Shares of Unity Software (NYSE: U) gained in pre-market trading on Tuesday after the platform for the creation of real-time 3D (RT3D) content announced that John Riccitiello will retire as President, CEO and Chairman and member of the company’s Board of Directors, effective immediately. Following his exit, the company has appointed James M. Whitehurst as Interim CEO, President, and a member of the Board.
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Roelof Botha, Lead Independent Director of the Unity Board, has been appointed Chairman. Unity stated that John Riccitiello will continue to advise the company to ensure a smooth transition. In addition, the company reiterated its Q3 guidance.
Unity has slid by more than 20% in the past month after announcing a controversial new price hike plan. Following a backlash from customers, the company apologized and backtracked on some parts of the plan.
Is Unity a Buy, Sell or Hold?
Analysts are cautiously optimistic about U stock with a Moderate Buy consensus rating based on 11 Buys, eight Holds, and one Sell.
