BlackRock Fund Advisors recently announced the acquisition of new stake in Unity Software Inc. (NYSE:U). The institutional investor has increased its shareholding in the Technology company by 5.70% to 10.4 million shares with purchase of 0.56 million shares. This fresh investment now brings its stake to 2.71% valued currently at $385.39 million. In addition, Nikko Asset Management Co., Ltd. raised its holdings by 0.15 million to 8.19 million shares. And Nikko Asset Management Americas, has lifted its position by 2.52% or 0.19 million shares – to 7.59 million shares.
With over 19.21 million Unity Software Inc. (U) shares trading Friday and a closing price of $36.32 on the day, the dollar volume was approximately $697.66 million. The shares have shown a positive half year performance of 26.37% and its price on 09/15/23 gained nearly 1.71%. Currently, there are 380.36M common shares owned by the public and among those 279.94M shares have been available to trade.
Top 5 EV Tech Stocks to Buy for 2023
The electric vehicle boom is accelerating – and fast. According a new report published by BloombergNEF, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the year before. Like we said, the boom is accelerating – and the time to buy EV-related tech stocks is now. Get our free report, "Top 5 EV Tech Stocks to Buy for 2023".
Click Here to Download the FREE Report.
Sponsored
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 28 analysts who have offered their price forecasts for U have a consensus price objective of $47.15. The analysts have set the share’s price value over the next 12 months at a high of $61.00 and a low of $16.00. The average price target is 19.54% above its recent price level and a downside to the estimated low will see the stock lose -127.0% over that period. But an upside of 40.46% will see the stock hit the forecast high price target while median target price for the stock is $49.00.
Insiders at the company have transacted a total of 93 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 33 of these insider trades were purchases, accounting for 9,547,265 shares. Insider sales of the common stock occurred on 60 occasions, with total insider shares sold totaling 4,793,374 shares.
The top 3 mutual fund holders in Unity Software Inc. are ARK Innovation ETF, Vanguard Total Stock Market ETF, and Vanguard Mid Cap Index Fund. ARK Innovation ETF owns 8.24 million shares of the company’s stock, all valued at over $305.43 million. The company sold 16268.0 shares recently to bring their total holdings to about 2.15% of the shares outstanding. Vanguard Total Stock Market ETF sold 640.0 shares to see its total holdings shrink to 7.69 million shares valued at over $284.9 million and representing 2.00% of the shares outstanding. Vanguard Mid Cap Index Fund bought 7698.0 shares to bring its total holdings to over 5.7 million shares at a value of $211.42 million. Vanguard Mid Cap Index Fund now owns shares totaling to 1.49% of the shares outstanding.
Shares of Unity Software Inc. (NYSE: U) opened at $36.30, up $0.59 from a prior closing price of $35.71. However, the script later moved the day high at 37.24, up 1.71%. The company’s stock has a 5-day price change of -3.61% and -12.84% over the past three months. U shares are trading 27.04% year to date (YTD), with the 12-month market performance down to -3.94% lower. It has a 12-month low price of $21.22 and touched a high of $50.08 over the same period. U has an average intraday trading volume of 11.70 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.00%, -8.56%, and 6.41% respectively.
Institutional ownership of Unity Software Inc. (NYSE: U) shares accounts for 57.30% of the company’s 380.36M shares outstanding. Mutual fund holders own 20.99%, while other institutional holders and individual stakeholders account for 34.47% and 20.49% respectively.
It has a market capitalization of $13.69B and a beta (3y monthly) value of 2.41. The earnings-per-share (ttm) stands at -$2.84. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.85% over the week and 4.62% over the month.
Analysts forecast that Unity Software Inc. (U) will achieve an EPS of $0.17 for the current quarter, $0.18 for the next quarter and $1.11 for 2024. The lowest estimate earnings-per-share for the quarter is $0.09 while analysts give the company a high EPS estimate of $0.24. Comparatively, EPS for the current quarter was -$0.14 a year ago. Earnings per share for the fiscal year are expected to decrease by -57.20%, and 80.19% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 27 brokerage firm advisors rate Unity Software Inc. (U) as a “Moderate Buy” at a consensus score of 2.30. Specifically, 17 Wall Street analysts polled rate the stock as a buy, while 7 of the 27 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the U, a number of firms have released research notes about the stock. BofA Securities stated their Buy rating for the stock in a research note on September 15, 2023, with the firm’s price target at $46-$56.
