Short Interest in Udemy, Inc. (NASDAQ:UDMY) Drops By 17.3%

Udemy, Inc. (NASDAQ:UDMY) was the recipient of a large 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 volume of 1,120,000 shares, the days-to-cover ratio is currently 3.7 days. Approximately 5.4% of the shares of the company are short sold.

Analyst Ratings Changes

UDMY has been the subject of several research reports. Morgan Stanley lifted their price objective on shares of Udemy from $7.50 to $9.00 and gave the company an “underweight” rating in a research note on Thursday, February 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price target on shares of Udemy in a report on Wednesday, March 12th. William Blair lowered Udemy from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 12th. Canaccord Genuity Group boosted their price objective on Udemy from $12.00 to $14.00 and gave the company a “buy” rating in a report on Friday, February 14th. Finally, Scotiabank began coverage on Udemy in a report on Thursday, December 5th. They set a “sector outperform” rating and a $10.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $10.95.

Insider Buying and Selling

In related news, CTO Eren Bali sold 10,000 shares of the firm’s stock in a transaction 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 owns 2,146,050 shares in the company, valued at $17,211,321. This trade represents a 0.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Heather Hiles sold 14,840 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $9.81, for a total value of $145,580.40. Following the sale, the director now owns 42,667 shares in the company, valued at approximately $418,563.27. The trade was a 25.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,304,322 shares of company stock worth $26,033,418 in the last three months. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Udemy

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vega Investment Solutions acquired a new stake in Udemy in the 4th quarter valued at about $46,000. PharVision Advisers LLC acquired a new stake in shares of Udemy in the fourth quarter valued at approximately $144,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Udemy by 17.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 181,864 shares of the company’s stock worth $1,497,000 after buying an additional 27,673 shares in the last quarter. Voloridge Investment Management LLC boosted its stake in Udemy by 11.5% during the fourth quarter. Voloridge Investment Management LLC now owns 254,072 shares of the company’s stock worth $2,091,000 after buying an additional 26,289 shares during the last quarter. Finally, Wexford Capital LP acquired a new stake in shares of Udemy in the 4th quarter worth $99,000. 79.48% of the stock is owned by hedge funds and other institutional investors.

Udemy Stock Performance

Shares of UDMY traded up $0.10 during mid-day trading on Wednesday, hitting $7.97. 133,850 shares of the company were exchanged, compared to its average volume of 930,750. Udemy has a 1-year low of $6.67 and a 1-year high of $11.60. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of -13.94 and a beta of 1.76. The company has a 50 day moving average of $8.55 and a 200-day moving average of $8.26.

Udemy (NASDAQ:UDMY) last released its earnings results on Thursday, February 13th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). Udemy had a negative net margin of 10.84% and a negative return on equity of 27.93%. The firm had revenue of $199.94 million during the quarter, compared to analysts’ expectations of $194.70 million. Research analysts anticipate 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.