Nerdy Inc. CFO sells $55,645 in stock

Investing.com

Published Dec 18, 2024 23:58

Nerdy Inc. CFO sells $55,645 in stock

ST. LOUIS—Pello Jason H., Chief Financial Officer of Nerdy Inc. (NYSE:NRDY), recently sold 30,242 shares of the company's Class A Common Stock at a price of $1.84 per share, totaling approximately $55,645. This transaction, reported on December 16, 2024, was an open market sale conducted to cover tax obligations arising from the vesting of restricted stock units. The sale comes as the stock has shown strong momentum, with a 15.6% return over the past week and currently trading above its 52-week low of $0.73.

Following this transaction, Jason retains direct ownership of 2,225,186 shares, which includes both Class A Common Stock and restricted stock units. The sale was part of Nerdy Inc.'s sell-to-cover program, a standard practice to satisfy federal and state tax withholding requirements. According to InvestingPro analysis, Nerdy maintains strong financial health with a current ratio of 2.18 and holds more cash than debt on its balance sheet. For deeper insights into NRDY's valuation and 13 additional ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro.

In other recent news, education technology company, Nerdy Inc., has regained compliance with the New York Stock Exchange's minimum share price requirement, ensuring the continued listing of its Class A Common Stock. In financial updates, the company reported mixed results in its third quarter, with a 7% decline in year-over-year revenue, totaling $37.5 million. Despite a dip in consumer revenue, Nerdy expanded its reach by providing free access to Varsity Tutors for an additional 1.1 million students.

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 persist into the first half of 2025, but expects an improvement in fundamentals over the next year, laying a solid foundation for growth starting in fiscal year 2026.

The company's guidance for the fourth quarter indicates revenues and adjusted EBITDA significantly below market expectations. However, Nerdy 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 reflect the company'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.

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