Last week Nerdy Inc (NYSE:NRDY) had been in the news after it had announced its financial results for the first fiscal quarter that had ended on March 31, 2022, and since then its stock has been in the middle of a strong rally.
Trading Data
On Tuesday, NRDY stock ended flat at $2.10 with 3.16 million shares, compared to a volume of 799K shares. The stock moved within a range of $1.8400 – 2.2000 after opening trade at $2.19.
Earnings Review
During the period, the stock has managed to clock gains of as much as 11% and it may be a good time for investors to revisit some of the highlights from the financial results. The company managed to break previous for bookings and net revenues in the first quarter.
The bookings during the first quarter stood at $48.5 million and on the other hand, the revenues came in at $46.9 million. The figures reflected year-on-year rises of 30% and 36% from the prior-year period. The direct-to-consumer offerings from the company were the main reasons behind the growth in these two metrics.
On the other hand, the gross profits for the quarter soared by as much as 40% year on year and came in at $32.8 million for the quarter. It is quite clear that the company delivered strong numbers and the rally in the stock was hence understandable.
Key Quote
“In the first quarter we continued the momentum experienced in 2021, as we once again delivered record bookings and revenue for the quarter,” said Chuck Cohn, Founder, Chairman, and Chief Executive Officer of Nerdy Inc.
Technical Data
NRDY stock is trading below the 20-Day and 50-Day Moving averages of $2.72 and $3.85 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.68.
