Use Undo 
to reverse the last action. If you are not satisfied with the result, click Redo
. The Undo steps are recorded separately for each open embroidery.
When you use Undo on the Object tab, the previously selected area(s) will be deselected.
Each time you use Undo the undone action becomes a Redo.
For instance, you might move a stitch point and then Undo the move. You could now Redo the move or do something else. If you delete the stitch point instead of using Redo then the Redo is lost, along with any other Redos that may have followed.
There are unlimited Undo steps for each open embroidery. Undo steps are only lost when you close an embroidery.
Shortcuts
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Quick Access Toolbar:
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Keys: Ctrl + Z; Alt, 7