Udemy, Inc. (NASDAQ:UDMY) Short Interest Down 17.2% in October

Udemy, Inc. (NASDAQ:UDMY) was the recipient of a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 6,150,000 shares, a decrease of 17.2% from the October 15th total of 7,430,000 shares. Approximately 7.9% of the company’s shares are sold short. Based on an average trading volume of 793,700 shares, the days-to-cover ratio is currently 7.7 days.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Morgan Stanley lowered shares of Udemy from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $10.00 to $7.50 in a research note on Friday, September 27th. Canaccord Genuity Group assumed coverage on shares of Udemy in a research note on Thursday, August 8th. They set a “buy” rating and a $12.00 target price on the stock. Cantor Fitzgerald cut their target price on shares of Udemy from $18.00 to $11.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Canaccord Genuity Group assumed coverage on shares of Udemy in a research note on Thursday, August 8th. They set a “buy” rating and a $12.00 target price on the stock. Finally, Needham & Company LLC cut their target price on shares of Udemy from $15.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Udemy Price Performance

Shares of UDMY stock opened at $8.15 on Friday. The firm has a 50-day moving average of $8.00 and a 200-day moving average of $8.40. The company has a market cap of $1.19 billion, a P/E ratio of -12.98 and a beta of 1.95. Udemy has a one year low of $6.67 and a one year high of $16.01.

Udemy (NASDAQ:UDMY) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.01 by $0.06. The business had revenue of $195.42 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm posted ($0.10) earnings per share. As a group, research analysts expect that Udemy will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Udemy

In other news, CEO Gregory Scott Brown sold 10,000 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $8.50, for a total value of $85,000.00. Following the sale, the chief executive officer now directly owns 1,203,727 shares of the company’s stock, valued at approximately $10,231,679.50. This represents a 0.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Sarah Blanchard sold 45,000 shares of the company’s stock in a transaction on 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. This represents a 4.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 90,518 shares of company stock worth $766,912. 3.20% of the stock is currently owned by company insiders.

Institutional Trading of Udemy

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Udemy by 1.2% in the first quarter. Vanguard Group Inc. now owns 9,472,216 shares of the company’s stock worth $104,005,000 after acquiring an additional 116,346 shares during the period. Sea Cliff Partners Management LP raised its position in Udemy by 27.9% in the second quarter. Sea Cliff Partners Management LP now owns 3,725,865 shares of the company’s stock worth $32,154,000 after acquiring an additional 811,702 shares during the period. Invenomic Capital Management LP raised its position in Udemy by 22.9% in the first quarter. Invenomic Capital Management LP now owns 2,747,453 shares of the company’s stock worth $30,167,000 after acquiring an additional 512,618 shares during the period. FMR LLC raised its position in Udemy by 2.8% in the third quarter. FMR LLC now owns 1,330,073 shares of the company’s stock worth $9,896,000 after acquiring an additional 36,380 shares during the period. Finally, Royce & Associates LP raised its position in shares of Udemy by 1.1% in the third quarter. Royce & Associates LP now owns 944,059 shares of the company’s stock valued at $7,024,000 after purchasing an additional 10,650 shares during the period. Institutional investors own 79.48% of the company’s stock.

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.