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Is Unity Software Inc. (NYSE: U) Stock Ready For A Higher Run In Its Share Price?

In the latest trading session, 8.75 million Unity Software Inc. (NYSE:U) shares changed hands as the company’s beta touched 2.40. With the company’s most recent per share price at $33.55 changed hands at -$2.77 or -7.63% at last look, the market valuation stands at $12.65B. U’s current price is a discount, trading about -49.27% off its 52-week high of $50.08. The share price had its 52-week low at $21.22, which suggests the last value was 36.75% up since then. When we look at Unity Software Inc.’s average trading volume, we note the 10-day average is 11.2 million shares, with the 3-month average coming to 11.71 million.

Analysts gave the Unity Software Inc. (U) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.30. If we narrow down to specifics, the data shows that 2 out of 27 analysts rate the stock as a Sell, with a further 1 assigning it an Overweight rating. Of the remaining, 7 recommended U as a Hold, 17 felt it is a Buy and 0 rated the stock as Underweight. Unity Software Inc.’s EPS for the current quarter is expected to be $0.17.

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Unity Software Inc. (NYSE:U) trade information

Instantly U was in red as seen in intraday trades today. With action -11.76%, the performance over the past five days has been red. The drop to weekly highs of 39.74 on Friday, 09/15/23 subtracted -7.63% to the stock’s daily price. The company’s shares are showing year-to-date upside of 17.35%, with the 5-day performance at -11.76% in the red. However, in the 30-day time frame, Unity Software Inc. (NYSE:U) is -0.86% down. Looking at the short shares, we see there were 21.21 million shares sold at short interest cover period of 2.4 days.

The consensus price target for the stock as assigned by Wall Street analysts is $47.01, meaning bulls need an upside of 28.63% from its recent market value. According to analyst projections, U’s forecast low is $16.00 with $61.00 as the target high. To hit the forecast high, the stock’s price needs a -81.82% plunge from its current level, while the stock would need to tank 52.31% for it to hit the projected low.

Unity Software Inc. (U) estimates and forecasts

Data shows that the Unity Software Inc. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 18.47% over the past 6 months, a 243.90% in annual growth rate that is considerably higher than the industry average of 22.00%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Unity Software Inc. will rise 221.40%, while the growth in revenue is estimated to hit 1,900.00% for the next quarter. Year-over-year growth is forecast to reach 56.70% up from the last financial year.

Consensus estimates given by 18 financial analysts project the company’s revenue in the current quarter to hit an average of $554.21 million. 18 analysts are of the opinion that Unity Software Inc.’s revenue for the quarter ending Dec 2023 will be $593.12 million. The company’s revenue for the corresponding quarters a year ago was $322.88 million and $450.97 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 71.60%. The estimates for the next quarter sales put growth at 31.50%.

The 2023 estimates are for Unity Software Inc. earnings to decrease by -57.20%.

U Dividends

Unity Software Inc. is expected to release its next quarterly earnings report between November 07 and November 13.

Unity Software Inc. (NYSE:U)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 11.26% of Unity Software Inc. shares while 71.58% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 80.66%. There are 71.58% institutions holding the Unity Software Inc. stock share, with Silver Lake Group, LLC the top institutional holder. As of Jun 29, 2023, the company held 9.12% of the shares, roughly 34.98 million U shares worth $1.15 billion.

Sc Us (ttgp), Ltd. holds the second largest percentage of outstanding shares, with 7.16% or 27.45 million shares worth $902.16 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Aug 30, 2023 were ARK ETF Tr-ARK Innovation ETF and Vanguard Total Stock Market Index Fund. With 8.42 million shares estimated at $276.78 million under it, the former controlled 2.20% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 2.01% of the shares, roughly 7.7 million shares worth around $253.07 million.

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