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

Udemy, Inc. (NASDAQ:UDMY) shares gapped down prior to trading on Friday . The stock had previously closed at $8.18, but opened at $8.00. Udemy shares last traded at $7.99, with a volume of 107,484 shares traded.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on UDMY shares. Morgan Stanley cut Udemy from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $10.00 to $7.50 in a research note on Friday, September 27th. KeyCorp decreased their price target on shares of Udemy from $14.00 to $13.00 and set an “overweight” rating for the company in a research report on Monday, July 22nd. Cantor Fitzgerald raised shares of Udemy to a “strong-buy” rating in a research report on Tuesday, August 13th. Needham & Company LLC reissued a “buy” rating and set a $15.00 target price on shares of Udemy in a research report on Thursday, August 1st. Finally, Canaccord Genuity Group started coverage on shares of Udemy in a research note on Thursday, August 8th. They issued a “buy” rating and a $12.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $11.92.

Udemy Stock Performance

The stock’s 50 day simple moving average is $7.94 and its 200-day simple moving average is $8.55. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -14.02 and a beta of 1.97.

Udemy (NASDAQ:UDMY) last released its earnings results on Wednesday, July 31st. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.07). The firm had revenue of $194.36 million during the quarter, compared to analyst estimates of $194.17 million. Udemy had a negative net margin of 11.39% and a negative return on equity of 26.62%. On average, analysts expect that Udemy, Inc. will post -0.52 EPS for the current fiscal year.

Insider Activity

In related news, CFO Sarah Blanchard sold 45,000 shares of Udemy stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $8.05, for a total transaction of $362,250.00. Following the completion of the sale, the chief financial officer now owns 1,001,761 shares of the company’s stock, valued at $8,064,176.05. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. ProShare Advisors LLC grew its position in Udemy by 10.7% during the 1st quarter. ProShare Advisors LLC now owns 16,109 shares of the company’s stock worth $177,000 after purchasing an additional 1,553 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Udemy by 18.8% in the first quarter. Principal Financial Group Inc. now owns 12,053 shares of the company’s stock worth $132,000 after buying an additional 1,904 shares during the last quarter. Swiss National Bank grew its holdings in Udemy by 2.2% during the first quarter. Swiss National Bank now owns 136,200 shares of the company’s stock worth $1,495,000 after acquiring an additional 2,900 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Udemy by 6.9% in the second quarter. The Manufacturers Life Insurance Company now owns 51,780 shares of the company’s stock valued at $447,000 after acquiring an additional 3,336 shares during the period. Finally, Natixis boosted its position in Udemy by 60.8% in the 1st quarter. Natixis now owns 8,967 shares of the company’s stock worth $99,000 after purchasing an additional 3,391 shares in the last quarter. Hedge funds and other 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.