Charles K. Cohn, CEO of Nerdy Inc. (NYSE:NRDY), significantly increased his stake in the company by purchasing a total of 5 million shares of Class A Common Stock. The transactions, conducted on December 13 and December 16, amounted to a combined value of approximately $9.08 million. The shares were acquired at prices ranging from $1.70 to $1.99 per share. The stock has shown strong momentum, gaining nearly 12% in the past week, though InvestingPro analysis indicates it's currently trading near its Fair Value.
Following these purchases, Cohn's direct and indirect ownership in Nerdy Inc. has increased, with the shares held through various trusts and entities. This move underscores Cohn's continued confidence in the educational services company, which has been navigating the evolving landscape of online learning platforms. The company maintains impressive gross profit margins of 69% and holds more cash than debt on its balance sheet. For deeper insights into Nerdy's financial health and additional analysis, including 13 more key ProTips, visit InvestingPro.
In other recent news, education technology company, Nerdy Inc., reported a mix of outcomes in its third-quarter earnings. Despite a 7% year-over-year decline in revenue, totaling $37.5 million, the company has expanded its reach by providing free access to Varsity Tutors for an additional 1.1 million students. In recent developments, Nerdy regained compliance with the New York Stock Exchange's minimum share price requirement, ensuring its continued listing on the NYSE. Canaccord Genuity (TSX:CF) adjusted its outlook on Nerdy, reducing the price target while maintaining a Hold rating on the stock. The firm foresees an improvement in the company's fundamentals over the next year, laying a solid foundation for growth starting in fiscal year 2026. Nerdy's guidance for the fourth quarter indicates revenues and adjusted EBITDA significantly below market expectations. However, the company is showing promise in institutional growth, with 32% of paid contracts and 22% of total bookings coming from school districts transitioning from free to paid services. These recent developments highlight Nerdy's commitment to navigating market challenges and focusing on sustainable growth.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.