Van ECK Associates Corp Has $40.62 Million Stock Position in Unity Software Inc. $U

Key Points

• Van ECK Associates reduced its Unity Software stake by 17.3% in the second quarter, selling 298,036 shares and retaining 1.42 million shares worth approximately $40.6 million. Institutional investors collectively own 73.46% of the company.
• Unity reported stronger-than-expected quarterly results, with EPS of $0.28 versus estimates of a $0.11 loss and revenue of $546.5 million, up 24% year over year.
• Analysts remain broadly optimistic, assigning the stock a “Moderate Buy” consensus rating and an average price target of $45.16, while recent insider sales were primarily attributed to tax-withholding obligations on vested equity awards.

Van ECK Associates Corp lowered its stake in shares of Unity Software Inc. (NYSE:U - Free Report) by 17.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,421,247 shares of the company's stock after selling 298,036 shares during the quarter. Van ECK Associates Corp owned approximately 0.32% of Unity Software worth $40,619,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of U. REAP Financial Group LLC bought a new stake in shares of Unity Software during the fourth quarter valued at approximately $28,000. Larson Financial Group LLC lifted its holdings in Unity Software by 88.1% during the 3rd quarter. Larson Financial Group LLC now owns 728 shares of the company's stock worth $29,000 after buying an additional 341 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Unity Software during the 4th quarter worth $36,000. IFP Advisors Inc bought a new position in Unity Software in the 3rd quarter valued at $33,000. Finally, Cornerstone Planning Group LLC boosted its position in Unity Software by 3,953.3% in the 4th quarter. Cornerstone Planning Group LLC now owns 1,216 shares of the company's stock valued at $49,000 after buying an additional 1,186 shares during the last quarter. 73.46% of the stock is owned by institutional investors.

Insider Activity

In other Unity Software news, COO Alexander Blum sold 1,964 shares of the stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $44.81, for a total value of $88,006.84. Following the sale, the chief operating officer directly owned 705,411 shares in the company, valued at approximately $31,609,466.91. This trade represents a 0.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through 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, CFO Jarrod Yahes sold 26,017 shares of Unity Software stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $45.31, for a total transaction of $1,178,830.27. Following the transaction, the chief financial officer directly owned 678,343 shares in the company, valued at approximately $30,735,721.33. This represents a 3.69% 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. Insiders sold a total of 65,991 shares of company stock worth $2,989,081 over the last three months. Company insiders own 0.77% of the company's stock.

Unity Software Price Performance

Shares of U opened at $43.40 on Friday. The stock has a market cap of $19.10 billion, a P/E ratio of -31.91, a price-to-earnings-growth ratio of 1.90 and a beta of 2.04. Unity Software Inc. has a 1 year low of $16.78 and a 1 year high of $52.15. The stock's 50-day moving average price is $35.17 and its two-hundred day moving average price is $27.74. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.55.

Unity Software (NYSE:U - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.28 EPS for the quarter, beating analysts' consensus estimates of ($0.11) by $0.39. Unity Software had a positive return on equity of 4.64% and a negative net margin of 28.97%.The company had revenue of $546.47 million during the quarter, compared to analysts' expectations of $514.72 million. During the same period in the prior year, the business posted $0.18 EPS. Unity Software's revenue was up 24.0% on a year-over-year basis. On average, equities analysts predict that Unity Software Inc. will post 0.55 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on U shares. Wedbush upped their price target on Unity Software from $32.00 to $36.00 and gave the company an "outperform" rating in a research note on Wednesday, July 22nd. Piper Sandler boosted their price objective on Unity Software from $45.00 to $55.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Weiss Ratings upgraded shares of Unity Software from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft raised shares of Unity Software from a "hold" rating to a "buy" rating and boosted their price target for the stock from $31.00 to $50.00 in a research note on Friday, August 7th. Finally, Zacks Research upgraded shares of Unity Software from a "hold" rating to a "strong-buy" rating in a report on Monday, July 13th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Unity Software has an average rating of "Moderate Buy" and an average target price of $45.16.

Unity Software Company 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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