Udemy (NASDAQ:UDMY) Stock Price Down 11.6% – Here’s What Happened

Udemy, Inc. (NASDAQ:UDMY)’s stock price traded down 11.6% on Monday . The stock traded as low as $5.84 and last traded at $5.88. 113,528 shares were traded during trading, a decline of 88% from the average session volume of 936,454 shares. The stock had previously closed at $6.65.

Analyst Ratings Changes

A number of research analysts have commented on the company. Morgan Stanley upped their price objective on Udemy from $7.50 to $9.00 and gave the company an “underweight” rating in a report on Thursday, February 20th. Canaccord Genuity Group raised their price target on shares of Udemy from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Truist Financial reiterated a “hold” rating and issued a $7.00 price objective (down previously from $10.00) on shares of Udemy in a research note on Monday. William Blair lowered shares of Udemy from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 12th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of Udemy in a research report on Wednesday, March 12th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $10.68.

Udemy Stock Down 9.2 %

The firm has a 50 day moving average of $8.54 and a two-hundred day moving average of $8.25. The firm has a market capitalization of $892.37 million, a price-to-earnings ratio of -10.60 and a beta of 1.81.

Udemy (NASDAQ:UDMY) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.03) earnings per share (EPS) 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 company had revenue of $199.94 million for the quarter, compared to the consensus estimate of $194.70 million. Sell-side analysts forecast that Udemy, Inc. will post -0.09 EPS for the current fiscal year.

Insider Activity at Udemy

In other news, CEO Gregory Scott Brown sold 10,000 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were 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 owns 1,141,896 shares of the company’s stock, valued at approximately $10,768,079.28. This trade represents a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Ltd Naspers sold 3,200,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $7.84, for a total transaction of $25,088,000.00. Following the completion of the sale, the insider now directly owns 13,920,840 shares in the company, valued at approximately $109,139,385.60. This represents a 18.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,305,168 shares of company stock valued at $26,040,186 in the last 90 days. 3.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Barclays PLC increased its position in shares of Udemy by 360.6% during the third quarter. Barclays PLC now owns 155,719 shares of the company’s stock worth $1,158,000 after buying an additional 121,911 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Udemy during the 4th quarter worth about $31,000. JPMorgan Chase & Co. grew its holdings in Udemy by 26.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 198,387 shares of the company’s stock worth $1,476,000 after acquiring an additional 41,145 shares during the period. State Street Corp lifted 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. Finally, Cornerstone Investment Partners LLC bought a new stake in shares of Udemy during the 4th quarter valued at about $219,000. 79.48% of the stock is owned by institutional investors and hedge funds.

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.