Udemy (NASDAQ:UDMY) Trading 6.7% Higher – Here’s Why

Udemy, Inc. (NASDAQ:UDMY)’s stock price traded up 6.7% during trading on Monday . The stock traded as high as $8.52 and last traded at $8.49. 893,693 shares were traded during trading, an increase of 0% from the average session volume of 890,394 shares. The stock had previously closed at $7.96.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Cantor Fitzgerald dropped their target price on Udemy from $18.00 to $11.00 and set an “overweight” rating on the stock in a report on Wednesday, October 30th. Canaccord Genuity Group initiated coverage on Udemy in a research note on Thursday, August 8th. They set a “buy” rating and a $12.00 price objective for the company. Canaccord Genuity Group initiated coverage on Udemy in a research note on Thursday, August 8th. They set a “buy” rating and a $12.00 price objective for the company. Needham & Company LLC lowered their price objective on Udemy from $15.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Finally, Morgan Stanley lowered Udemy from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $10.00 to $7.50 in a research note on Friday, September 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Udemy Trading Up 8.2 %

The company has a market cap of $1.26 billion, a price-to-earnings ratio of -12.63 and a beta of 1.95. The firm has a 50-day moving average price of $7.97 and a 200 day moving average price of $8.20.

Udemy (NASDAQ:UDMY) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.06. The business had revenue of $195.42 million for the quarter, compared to the consensus estimate of $192.69 million. Udemy had a negative return on equity of 29.36% and a negative net margin of 12.33%. The business’s revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.10) EPS. Research analysts anticipate that Udemy, Inc. will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Udemy news, CTO Eren Bali sold 35,518 shares of Udemy stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $9.00, for a total transaction of $319,662.00. Following the sale, the chief technology officer now owns 2,225,532 shares of the company’s stock, valued at $20,029,788. The trade was a 1.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gregory Scott Brown sold 10,000 shares of Udemy stock in a transaction 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 sale, the chief executive officer now directly owns 1,203,727 shares in the company, valued at $10,231,679.50. The trade was a 0.82 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.20% of the company’s stock.

Institutional Trading of Udemy

Several hedge funds have recently added to or reduced their stakes in the business. Barclays PLC raised its stake in Udemy by 360.6% during the 3rd quarter. Barclays PLC now owns 155,719 shares of the company’s stock valued at $1,158,000 after acquiring an additional 121,911 shares in the last quarter. Geode Capital Management LLC raised its stake in Udemy by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,216,868 shares of the company’s stock valued at $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 worth $14,392,000 after buying an additional 15,339 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Udemy in the third quarter valued at $30,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Udemy during the third quarter valued at about $103,000. Institutional investors own 79.48% of the company’s stock.

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.