Unity Software (NYSE:U) Shares Gap Up – Here’s What Happened

Shares of Unity Software Inc. (NYSE:U) gapped up prior to trading on Friday . The stock had previously closed at $30.73, but opened at $32.24. Unity Software shares last traded at $31.9050, with a volume of 3,459,439 shares.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on U shares. Citigroup lowered their price objective on shares of Unity Software from $43.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, April 30th. Bank of America lifted their target price on shares of Unity Software from $19.00 to $21.00 and gave the stock a “neutral” rating in a research report on Friday, March 27th. Piper Sandler began coverage on Unity Software in a report on Tuesday, June 2nd. They set an “overweight” rating and a $40.00 price target on the stock. Raymond James Financial started coverage on Unity Software in a research note on Monday, June 29th. They issued a “market perform” rating on the stock. Finally, Wells Fargo & Company lifted their price objective on Unity Software from $35.00 to $36.00 and gave the stock an “overweight” rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $37.77.

Unity Software Stock Performance

The business’s 50-day moving average price is $27.94 and its 200-day moving average price is $28.41. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.95 and a current ratio of 1.95. The stock has a market cap of $13.61 billion, a P/E ratio of -20.03, a P/E/G ratio of 3.57 and a beta of 2.05.

Insider Activity at Unity Software

In other Unity Software news, CFO Jarrod Yahes sold 24,021 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $27.18, for a total transaction of $652,890.78. Following the completion of the sale, the chief financial officer owned 704,360 shares of the company’s stock, valued at approximately $19,144,504.80. The trade was a 3.30% 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 sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Rebecca Berenice Boyden sold 952 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $27.20, for a total value of $25,894.40. Following the completion of the transaction, the senior vice president directly owned 309,445 shares in the company, valued at $8,416,904. This trade represents a 0.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 198,321 shares of company stock valued at $5,390,783 in the last ninety days. Corporate insiders own 0.77% of the company’s stock.

Hedge Funds Weigh In On Unity Software

Several large investors have recently added to or reduced their stakes in the company. Cinctive Capital Management LP purchased a new stake in Unity Software in the 3rd quarter worth $4,727,000. Massachusetts Financial Services Co. MA lifted its position in shares of Unity Software by 9.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,905,820 shares of the company’s stock valued at $128,350,000 after acquiring an additional 252,648 shares in the last quarter. FengHe Fund Management Pte. Ltd. lifted its position in shares of Unity Software by 287.0% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 1,732,002 shares of the company’s stock valued at $76,503,000 after acquiring an additional 1,284,400 shares in the last quarter. KBC Group NV boosted its stake in shares of Unity Software by 511.9% in the fourth quarter. KBC Group NV now owns 51,960 shares of the company’s stock worth $2,295,000 after acquiring an additional 43,468 shares during the period. Finally, Algert Global LLC grew its position in shares of Unity Software by 55.3% during the third quarter. Algert Global LLC now owns 306,517 shares of the company’s stock worth $12,273,000 after purchasing an additional 109,151 shares in the last quarter. Hedge funds and other institutional investors own 73.46% of the company’s stock.

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.