Unity Software Inc (NYSE:U) shares are trading lower Monday following an analyst downgrade.
What Happened: Piper Sandler analyst Brent Bracelin downgraded Unity Software from an Overweight rating to a Neutral rating and lowered the price target from $48 to $30.
The downgrade comes after multiple analysts lowered price targets on the stock last week in the wake of CEO John Riccitiello's retirement.
Unity also reaffirmed its previously announced third-quarter guidance last week. The company is set to report third-quarter financial results after the market close on Nov. 9. Analysts are anticipating earnings of 9 cents per share and revenue of $554.84 million, according to estimates from Benzinga Pro.
It's worth noting that of the 23 analysts covering Unity, only one has a negative rating. The current average price target among analysts is approximately $57.89.
See Also: Why Container Lessor Textainer's Shares Are Jumping Today
U Price Action: Unity shares were down 3.39% at $26.25 at the time of publication, according to Benzinga Pro.
Photo: Joshua Woroniecki from Pixabay.
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