5 Best Rising Penny Stocks to Buy

3. Nerdy, Inc. (NYSE:NRDY)

Number of Hedge Fund Holders: 22

Online learning platform company Nerdy, Inc. (NYSE:NRDY)’s shares have gained about 84% so far in 2023. In May Nerdy, Inc. (NYSE:NRDY) posted Q1 results according to which its adjusted income in the period came in at $0.5 million. Revenue in the quarter jumped about 5% year over year to $49.2 million.

For the second quarter Nerdy, Inc. (NYSE:NRDY) expects its revenue to come in the range of $45 to $47 million. For the full year Nerdy, Inc. (NYSE:NRDY) upped its revenue targets.

Insider Monkey’s database of 943 hedge funds shows that 22 hedge funds had stakes in Nerdy, Inc. (NYSE:NRDY) as of the end of the first quarter.

Here is what Baron Opportunity Fund has to say about Nerdy, Inc. (NYSE:NRDY) in its Q4 2021 investor letter:

“Nerdy Inc. operates a digital learning platform in the U.S. that provides live online tutoring in multiple formats, including one-on-one and small-to-large groups. The offering includes K-12 courses, college, professional, GMAT, SAT, and other prep. Though bookings for future classes remained healthy, many sessions were delayed from the fourth quarter as families opted to take longer holiday trips and kids resumed afterschool activities, making it more difficult to schedule tutoring, resulting in weaker-than-projected recognized revenues. Given near-term uncertainty, a short-term tax loss, and other investment opportunities, we chose to exit the position.”