Udemy (NASDAQ:UDMY) Stock Price Down 4.4% After Insider Selling

Udemy, Inc. (NASDAQ:UDMY) shares traded down 4.4% during trading on Wednesday following insider selling activity. The stock traded as low as $7.46 and last traded at $7.48. 421,268 shares traded hands during trading, a decline of 35% from the average session volume of 649,887 shares. The stock had previously closed at $7.82.

Specifically, major shareholder Ltd Naspers sold 3,200,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $7.84, for a total value of $25,088,000.00. Following the transaction, the insider now directly owns 13,920,840 shares of the company’s stock, valued at $109,139,385.60. This represents a 18.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Analyst Ratings Changes

Several equities analysts have weighed in on UDMY shares. Cantor Fitzgerald dropped their price objective on Udemy from $18.00 to $11.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. Scotiabank started coverage on shares of Udemy in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $10.00 price objective for the company. Morgan Stanley lowered shares of Udemy from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $10.00 to $7.50 in a report on Friday, September 27th. Finally, Needham & Company LLC restated a “buy” rating and issued a $11.00 target price on shares of Udemy in a research report on Friday, January 17th. One 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’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $10.92.

Udemy Stock Performance

The business has a 50 day simple moving average of $8.14 and a 200-day simple moving average of $8.07. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of -11.97 and a beta of 1.87.

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

Hedge Funds Weigh In On Udemy

Several institutional investors and hedge funds have recently made changes to their positions in the business. Sea Cliff Partners Management LP boosted its position in Udemy by 27.9% during the 2nd quarter. Sea Cliff Partners Management LP now owns 3,725,865 shares of the company’s stock valued at $32,154,000 after buying an additional 811,702 shares during the period. Summit Trail Advisors LLC boosted its holdings in shares of Udemy by 939.8% during the third quarter. Summit Trail Advisors LLC now owns 366,795 shares of the company’s stock worth $2,729,000 after purchasing an additional 331,521 shares during the period. Verition Fund Management LLC purchased a new position in Udemy during the 3rd quarter valued at about $1,630,000. Algert Global LLC raised its position in Udemy by 150.8% during the 2nd quarter. Algert Global LLC now owns 238,672 shares of the company’s stock valued at $2,060,000 after purchasing an additional 143,498 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in Udemy by 106.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 242,791 shares of the company’s stock worth $1,806,000 after buying an additional 125,235 shares during the period. Institutional investors own 79.48% of the company’s stock.

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.