Udemy (NASDAQ:UDMY) Stock Price Up 6.7% – Still a Buy?

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

Analyst Ratings Changes

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

Udemy Price Performance

The company has a market capitalization of $1.25 billion, a PE ratio of -13.41 and a beta of 1.91. The stock has a 50-day simple moving average of $7.99 and a 200 day simple moving average of $8.18.

Udemy (NASDAQ:UDMY) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $192.69 million. During the same quarter last year, the firm earned ($0.10) EPS. Udemy’s quarterly revenue was up 5.8% on a year-over-year basis. As a group, research analysts predict that Udemy, Inc. will post -0.47 EPS 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 transaction, the chief executive officer now owns 1,203,727 shares in the company, valued at approximately $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. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Udemy

Several large investors have recently made changes to their positions in UDMY. Point72 DIFC Ltd acquired a new position in Udemy during the 3rd quarter worth $30,000. Ariadne Wealth Management LP bought a new position in Udemy in the second quarter valued at approximately $67,000. Victory Capital Management Inc. acquired a new position in Udemy in the third quarter valued at $75,000. Quest Partners LLC increased its position in shares of Udemy by 6,957.5% during the second quarter. Quest Partners LLC now owns 8,963 shares of the company’s stock worth $77,000 after acquiring an additional 8,836 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of Udemy during the second quarter worth about $93,000. Institutional investors and hedge funds 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.