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Is Unity stock worth buying under the new CEO?

By: Invezz
unity stock price forecast may 2024

Unity Software Inc (NYSE: U) has already lost more than 40% this year but a Benchmark analyst warns it could tank further in the coming months. 

Unity stock could tank to $16

Mike Hickey reiterates his “sell” rating on the video game software development company today. His $16 price target suggests another 30% downside from here. 

His recent note arrives on the heels of $U’s quarterly earnings report. 

The lacklustre first half increases the execution risk for the latter half of the year, raising concerns about Unity’s ability to meet its annual targets.

The New York listed firm reported an 8.0% annualised decline in its revenue and lost more on a per share basis than expected in its first financial quarter. Unity stock, therefore, is down 6.0% on Friday. 

Watch here: stock down on muted guidance

Mike Hickey is bearish on Unity Software Inc also due to unimpressive guidance for its fiscal 2024. 

The $9.0 billion company based out of California, United States did reaffirm its full-year guidance last night but the Benchmark analyst dubbed it not sufficient since “consensus anticipated performance above the high end of the range”. 

Unity shares do not currently pay a dividend yield. So that side of its story is not particularly exciting either. 

Note that Unity Software named Matt Bromberg its chief executive this week as well. He will replace Jim Whitehurst who’s been serving as the interim CEO later this month. Bromberg has most recently served as the chief operating officer of Zynga.

The post Is Unity stock worth buying under the new CEO? appeared first on Invezz

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