Why Unity Software Stock Is Trading Higher Tuesday

Unity Software Inc U shares are trading higher Tuesday after the company announced a new AI marketplace. The stock is also getting a boost from positive analyst coverage from Wells Fargo. 

What Happened: Unity launched a new AI marketplace that offers solutions to accelerate AI-driven game development. Developers can start creating with an ever-growing selection of AI tools and the marketplace centralizes the assets, making it easier for developers to find solutions.

"We know that AI will continue to have a seismic impact on the gaming industry and we're seeing surging demand for more AI tools from our developers," said Ralph Hauwert, SVP and GM of Unity Runtime, Editor and Ecosystems.

"We're providing our developers with a reliable marketplace so they can effectively harness the power of AI in the game development process directly through the Unity Editor."

Unity also launched Unity Sentis and Unity Muse, which are AI platforms designed to make creators more productive and their experiences more engaging.

Wells Fargo analyst Brian Fitzgerald initiated coverage on Unity on Tuesday with an Overweight rating and announced a price target of $48.

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U Price Action: Unity shares were up 4.68% at $38.44 at the time of writing, according to Benzinga Pro.

Photo: Joshua Woroniecki from Pixabay.