Pale Fire Capital Buys $31.45 Million of Coursera Stock

Pale Fire Capital SE, a 10% owner of Coursera, Inc. (NYSE: COUR), bought $31.45 million of the company's stock over three sessions, a Form 4 filing with the Securities and Exchange Commission showed Thursday, Nov. 5.

Purchase details

The fund bought 8,355,251 shares between Nov. 3 and Nov. 5, at an average price of $3.7642 per share. Trades ranged from $3.7209 to $3.8537 per share. The purchases were made through Pale Fire Capital SICAV a.s. and were not made under a pre-arranged trading plan. After the trades, the fund held 37,161,666 shares.

Other insider activity

In the period from Aug. 7 through the day before the filing, Pale Fire Capital SE also bought 2,332,742 shares, worth $11.36 million. President & CEO and director Gregory M. Hart sold 20,613 shares, worth $89,638.94, under a pre-arranged trading plan. SVP, General Counsel Alan B. Cardenas sold 9,139 shares, worth $52,183.69, also under a pre-arranged trading plan.

Price and company context

Coursera closed at $3.75 on Nov. 5, down 28.8% over the prior 20 sessions. On Friday, Nov. 6, the stock closed at $3.74, down 0.3%, while the S&P 500 ETF rose 0.3%. The company's market value before the filing was about $991.5 million. For the quarter ended June 30, revenue rose 60% to $298.6 million, and the company reported an operating loss of $84.7 million. Coursera filed its quarterly report on Form 10-Q on Nov. 5.