Short Interest in Nerdy Inc. (NYSE:NRDY) Decreases By 92.9%

Key Points

• Short interest plunged 92.9% to 359,465 shares as of August 31, down from 5.07 million shares two weeks earlier. About 5.7% of Nerdy’s shares remain short, with a 9.9-day days-to-cover ratio.
• CEO Charles Cohn purchased 16,738 shares for approximately $251,070, increasing his position by 52.6%. Insiders own 50.99% of the company, while institutional investors hold 39.10%.
• Analyst sentiment remains negative, with a consensus rating of “Reduce” and a $15 price target. Shares recently traded at $9.04, near their 52-week low, despite Nerdy beating quarterly EPS and revenue estimates.

Nerdy Inc. (NYSE:NRDY - Get Free Report) was the recipient of a large decline in short interest in August. As of August 31st, there was short interest totaling 359,465 shares, a decline of 92.9% from the August 15th total of 5,065,825 shares. Based on an average daily trading volume, of 36,454 shares, the days-to-cover ratio is currently 9.9 days. Approximately 5.7% of the company's stock are short sold.

Insider Activity at Nerdy

In other Nerdy news, CEO Charles Cohn acquired 16,738 shares of Nerdy stock in a transaction dated Friday, June 12th. The stock was bought at an average cost of $15.00 per share, for a total transaction of $251,070.00. Following the purchase, the chief executive officer directly owned 48,553 shares in the company, valued at approximately $728,295. This represents a 52.61% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 50.99% of the stock is currently owned by corporate insiders.

Institutional Trading of Nerdy

Several institutional investors have recently added to or reduced their stakes in NRDY. Abel Hall LLC bought a new stake in shares of Nerdy in the fourth quarter valued at about $67,000. Wells Fargo & Company MN lifted its position in Nerdy by 80.5% during the fourth quarter. Wells Fargo & Company MN now owns 65,041 shares of the company's stock worth $68,000 after purchasing an additional 29,007 shares during the period. Moneta Group Investment Advisors LLC boosted its position in shares of Nerdy by 170.7% during the 3rd quarter. Moneta Group Investment Advisors LLC now owns 237,883 shares of the company's stock worth $300,000 after acquiring an additional 150,000 shares in the last quarter. Bank of America Corp DE lifted its stake in Nerdy by 236.2% during the second quarter. Bank of America Corp DE now owns 123,534 shares of the company's stock worth $201,000 after purchasing an additional 86,791 shares during the last quarter. Finally, Jane Street Group LLC lifted its holdings in shares of Nerdy by 27.0% in the second quarter. Jane Street Group LLC now owns 83,470 shares of the company's stock worth $136,000 after acquiring an additional 17,768 shares during the last quarter. 39.10% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Wall Street Zen lowered Nerdy from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Weiss Ratings restated a "sell (e+)" rating on shares of Nerdy in a research note on Friday, July 17th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus price target of $15.00.

Nerdy Stock Performance

Shares of Nerdy stock traded up $0.34 during trading on Thursday, hitting $9.04. 41,933 shares of the stock were exchanged, compared to its average volume of 31,781. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.75. The company has a fifty day moving average price of $11.56 and a 200-day moving average price of $12.58. The stock has a market capitalization of $115.53 million, a price-to-earnings ratio of -2.41 and a beta of 1.71. Nerdy has a 1-year low of $8.55 and a 1-year high of $22.35.

Nerdy (NYSE:NRDY - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.75) by $0.71. The business had revenue of $43.23 million during the quarter, compared to the consensus estimate of $43.00 million. Nerdy had a negative net margin of 16.99% and a negative return on equity of 100.13%. As a group, equities analysts predict that Nerdy will post -2.55 EPS for the current fiscal year.

About Nerdy

Nerdy, Inc NYSE: NRDY is an American education technology company that operates a live online learning marketplace. Through its flagship Varsity Tutors platform, the company connects students, professionals and lifelong learners with a network of thousands of educators for personalized one-on-one tutoring, group classes and test preparation. The platform leverages proprietary matching algorithms to pair learners with instructors based on subject expertise, learning style and scheduling preferences.

Founded in 2007 by entrepreneur Chuck Cohn, Nerdy began as Varsity Tutors in Washington, DC, before establishing its headquarters in St.

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