Udemy, Inc. (NASDAQ:UDMY) Short Interest Down 17.3% in March

Udemy, Inc. (NASDAQ:UDMY) was the recipient of a significant drop in short interest during the month of March. As of March 15th, there was short interest totalling 4,170,000 shares, a drop 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 days-to-cover ratio is presently 3.7 days. Currently, 5.4% of the company’s shares are sold short.

Insider Activity

In related news, CEO Gregory Scott Brown sold 10,000 shares of Udemy 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 transaction, the chief executive officer now directly owns 1,141,896 shares of the company’s stock, valued at $10,768,079.28. This trade represents a 0.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Ltd Naspers sold 3,200,000 shares of the company’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $7.84, for a total transaction of $25,088,000.00. Following the completion of the transaction, the insider now owns 13,920,840 shares in the company, valued at approximately $109,139,385.60. The trade was a 18.69 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,304,322 shares of company stock valued at $26,033,418. 3.20% of the stock is currently owned by insiders.

Institutional Trading of Udemy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its position in Udemy by 0.3% in the third quarter. Geode Capital Management LLC now owns 2,216,868 shares of the company’s stock valued at $16,497,000 after purchasing an additional 5,972 shares during the period. State Street Corp grew its stake in shares of Udemy by 0.8% in the third quarter. State Street Corp now owns 1,934,473 shares of the company’s stock valued at $14,392,000 after buying an additional 15,339 shares in the last quarter. Federated Hermes Inc. lifted its position in Udemy by 1,985.5% during the 4th quarter. Federated Hermes Inc. now owns 1,372,593 shares of the company’s stock worth $11,296,000 after acquiring an additional 1,306,778 shares in the last quarter. FMR LLC boosted its holdings in Udemy by 2.8% in the 3rd 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 boosted its holdings in Udemy by 18.6% in the 4th quarter. Royce & Associates LP now owns 1,119,359 shares of the company’s stock worth $9,212,000 after acquiring an additional 175,300 shares during the period. Hedge funds and other institutional investors own 79.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on UDMY. Morgan Stanley boosted their price target on 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 Udemy in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $10.00 target price for the company. William Blair lowered shares of Udemy from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 12th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price on shares of Udemy in a report on Wednesday, March 12th. Finally, Canaccord Genuity Group lifted their price objective on shares of Udemy from $12.00 to $14.00 and gave the company a “buy” rating in a report on Friday, February 14th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Udemy currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.95.

Udemy Stock Up 0.4 %

NASDAQ UDMY opened at $7.90 on Thursday. Udemy has a 52-week low of $6.67 and a 52-week high of $11.60. The firm has a 50-day moving average price of $8.56 and a 200 day moving average price of $8.26. The stock has a market capitalization of $1.17 billion, a P/E ratio of -13.86 and a beta of 1.76.

Udemy (NASDAQ:UDMY) last posted its earnings results on Thursday, February 13th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Udemy had a negative return on equity of 27.93% and a negative net margin of 10.84%. The firm had revenue of $199.94 million for the quarter, compared to analysts’ expectations of $194.70 million. On average, equities research analysts expect 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.