Charles K. Cohn, the Chief Executive Officer of Nerdy Inc. (NYSE:NRDY), recently acquired 426,758 shares of the company's Class A common stock, according to a filing with the Securities and Exchange Commission. The shares were bought at a weighted average price of $1.54, amounting to a total transaction value of approximately $657,207. The purchase comes as the stock shows strong momentum, with returns of over 5% in the past week and nearly 10% over six months, though InvestingPro analysis indicates the stock is currently trading above its Fair Value. This purchase increases Cohn's indirect ownership through the Cohn Family Trust. Following this transaction, Cohn holds over 25 million shares of Nerdy, reflecting his significant investment in the educational services company. The company maintains impressive gross profit margins of nearly 69% and holds more cash than debt on its balance sheet. InvestingPro subscribers can access 10+ additional exclusive insights and detailed financial metrics about Nerdy's performance and outlook.
In other recent news, education technology company Nerdy, Inc. has regained compliance with the New York Stock Exchange's minimum share price requirement, ensuring its Class A Common Stock's continued listing. The company has also reported mixed results in its third-quarter earnings, with a 7% decline in year-over-year revenue, totaling $37.5 million. Despite a dip in consumer revenue, Nerdy has expanded its reach by providing free access to Varsity Tutors for an additional 1.1 million students. Analyst firm Canaccord Genuity adjusted its outlook on Nerdy, reducing the price target while maintaining a Hold rating on the stock, anticipating some of Nerdy's current challenges will continue into the first half of 2025 but foresees an improvement in fundamentals over the next year. The company's guidance for the fourth quarter indicates revenues and adjusted EBITDA significantly below market expectations. However, average revenue per member is projected to increase gradually. These recent developments underscore Nerdy's commitment to navigating market challenges and focusing on sustainable growth.
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