The Vanguard Group, Inc. 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 8.47% to 25.24 million shares with purchase of 1.97 million shares. This fresh investment now brings its stake to 6.64% valued currently at $1.03 billion. In addition, ARK Investment Management LLC raised its holdings by 0.71 million to 12.19 million shares. And BlackRock Fund Advisors has lifted its position by 4.59% or 0.48 million shares – to 10.87 million shares.
Currently, there are 374.24M common shares owned by the public and among those 229.07M shares have been available to trade.
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Insiders at the company have transacted a total of 94 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 21 of these insider trades were purchases, accounting for 1,413,815 shares. Insider sales of the common stock occurred on 73 occasions, with total insider shares sold totaling 5,767,929 shares.
The top 3 mutual fund holders in Unity Software Inc are ARK Innovation ETF, Vanguard Total Stock Market ETF, and American Funds Growth Fund of Ame. ARK Innovation ETF owns 8.46 million shares of the company’s stock, all valued at over $346.02 million. The company sold 39184.0 shares recently to bring their total holdings to about 2.23% of the shares outstanding. Vanguard Total Stock Market ETF sold 28342.0 shares to see its total holdings shrink to 8.38 million shares valued at over $342.58 million and representing 2.21% of the shares outstanding. American Funds Growth Fund of Ame bought 7.39 million shares to bring its total holdings to over 7.39 million shares at a value of $302.35 million. American Funds Growth Fund of Ame now owns shares totaling to 1.95% of the shares outstanding.
However, the script later moved the day high at 35.50, up 3.26%. The company’s stock has a 5-day price change of -1.07% and 24.48% over the past three months. U shares are trading -16.31% year to date (YTD), with the 12-month market performance up to 18.41% higher. It has a 12-month low price of $22.20 and touched a high of $50.08 over the same period. U has an average intraday trading volume of 12.75 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 -8.88%, 1.49%, and 0.86% respectively.
Institutional ownership of Unity Software Inc (NYSE: U) shares accounts for 41.19% of the company’s 374.24M shares outstanding. Mutual fund holders own 23.62%, while other institutional holders and individual stakeholders account for 34.73% and 17.77% respectively.
It has a market capitalization of $13.00B and a beta (3y monthly) value of 2.52. The earnings-per-share (ttm) stands at -$2.33. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.10% over the week and 5.61% over the month.
Analysts forecast that Unity Software Inc (U) will achieve an EPS of -$0.42 for the current quarter, -$0.36 for the next quarter and -$1.03 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.69 while analysts give the company a high EPS estimate of -$0.31. Comparatively, EPS for the current quarter was -$0.01 a year ago. Earnings per share for the fiscal year are expected to increase by 262.35%, and 53.92% over the next financial year.
Looking at the support for the U, a number of firms have released research notes about the stock. Piper Sandler stated their Underweight rating for the stock in a research note on January 02, 2024, with the firm’s price target at $20-$35.
