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

Udemy, Inc. (NASDAQ:UDMY - Get Free Report) was the target of a large decrease in short interest in the month of March. As of March 15th, there was short interest totalling 4,170,000 shares, a decrease of 17.3% from the February 28th total of 5,040,000 shares. Based on an average daily trading volume, of 1,120,000 shares, the short-interest ratio is presently 3.7 days. Approximately 5.4% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Needham & Company LLC restated a "buy" rating and set a $11.00 price objective on shares of Udemy in a research report on Wednesday, March 12th. Morgan Stanley increased their price objective on shares of Udemy from $7.50 to $9.00 and gave the company an "underweight" rating in a research note on Thursday, February 20th. Canaccord Genuity Group raised their price target on shares of Udemy from $12.00 to $14.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Finally, William Blair cut Udemy from an "outperform" rating to a "market perform" rating in a report on Wednesday, March 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $10.95.

Udemy Stock Down 7.6 %

UDMY stock traded down $0.55 during midday trading on Friday, reaching $6.65. The stock had a trading volume of 1,637,787 shares, compared to its average volume of 938,693. The firm has a market cap of $982.50 million, a price-to-earnings ratio of -11.67 and a beta of 1.76. Udemy has a twelve month low of $6.44 and a twelve month high of $11.60. The business has a fifty day simple moving average of $8.54 and a two-hundred day simple moving average of $8.24.

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

Insider Buying and Selling

In other news, CTO Eren Bali sold 69,482 shares of the firm's stock in a transaction on Friday, February 14th. The shares were sold at an average price of $9.00, for a total value of $625,338.00. Following the sale, the chief technology officer now owns 2,156,050 shares in the company, valued at approximately $19,404,450. This trade represents a 3.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Ltd Naspers sold 3,200,000 shares of the company's stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $7.84, for a total transaction of $25,088,000.00. Following the transaction, the insider now owns 13,920,840 shares of the company's stock, valued at approximately $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. In the last three months, insiders sold 3,305,168 shares of company stock valued at $26,040,186. Company insiders own 3.20% of the company's stock.

Institutional Trading of Udemy

Several institutional investors and hedge funds have recently made changes to their positions in the business. Federated Hermes Inc. increased its holdings in Udemy by 1,985.5% in the fourth quarter. Federated Hermes Inc. now owns 1,372,593 shares of the company's stock valued at $11,296,000 after purchasing an additional 1,306,778 shares during the last quarter. Millennium Management LLC bought a new stake in shares of Udemy in the 4th quarter valued at about $5,911,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Udemy in the 4th quarter valued at approximately $4,119,000. Jacobs Levy Equity Management Inc. raised its position in shares of Udemy by 97.3% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 628,510 shares of the company's stock valued at $5,173,000 after acquiring an additional 310,003 shares during the period. Finally, Quantinno Capital Management LP acquired a new position in Udemy during the fourth quarter valued at approximately $2,350,000. Institutional investors own 79.48% of the company's stock.

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.