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

Udemy, Inc. (NASDAQ:UDMY)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $5.37, but opened at $7.07. Udemy shares last traded at $6.8070, with a volume of 11,197,101 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on UDMY shares. KeyCorp reiterated an “overweight” rating on shares of Udemy in a report on Thursday, December 11th. Zacks Research cut Udemy from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 28th. Canaccord Genuity Group reissued a “buy” rating and issued a $12.00 price target on shares of Udemy in a report on Thursday, October 30th. Needham & Company LLC restated a “buy” rating and set a $11.00 price objective on shares of Udemy in a report on Thursday, October 30th. Finally, Wall Street Zen raised Udemy from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 7th. Five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $9.63.

Udemy Trading Up 23.0%

The company has a market cap of $966.82 million, a P/E ratio of -220.06 and a beta of 1.74. The company’s 50-day moving average price is $5.70 and its two-hundred day moving average price is $6.57.

Udemy (NASDAQ:UDMY) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.03. Udemy had a positive return on equity of 2.11% and a negative net margin of 0.47%.The business had revenue of $195.68 million during the quarter, compared to the consensus estimate of $193.09 million. During the same period last year, the firm earned $0.07 earnings per share. The company’s revenue for the quarter was up .1% compared to the same quarter last year. As a group, analysts anticipate that Udemy, Inc. will post -0.09 earnings per share for the current year.

Udemy announced that its Board of Directors has authorized a share buyback plan on Wednesday, September 10th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to purchase up to 5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Udemy

In related news, CFO Sarah Blanchard sold 25,000 shares of the firm’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $5.25, for a total transaction of $131,250.00. Following the transaction, the chief financial officer directly owned 1,208,046 shares in the company, valued at $6,342,241.50. This trade represents a 2.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.20% of the stock is owned by company insiders.

Institutional Trading of Udemy

A number of institutional investors and hedge funds have recently modified their holdings of UDMY. State of Alaska Department of Revenue acquired a new position in shares of Udemy in the 3rd quarter valued at about $56,000. Osaic Holdings Inc. acquired a new stake in Udemy during the second quarter worth about $56,000. New York State Teachers Retirement System bought a new position in Udemy in the second quarter worth about $58,000. CIBC Bancorp USA Inc. bought a new position in Udemy in the third quarter worth about $73,000. Finally, Prelude Capital Management LLC acquired a new position in Udemy in the third quarter valued at approximately $79,000. 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.