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Nerdy Inc (NRDY): $1.12
Market Cap: $199.41M
Enterprise Value: $89.74M
The online learning platform Nerdy (NRDY) may not be the most unique when it comes to its business model, but it undoubtedly stands out due to the rather peculiar insider activity at the company since it went public. Nerdy’s flagship business is Varsity Tutors – one of the nation’s largest live online tutoring platforms, that provides one-on-one classes and tutoring sessions. Through Varsity Tutors and its other education and tutoring businesses, Nerdy seeks to use technology (including AI) to connect “Learners” (students, users, parents, and more) and “Experts” (tutors, educators, instructors, etc.) to facilitate learning experiences. While one-on-one sessions remain at the core of Nerdy’s business, the business has also started to expand into other ventures. Through their August 2022 acquisition of Codeverse, Nerdy soon added coding classes to their product offerings. And through Varisty Tutors for Schools, Nerdy partners directly with institutions to offer tutoring solutions.
Nerdy was founded in 2007 and went public in 2021 through a SPAC. Like most SPACs that we see, despite going public at $10 per share, Nerdy quickly dropped in price and by December 2022, the stock was trading at around $2.11 per share. It was around this time that Nerdy first came up on our radar on account of continuous insider buying. We wrote the following about the insider purchases in our December 2022 newsletter: