Readystate Asset Management LP Invests $2.19 Million in Unity Software Inc. $U

Readystate Asset Management LP bought a new position in Unity Software Inc. (NYSE:U) during the 1st quarter, Holdings Channel reports. The institutional investor bought 99,596 shares of the company’s stock, valued at approximately $2,185,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in U. The Manufacturers Life Insurance Company increased its stake in Unity Software by 1.2% during the first quarter. The Manufacturers Life Insurance Company now owns 98,949 shares of the company’s stock worth $2,171,000 after acquiring an additional 1,209 shares during the last quarter. Quantinno Capital Management LP lifted its stake in shares of Unity Software by 81.3% in the 1st quarter. Quantinno Capital Management LP now owns 406,560 shares of the company’s stock valued at $8,920,000 after purchasing an additional 182,324 shares in the last quarter. Clough Capital Partners L P purchased a new stake in shares of Unity Software during the 1st quarter worth about $700,000. ABS Direct Equity Fund LLC purchased a new stake in shares of Unity Software during the 1st quarter worth about $134,000. Finally, Entropy Technologies LP purchased a new stake in shares of Unity Software during the 1st quarter worth about $1,985,000. Institutional investors and hedge funds own 73.46% of the company’s stock.

Insider Activity

In other Unity Software news, SVP Rebecca Berenice Boyden sold 952 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $27.20, for a total value of $25,894.40. Following the completion of the sale, the senior vice president owned 309,445 shares of the company’s stock, valued at $8,416,904. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Alexander Blum sold 19,009 shares of Unity Software stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $27.18, for a total transaction of $516,664.62. Following the sale, the chief operating officer owned 730,069 shares in the company, valued at $19,843,275.42. This represents a 2.54% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 198,321 shares of company stock worth $5,390,783 in the last ninety days. 0.77% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms recently commented on U. Wedbush raised their price target on shares of Unity Software from $32.00 to $36.00 and gave the company an “outperform” rating in a report on Wednesday, July 22nd. Zacks Research upgraded shares of Unity Software from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 13th. Piper Sandler began coverage on shares of Unity Software in a research report on Tuesday, June 2nd. They issued an “overweight” rating and a $40.00 price objective for the company. Raymond James Financial assumed coverage on shares of Unity Software in a research report on Monday, June 29th. They issued a “market perform” rating for the company. Finally, Needham & Company LLC raised their target price on shares of Unity Software from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $37.99.

Unity Software Price Performance

U stock opened at $31.84 on Wednesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.95 and a current ratio of 1.95. Unity Software Inc. has a 1 year low of $16.78 and a 1 year high of $52.15. The firm has a market cap of $13.90 billion, a P/E ratio of -20.28, a price-to-earnings-growth ratio of 3.60 and a beta of 2.05. The stock has a 50-day simple moving average of $28.79 and a 200-day simple moving average of $27.05.

About Unity Software

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.