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

Udemy, Inc. (NASDAQ:UDMY) was the target of a significant decrease in short interest in the month of April. As of April 15th, there was short interest totalling 3,880,000 shares, a decrease of 14.0% from the March 31st total of 4,510,000 shares. Currently, 4.9% of the company’s stock are sold short. Based on an average daily volume of 879,600 shares, the days-to-cover ratio is presently 4.4 days.

Wall Street Analysts Forecast Growth

UDMY has been the subject of several research analyst reports. TheStreet lowered shares of Udemy from a “c-” rating to a “d+” rating in a research note on Wednesday, March 6th. KeyCorp lifted their target price on Udemy from $13.00 to $15.00 and gave the stock an “overweight” rating in a research report on Friday, January 12th. Piper Sandler reissued a “neutral” rating and set a $13.00 price target on shares of Udemy in a research report on Thursday, February 15th. Truist Financial raised their price objective on Udemy from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, January 22nd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $15.00 target price on shares of Udemy in a research note on Thursday, April 4th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $14.40.

Insider Activity

In related news, CTO Venu Venugopal sold 6,981 shares of Udemy stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $10.82, for a total transaction of $75,534.42. Following the sale, the chief technology officer now owns 334,319 shares of the company’s stock, valued at approximately $3,617,331.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Gregory Scott Brown sold 10,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $11.04, for a total transaction of $110,400.00. Following the completion of the transaction, the chief executive officer now directly owns 1,163,328 shares in the company, valued at approximately $12,843,141.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Venu Venugopal sold 6,981 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $10.82, for a total transaction of $75,534.42. Following the sale, the chief technology officer now directly owns 334,319 shares of the company’s stock, valued at approximately $3,617,331.58. The disclosure for this sale can be found here. Over the last three months, insiders sold 50,981 shares of company stock worth $570,044. 3.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in UDMY. Principal Financial Group Inc. lifted its holdings in shares of Udemy by 18.8% in the first quarter. Principal Financial Group Inc. now owns 12,053 shares of the company’s stock valued at $132,000 after buying an additional 1,904 shares during the period. Seven Post Investment Office LP acquired a new stake in Udemy in the 1st quarter valued at about $208,000. Assenagon Asset Management S.A. bought a new position in shares of Udemy during the 1st quarter valued at about $636,000. Summit Trail Advisors LLC grew its stake in shares of Udemy by 90.5% in the 1st quarter. Summit Trail Advisors LLC now owns 35,363 shares of the company’s stock worth $388,000 after purchasing an additional 16,798 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new stake in shares of Udemy in the 4th quarter worth approximately $939,000. 79.48% of the stock is currently owned by institutional investors.

Udemy Stock Up 1.2 %

Udemy stock opened at $10.30 on Tuesday. The firm has a 50-day moving average price of $10.70 and a two-hundred day moving average price of $12.33. Udemy has a 52-week low of $8.17 and a 52-week high of $16.01. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of -14.31 and a beta of 2.14.

Udemy (NASDAQ:UDMY) last announced its earnings results on Wednesday, February 14th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.04. The firm had revenue of $189.55 million for the quarter, compared to the consensus estimate of $185.71 million. Udemy had a negative return on equity of 27.31% and a negative net margin of 14.72%. Research analysts expect that Udemy will post -0.47 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.