Udemy (NASDAQ:UDMY) Stock Price Down 4.4% – Here’s Why

Udemy, Inc. (NASDAQ:UDMYGet Free Report)’s share price dropped 4.4% on Wednesday . The stock traded as low as $7.46 and last traded at $7.48. Approximately 421,268 shares traded hands during trading, a decline of 35% from the average daily volume of 649,887 shares. The stock had previously closed at $7.82.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price on shares of Udemy in a research note on Friday, January 17th. Cantor Fitzgerald lowered their price objective on shares of Udemy from $18.00 to $11.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. Morgan Stanley cut shares of Udemy from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $10.00 to $7.50 in a research note on Friday, September 27th. Finally, Scotiabank assumed coverage on Udemy in a report on Thursday, December 5th. They set a “sector outperform” rating and a $10.00 price objective on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.92.

View Our Latest Analysis on Udemy

Udemy Price Performance

The company’s 50 day simple moving average is $8.20 and its 200 day simple moving average is $8.09. The stock has a market cap of $1.09 billion, a P/E ratio of -11.85 and a beta of 1.87.

Udemy (NASDAQ:UDMYGet Free Report) last posted its earnings results on Tuesday, October 29th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.06. Udemy had a negative return on equity of 29.36% and a negative net margin of 12.33%. The firm 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 company posted ($0.10) earnings per share. The company’s revenue for the quarter was up 5.8% on a year-over-year basis. On average, equities research analysts predict that Udemy, Inc. will post -0.47 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO Eren Bali sold 35,518 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $9.00, for a total value of $319,662.00. Following the completion of the transaction, the chief technology officer now owns 2,225,532 shares in the company, valued at $20,029,788. This trade represents a 1.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gregory Scott Brown sold 10,000 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 1,203,727 shares of the company’s stock, valued at $10,231,679.50. This trade represents a 0.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 55,518 shares of company stock worth $491,762 over the last ninety days. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Udemy

Several large investors have recently made changes to their positions in UDMY. Sea Cliff Partners Management LP lifted its stake 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 valued at $32,154,000 after acquiring an additional 811,702 shares during the last quarter. Geode Capital Management LLC grew its holdings in Udemy by 0.3% during the third quarter. Geode Capital Management LLC now owns 2,216,868 shares of the company’s stock worth $16,497,000 after purchasing an additional 5,972 shares during the period. State Street Corp increased its position in Udemy by 0.8% during the third quarter. State Street Corp now owns 1,934,473 shares of the company’s stock worth $14,392,000 after buying an additional 15,339 shares during the last quarter. FMR LLC raised its stake in Udemy by 2.8% in the third quarter. FMR LLC now owns 1,330,073 shares of the company’s stock valued at $9,896,000 after buying an additional 36,380 shares during the period. Finally, Royce & Associates LP lifted 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 buying an additional 10,650 shares during the last quarter. Institutional investors and hedge funds own 79.48% of the company’s stock.

About Udemy

(Get Free Report)

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.

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