Unity Software shares plunge 10% on heavy trading volume
Unity Software (NYSE:U) shares dropped almost 10% Tuesday on higher-than-usual volume, but no apparent major news involving the developer of mobile content software platforms.
By the time U.S. stock markets closed, almost 17M shares of Unity (U) stock had exchanged hards. The company averages 11.3M shares exchanged on a daily basis.
Unity (U) specializes in software that companies use for games and other content for mobile devices, PCs and augmented and virtual reality products. The company has had a rough go of ita on the stock market this year, as its shares have lost 76% of their value since the end of 2021.
In November, Unity (U) completed its $4.4B acquisition of IronSource, an advertising technology company that onSource, an adtech company that build tools for developers to integrate ads into games and other digital platforms.
Wall Street analysts and Seeking Alpha authors both have consensus buy ratings on Unity's (U) stock, which Seeking Alpha's Quant System, which historically outperforms the stock market, gives Unity's (U) shares a rating of hold.