Short Interest in Udemy, Inc. (NASDAQ:UDMY) Drops By 16.1%

Udemy, Inc. (NASDAQ:UDMY) saw a significant drop in short interest in February. As of February 28th, there was short interest totalling 5,040,000 shares, a drop of 16.1% from the February 13th total of 6,010,000 shares. Based on an average daily trading volume, of 1,010,000 shares, the short-interest ratio is presently 5.0 days. Approximately 6.4% of the shares of the stock are short sold.

Insider Buying and Selling

In other news, CEO Gregory Scott Brown sold 10,000 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $9.43, for a total transaction of $94,300.00. Following the transaction, the chief executive officer now directly owns 1,141,896 shares of the company’s stock, valued at approximately $10,768,079.28. This trade represents a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Ltd Naspers sold 3,200,000 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $7.84, for a total value of $25,088,000.00. Following the completion of the sale, the insider now directly owns 13,920,840 shares in the company, valued at $109,139,385.60. The trade was a 18.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,304,322 shares of company stock worth $26,033,418. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Udemy

Institutional investors have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. purchased a new stake in Udemy in the 4th quarter valued at approximately $31,000. Point72 DIFC Ltd purchased a new stake in shares of Udemy during the 3rd quarter worth approximately $30,000. Quarry LP purchased a new stake in shares of Udemy during the 4th quarter worth approximately $34,000. Vega Investment Solutions purchased a new stake in shares of Udemy during the 4th quarter worth approximately $46,000. Finally, State of Wyoming purchased a new stake in shares of Udemy during the 4th quarter worth approximately $59,000. Hedge funds and other institutional investors own 79.48% of the company’s stock.

Udemy Stock Performance

UDMY opened at $8.56 on Thursday. The business’s 50-day simple moving average is $8.56 and its 200-day simple moving average is $8.24. Udemy has a one year low of $6.67 and a one year high of $11.60. The stock has a market capitalization of $1.26 billion, a P/E ratio of -15.02 and a beta of 1.76.

Udemy (NASDAQ:UDMY) last released its quarterly earnings results on Thursday, February 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Udemy had a negative return on equity of 27.93% and a negative net margin of 10.84%. The company had revenue of $199.94 million for the quarter, compared to analysts’ expectations of $194.70 million. On average, equities research analysts forecast that Udemy will post -0.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on UDMY shares. Canaccord Genuity Group lifted their target price on shares of Udemy from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Scotiabank started coverage on shares of Udemy in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $10.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Udemy in a report on Wednesday, March 12th. Morgan Stanley upped their target price on shares of Udemy from $7.50 to $9.00 and gave the stock an “underweight” rating in a report on Thursday, February 20th. Finally, William Blair cut shares of Udemy from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.95.

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.