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

Udemy, Inc. (NASDAQ:UDMY - Get Free Report) saw a large decrease in short interest in the month of February. As of February 28th, there was short interest totalling 5,040,000 shares, a decrease of 16.1% from the February 13th total of 6,010,000 shares. Based on an average trading volume of 1,010,000 shares, the days-to-cover ratio is presently 5.0 days. Currently, 6.4% of the company's shares are short sold.

Analyst Ratings Changes

A number of brokerages have recently weighed in on UDMY. Canaccord Genuity Group lifted their price objective on Udemy from $12.00 to $14.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Needham & Company LLC reissued a "buy" rating and set a $11.00 price objective on shares of Udemy in a research report on Wednesday, March 12th. Morgan Stanley upped their price objective on shares of Udemy from $7.50 to $9.00 and gave the stock an "underweight" rating in a report on Thursday, February 20th. Scotiabank assumed coverage on shares of Udemy in a research note on Thursday, December 5th. They set a "sector outperform" rating and a $10.00 target price on the stock. Finally, William Blair cut Udemy from an "outperform" rating to a "market perform" rating in a research report on Wednesday, March 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $10.95.

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Insider Activity at Udemy

In other news, CEO Gregory Scott Brown sold 10,000 shares of the stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $9.43, for a total transaction of $94,300.00. Following the completion of the sale, the chief executive officer now directly owns 1,141,896 shares in the company, valued at approximately $10,768,079.28. This represents a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Ltd Naspers sold 3,200,000 shares of the business's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $7.84, for a total value of $25,088,000.00. Following the transaction, the insider now owns 13,920,840 shares in the company, valued at approximately $109,139,385.60. This represents a 18.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,304,322 shares of company stock worth $26,033,418 in the last ninety days. 3.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Udemy

Institutional investors have recently made changes to their positions in the company. Point72 DIFC Ltd bought a new position in Udemy in the 3rd quarter valued at approximately $30,000. SBI Securities Co. Ltd. purchased a new position in shares of Udemy in the fourth quarter worth $31,000. Quarry LP bought a new position in shares of Udemy during the fourth quarter valued at $34,000. Vega Investment Solutions purchased a new stake in shares of Udemy during the fourth quarter valued at $46,000. Finally, Nisa Investment Advisors LLC boosted its position in shares of Udemy by 496.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 7,220 shares of the company's stock valued at $59,000 after buying an additional 6,010 shares during the last quarter. Hedge funds and other institutional investors own 79.48% of the company's stock.

Udemy Stock Performance

UDMY stock remained flat at $8.51 on Friday. The company had a trading volume of 944,517 shares, compared to its average volume of 902,166. The firm's 50 day simple moving average is $8.56 and its two-hundred day simple moving average is $8.24. The company has a market cap of $1.26 billion, a P/E ratio of -14.93 and a beta of 1.76. Udemy has a one year low of $6.67 and a one year high of $11.60.

Udemy (NASDAQ:UDMY - Get Free Report) last announced 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). The firm had revenue of $199.94 million during the quarter, compared to the consensus estimate of $194.70 million. Udemy had a negative return on equity of 27.93% and a negative net margin of 10.84%. As a group, sell-side analysts forecast that Udemy will post -0.09 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.