Udemy (NASDAQ:UDMY) Shares Down 6.3% – Here’s What Happened

Udemy, Inc. (NASDAQ:UDMY)’s share price traded down 6.3% during trading on Wednesday . The stock traded as low as $8.77 and last traded at $8.58. 361,899 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 884,215 shares. The stock had previously closed at $9.16.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. William Blair cut Udemy from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Morgan Stanley lifted their price target on shares of Udemy from $7.50 to $9.00 and gave the stock an “underweight” rating in a research report on Thursday, February 20th. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of Udemy in a research note on Wednesday. Canaccord Genuity Group upped their price target on shares of Udemy from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, February 14th. 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 equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Udemy currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.95.

Udemy Stock Performance

The stock has a market cap of $1.17 billion, a price-to-earnings ratio of -13.74 and a beta of 1.76. The business has a 50-day simple moving average of $8.58 and a two-hundred day simple moving average of $8.24.

Udemy (NASDAQ:UDMY) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.10). The company had revenue of $199.94 million during the quarter, compared to analysts’ expectations of $194.70 million. Udemy had a negative return on equity of 27.93% and a negative net margin of 10.84%. On average, analysts expect that Udemy, Inc. will post -0.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Gregory Scott Brown sold 10,000 shares of the stock in a transaction on Thursday, March 6th. The stock was 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 in the company, valued at approximately $10,768,079.28. This represents a 0.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Eren Bali sold 69,482 shares of the company’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $9.00, for a total value of $625,338.00. Following the sale, the chief technology officer now owns 2,156,050 shares in the company, valued at approximately $19,404,450. This trade represents a 3.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,294,322 shares of company stock worth $25,953,218 in the last three months. 3.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

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.