Udemy (NASDAQ:UDMY) Now Covered by Scotiabank

Scotiabank started coverage on shares of Udemy (NASDAQ:UDMY) in a research note released on Thursday morning, MarketBeat reports. The firm issued a sector outperform rating and a $10.00 price target on the stock.

Other equities analysts also recently issued reports about the stock. Needham & Company LLC cut their price target on shares of Udemy from $15.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Canaccord Genuity Group started coverage on shares of Udemy in a report on Thursday, August 8th. They set a “buy” rating and a $12.00 price target for the company. 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 report on Wednesday, October 30th. Morgan Stanley downgraded shares of Udemy from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $10.00 to $7.50 in a report on Friday, September 27th. Finally, Canaccord Genuity Group initiated coverage on shares of Udemy in a report on Thursday, August 8th. They set a “buy” rating and a $12.00 price target for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $10.92.

Udemy Price Performance

NASDAQ UDMY opened at $8.58 on Thursday. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -13.62 and a beta of 1.91. The company’s fifty day moving average is $8.01 and its two-hundred day moving average is $8.19. Udemy has a 52-week low of $6.67 and a 52-week high of $16.01.

Udemy (NASDAQ:UDMY) last issued its earnings results on Tuesday, October 29th. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.06. Udemy had a negative net margin of 12.33% and a negative return on equity of 29.36%. The business had revenue of $195.42 million for the quarter, compared to analyst estimates of $192.69 million. During the same period in the previous year, the business earned ($0.10) EPS. The firm’s revenue was up 5.8% on a year-over-year basis. As a group, sell-side analysts expect that Udemy will post -0.47 earnings per share for the current fiscal year.

Insider Activity at Udemy

In related news, CEO Gregory Scott Brown sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $8.50, for a total transaction of $85,000.00. Following the completion of the transaction, the chief executive officer now owns 1,203,727 shares in the company, valued at approximately $10,231,679.50. The trade was a 0.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction, the chief technology officer now owns 2,225,532 shares of the company’s stock, valued at approximately $20,029,788. This represents a 1.57 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 DIFC Ltd acquired a new position in shares of Udemy in the third quarter valued at approximately $30,000. Ariadne Wealth Management LP acquired a new position in shares of Udemy in the second quarter valued at approximately $67,000. Victory Capital Management Inc. acquired a new position in shares of Udemy in the third quarter valued at approximately $75,000. Quest Partners LLC boosted its holdings in shares of Udemy by 6,957.5% in the second 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 period. Finally, XTX Topco Ltd acquired a new position in shares of Udemy in the second quarter valued at approximately $93,000. Institutional investors and hedge funds 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.