Charles K. Cohn, the Chief Executive Officer of Nerdy Inc. (NYSE:NRDY), recently acquired 39,629 shares of Class A Common Stock. The purchase, made on November 29, was executed at a weighted average price of $1.51 per share, amounting to a total value of approximately $59,839. This transaction increased Cohn's indirect ownership through the Cohn Family Trust to 550,333 shares. The timing is notable as InvestingPro analysis shows the stock trading near $1.49, with strong returns over the past three months despite the stock's current overbought status.
Nerdy Inc., based in St. Louis, Missouri, is known for its educational services, and this acquisition reflects ongoing confidence from its top executive in the company's prospects. The company maintains impressive gross profit margins of 69% and holds more cash than debt on its balance sheet. InvestingPro subscribers can access 10+ additional key insights and a comprehensive analysis of Nerdy's financial health in the Pro Research Report.
"In other recent news, education technology company Nerdy Inc. 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, the company 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. The firm anticipates some of Nerdy's current challenges will continue into the first half of 2025, but foresees an improvement in fundamentals over the next year, laying a solid foundation for growth starting in fiscal year 2026. Nerdy Inc. also regained compliance with the New York Stock Exchange's minimum share price requirement, ensuring its Class A Common Stock will continue to be listed on the NYSE. These recent developments highlight the company's commitment to navigating market challenges and focusing on sustainable growth."
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