Udemy, Inc. (NASDAQ:UDMY) Sees Significant Decrease in Short Interest

Udemy, Inc. (NASDAQ:UDMY) saw a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 6,150,000 shares, a drop of 17.2% from the October 15th total of 7,430,000 shares. Approximately 7.9% of the shares of the company are sold short. Based on an average trading volume of 793,700 shares, the short-interest ratio is currently 7.7 days.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Canaccord Genuity Group began coverage on shares of Udemy in a research report on Thursday, August 8th. They set a “buy” rating and a $12.00 target price for the company. Cantor Fitzgerald decreased their price target on Udemy from $18.00 to $11.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. Robert W. Baird reduced their price objective on Udemy from $13.00 to $11.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. KeyCorp reduced their price objective on Udemy from $14.00 to $13.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Finally, Canaccord Genuity Group initiated coverage on Udemy in a research report on Thursday, August 8th. They set a “buy” rating and a $12.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Insider Transactions at Udemy

In other news, CFO Sarah Blanchard sold 45,000 shares of Udemy stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $8.05, for a total transaction of $362,250.00. Following the completion of the sale, the chief financial officer now directly owns 1,001,761 shares in the company, valued at $8,064,176.05. The trade was a 4.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Eren Bali sold 35,518 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $9.00, for a total value of $319,662.00. Following the transaction, the chief technology officer now directly owns 2,225,532 shares in the company, valued at approximately $20,029,788. This represents a 1.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 90,518 shares of company stock worth $766,912. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Udemy

Several large investors have recently made changes to their positions in UDMY. Point72 DIFC Ltd acquired a new stake in Udemy in the 3rd quarter valued at approximately $30,000. Ariadne Wealth Management LP bought a new stake in shares of Udemy during the 2nd quarter worth about $67,000. Quest Partners LLC grew its stake in Udemy by 6,957.5% in the 2nd quarter. Quest Partners LLC now owns 8,963 shares of the company’s stock valued at $77,000 after buying an additional 8,836 shares during the last quarter. Natixis raised its holdings in Udemy by 60.8% in the 1st quarter. Natixis now owns 8,967 shares of the company’s stock valued at $99,000 after acquiring an additional 3,391 shares during the period. Finally, Victory Capital Management Inc. acquired a new stake in Udemy during the third quarter worth approximately $75,000. Institutional investors own 79.48% of the company’s stock.

Udemy Price Performance

UDMY stock opened at $7.96 on Friday. Udemy has a fifty-two week low of $6.67 and a fifty-two week high of $16.01. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of -12.63 and a beta of 1.95. The business has a fifty day moving average price of $8.01 and a 200 day moving average price of $8.37.

Udemy (NASDAQ:UDMY) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.06. Udemy had a negative return on equity of 29.36% and a negative net margin of 12.33%. The firm had revenue of $195.42 million during the quarter, compared to analysts’ expectations of $192.69 million. During the same period in the previous year, the business posted ($0.10) EPS. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. On average, equities analysts expect that Udemy will post -0.47 earnings per share for the current fiscal year.

About Udemy

Udemy, Inc, a learning company, that operates a marketplace platform for learning skills in the United States and internationally. The company offers skill acquisition, development, and validation courses for organizations and individuals, through direct-to-consumer or Udemy Business offerings in various languages.