates of $415.77 million. During the same quarter in the prior year, the business earned $0.28 earnings per share. The business's quarterly revenue was down 5.5% compared to the same quarter last year. As a group, equities analysts forecast that Unity Software Inc. will post -1.25 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on U shares. Bank of America started coverage on Unity Software in a report on Thursday, June 26th. They set an "underperform" rating and a $15.00 price objective on the stock. Citigroup upped their price objective on Unity Software from $29.00 to $44.00 and gave the stock a "buy" rating in a report on Wednesday. Wells Fargo & Company upped their price objective on Unity Software from $19.00 to $24.00 and gave the stock an "equal weight" rating in a report on Monday, July 7th. Jefferies Financial Group upped their price objective on Unity Software from $29.00 to $35.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Finally, Needham & Company LLC reduced their price objective on Unity Software from $33.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $27.22.

Insider Buying and Selling at Unity Software

In other news, CEO Matthew S. Bromberg sold 133,072 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $21.24, for a total transaction of $2,826,449.28. Following the completion of the sale, the chief executive officer owned 1,222,812 shares of the company's stock, valued at approximately $25,972,526.88. This trade represents a 9.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Helgason sold 261,473 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $25.70, for a total transaction of $6,719,856.10. Following the sale, the director directly owned 7,489,173 shares of the company's stock, valued at $192,471,746.10. The trade was a 3.37% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,276,809 shares of company stock valued at $31,561,623. 3.61% of the stock is owned by company insiders.

Unity Software 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.