Short Interest in Udemy, Inc. (NASDAQ:UDMY) Declines By 24.9%

Udemy, Inc. (NASDAQ:UDMY) was the recipient of a large decline in short interest in the month of March. As of March 31st, there was short interest totalling 3,130,000 shares, a decline of 24.9% from the March 15th total of 4,170,000 shares. Based on an average daily volume of 1,280,000 shares, the short-interest ratio is currently 2.4 days. Currently, 4.0% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Canaccord Genuity Group upped their price objective on shares of Udemy from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price target on shares of Udemy in a research note on Wednesday, March 12th. William Blair lowered shares of Udemy from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 12th. Truist Financial restated a “hold” rating and issued a $7.00 target price (down from $10.00) on shares of Udemy in a research report on Monday, April 7th. Finally, Morgan Stanley decreased their price target on Udemy from $9.00 to $7.00 and set an “underweight” rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.50.

Insider Buying and Selling at Udemy

In other news, Director Heather Hiles sold 14,840 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $9.81, for a total transaction of $145,580.40. Following the completion of the transaction, the director now directly owns 42,667 shares in the company, valued at approximately $418,563.27. The trade was a 25.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Eren Bali sold 10,000 shares of the stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $8.02, for a total value of $80,200.00. Following the completion of the transaction, the chief technology officer now directly owns 2,146,050 shares of the company’s stock, valued at $17,211,321. This trade represents a 0.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,305,168 shares of company stock valued at $26,040,186 in the last ninety days. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Udemy

Large investors have recently made changes to their positions in the company. SBI Securities Co. Ltd. purchased a new position in Udemy during the 4th quarter worth approximately $31,000. Quarry LP acquired a new stake in shares of Udemy in the fourth quarter worth $34,000. Vega Investment Solutions purchased a new position in shares of Udemy during the fourth quarter valued at $46,000. GAMMA Investing LLC raised its position in Udemy by 558.3% during the first quarter. GAMMA Investing LLC now owns 6,945 shares of the company’s stock valued at $54,000 after buying an additional 5,890 shares during the period. Finally, Nisa Investment Advisors LLC lifted its stake in Udemy by 496.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 7,220 shares of the company’s stock worth $59,000 after acquiring an additional 6,010 shares in the last quarter. Institutional investors and hedge funds own 79.48% of the company’s stock.

Udemy Stock Up 0.4 %

Shares of NASDAQ UDMY opened at $6.14 on Friday. The stock’s fifty day simple moving average is $8.20 and its 200 day simple moving average is $8.10. The stock has a market capitalization of $910.96 million, a price-to-earnings ratio of -10.76 and a beta of 1.81. Udemy has a 52-week low of $5.68 and a 52-week high of $11.60.

Udemy (NASDAQ:UDMY) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). The company had revenue of $199.94 million during the quarter, compared to analysts’ expectations 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, analysts anticipate that Udemy will post -0.09 earnings per share for the current 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.