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

Udemy, Inc. (NASDAQ:UDMY - Get Free Report) was the target of a significant drop in short interest in 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. Currently, 7.9% of the shares of the stock are sold short. Based on an average daily volume of 793,700 shares, the short-interest ratio is presently 7.7 days.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on UDMY. Truist Financial cut their target price on shares of Udemy from $15.00 to $10.00 and set a "buy" rating for the company in a research report on Friday, August 2nd. Cantor Fitzgerald cut their price target on shares of Udemy from $18.00 to $11.00 and set an "overweight" rating for the company in a research note on Wednesday, October 30th. Needham & Company LLC cut their target price on shares of Udemy from $15.00 to $11.00 and set a "buy" rating for the company in a research note on Wednesday, October 30th. Canaccord Genuity Group assumed coverage on shares of Udemy in a research report on Thursday, August 8th. They set a "buy" rating and a $12.00 price target for the company. Finally, Bank of America cut Udemy from a "buy" rating to a "neutral" rating and set a $8.50 price objective on the stock. in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.00.

Insider Buying and Selling at Udemy

In other news, CTO Eren Bali sold 35,518 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $9.00, for a total transaction of $319,662.00. Following the completion of the sale, the chief technology officer now owns 2,225,532 shares in the company, valued at approximately $20,029,788. The trade was a 1.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 approximately $8,064,176.05. The trade was a 4.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 90,518 shares of company stock valued at $766,912 over the last ninety days. Corporate insiders own 3.20% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Point72 DIFC Ltd acquired a new stake in Udemy in the 3rd quarter worth about $30,000. Ariadne Wealth Management LP acquired a new stake in Udemy in the second quarter valued at $67,000. Victory Capital Management Inc. acquired a new position in Udemy in the third quarter worth $75,000. Quest Partners LLC grew its position in shares of Udemy by 6,957.5% during 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. Finally, XTX Topco Ltd bought a new position in Udemy in the second quarter worth about $93,000. Hedge funds and other institutional investors own 79.48% of the company's stock.

Udemy Stock Down 2.0 %

UDMY stock traded down $0.16 during mid-day trading on Friday, reaching $7.99. The company's stock had a trading volume of 259,295 shares, compared to its average volume of 897,129. Udemy has a fifty-two week low of $6.67 and a fifty-two week high of $16.01. The company's 50 day moving average is $8.00 and its two-hundred day moving average is $8.40.

Udemy (NASDAQ:UDMY - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.06. The business had revenue of $195.42 million during the quarter, compared to analysts' expectations of $192.69 million. Udemy had a negative net margin of 12.33% and a negative return on equity of 29.36%. The company's revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.10) EPS. As a group, analysts forecast that Udemy will post -0.47 earnings per share for the current fiscal year.

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.