What's Going On With Unity Software Stock?

Unity Software Inc. U shares are trading higher Thursday amid overall market strength on softer-than-expected June CPI data.

What Else?

After disappointing financial results in 2023, Unity told shareholders that it was "doing too much and not executing to its full potential." The company launched recovery efforts and aimed to emerge as a leaner, more agile, and faster-growing entity.

Unity announced a 25% reduction to its workforce in January and appointed gaming industry veteran Matthew Bromberg as CEO in May. Unity shares are down 60% year-to-date as the company attempts a comeback. 

Unity is set to report its second-quarter financial results after the closing bell on Aug. 8. According to estimates from Benzinga Pro, analysts expect the company to report a loss of 41 cents per share and quarterly revenue of $439.63 million.

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Unity Software shares are moving on heavy trading volume with more than 10.5 million shares already traded in Thursday's session. According to data from Benzinga Pro, the stock’s 100-day average volume is 8.281 million shares.

Will U Stock Go Up?

When trying to assess whether or not Unity Software will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $25.75 on Unity Software. The Street high target is currently at $33.50 and the Street low target is $14. Of all the analysts covering Unity Software, 4 have positive ratings, 2 have neutral ratings and 2 have negative ratings.

In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Unity Software have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Unity Software is 64.44% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Unity Software, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

U Price Action: According to Benzinga Pro, Unity Software shares are up 8.06% at $16.62 at the time of publication Thursday.

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