SAN FRANCISCO—Tomer Bar-Zeev, a director at Unity Software Inc . (NYSE:U), recently sold a significant portion of the company's stock, according to a filing with the Securities and Exchange Commission. The transactions, which took place on December 4, involved the sale of 259,000 shares, generating a total value of approximately $6.8 million. The shares were sold at prices ranging from $25.86 to $26.46 per share. The timing is notable as Unity's stock has shown significant momentum, with a 49% surge over the past six months and a recent weekly gain of 12%.
The sales were carried out under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan for selling stocks. Following these transactions, Bar-Zeev holds a substantial number of shares, directly and indirectly, through Agathy Holdings Ltd.
The sales add to a series of transactions by insiders at Unity Software (ETR:SOWGn), a company known for its real-time 3D content creation platform, as it navigates the competitive landscape in the technology sector.
In other recent news, GameStop Corp (NYSE:GME). and AMC Entertainment (NYSE:AMC) Holdings Inc. saw a significant surge in their shares, attributed to a tweet by Roaring Kitty, an influential online figure. This movement in the stocks is reminiscent of the meme-stock frenzy of January 2021, with both companies being at the center of a retail trading boom. Unity Software also experienced a spike in bullish call options, with the volume reaching its highest since September 24, following the tweet.
Unity Software has been the focus of Morgan Stanley (NYSE:MS)'s recent analysis, reiterating its Overweight rating and $24.00 price target for the company. The firm remains optimistic about the company's growth prospects, particularly in its advertising and Create segments. Unity Software has recently implemented a 25% price increase for its largest customers and introduced the next-generation Unity 6 engine.
Unity Technologies reported a solid performance in its third-quarter earnings call, with revenue and adjusted EBITDA surpassing guidance. The company reported Q3 revenue of $429 million, surpassing the projected range of $415 million to $420 million. Adjusted EBITDA reached $92 million, exceeding the expected $75 million to $80 million. The company's full-year revenue guidance has been increased to between $1.73 billion and $1.78 billion, with adjusted EBITDA guidance also rising to $363 million to $368 million. These recent developments underline Unity's confidence in its growth trajectory.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.