Udemy (NASDAQ:UDMY) Shares Gap Down - Here's What Happened

Udemy, Inc. (NASDAQ:UDMY - Get Free Report)'s share price gapped down prior to trading on Friday . The stock had previously closed at $8.18, but opened at $8.00. Udemy shares last traded at $7.99, with a volume of 107,484 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on UDMY. Canaccord Genuity Group began coverage on Udemy in a report on Thursday, August 8th. They issued a "buy" rating and a $12.00 price target for the company. KeyCorp reduced their price objective on Udemy from $14.00 to $13.00 and set an "overweight" rating on the stock in a research note on Monday, July 22nd. Morgan Stanley downgraded Udemy from an "equal weight" rating to an "underweight" rating and decreased their price target for the company from $10.00 to $7.50 in a research note on Friday, September 27th. Cantor Fitzgerald upgraded Udemy to a "strong-buy" rating in a research report on Tuesday, August 13th. Finally, Robert W. Baird decreased their price objective on Udemy from $13.00 to $11.00 and set an "outperform" rating for the company in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $11.92.

Udemy Stock Down 2.3 %

The stock has a market capitalization of $1.20 billion, a P/E ratio of -13.84 and a beta of 1.97. The firm's 50 day simple moving average is $7.93 and its two-hundred day simple moving average is $8.58.

Udemy (NASDAQ:UDMY - Get Free Report) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.07). Udemy had a negative return on equity of 26.62% and a negative net margin of 11.39%. The business had revenue of $194.36 million during the quarter, compared to the consensus estimate of $194.17 million. As a group, equities research analysts expect that Udemy, Inc. will post -0.52 earnings per share for the current year.

Insider Activity

In related news, CFO Sarah Blanchard sold 45,000 shares of Udemy stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $8.05, for a total value of $362,250.00. Following the transaction, the chief financial officer now directly owns 1,001,761 shares in the company, valued at $8,064,176.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 3.20% of the company's stock.

Institutional Investors Weigh In On Udemy

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Udemy by 1.2% during the first quarter. Vanguard Group Inc. now owns 9,472,216 shares of the company's stock worth $104,005,000 after purchasing an additional 116,346 shares during the period. Sea Cliff Partners Management LP increased its holdings in Udemy by 27.9% during the 2nd quarter. Sea Cliff Partners Management LP now owns 3,725,865 shares of the company's stock worth $32,154,000 after purchasing an additional 811,702 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of Udemy by 10.7% during the first quarter. ProShare Advisors LLC now owns 16,109 shares of the company's stock worth $177,000 after acquiring an additional 1,553 shares in the last quarter. Principal Financial Group Inc. increased its stake in Udemy by 18.8% in the first quarter. Principal Financial Group Inc. now owns 12,053 shares of the company's stock valued at $132,000 after acquiring an additional 1,904 shares during the last quarter. Finally, Natixis boosted its holdings in shares of Udemy by 60.8% during the first quarter. Natixis now owns 8,967 shares of the company's stock worth $99,000 after purchasing an additional 3,391 shares during the period. 79.48% of the stock is owned by hedge funds and other institutional investors.

Udemy Company Profile

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.