Upwork Inc. (NASDAQ:UPWK) saw a large drop in short interest in the month of April. As of April 15th, there was short interest totalling 6,710,000 shares, a drop of 15.0% from the March 31st total of 7,890,000 shares. Based on an average daily volume of 1,990,000 shares, the days-to-cover ratio is presently 3.4 days.
Shares of NASDAQ:UPWK opened at $42.94 on Wednesday. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 0.02. Upwork has a 12 month low of $8.21 and a 12 month high of $63.88. The company has a 50-day moving average price of $46.56 and a 200 day moving average price of $40.35. The company has a market cap of $5.41 billion, a price-to-earnings ratio of -171.76 and a beta of 2.15.
Upwork (NASDAQ:UPWK) last announced its quarterly earnings results on Tuesday, May 4th. The company reported $0.03 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.07. Upwork had a negative net margin of 8.42% and a negative return on equity of 10.95%. The firm had revenue of $113.62 million during the quarter, compared to the consensus estimate of $107.21 million. During the same quarter last year, the firm earned ($0.03) EPS. The firm’s revenue for the quarter was up 36.6% compared to the same quarter last year. As a group, equities analysts forecast that Upwork will post -0.28 EPS for the current year.
In other Upwork news, CEO Hayden Brown sold 260,000 shares of the stock in a transaction on Thursday, March 4th. The stock was sold at an average price of $44.50, for a total value of $11,570,000.00. Following the completion of the sale, the chief executive officer now owns 441,405 shares in the company, valued at approximately $19,642,522.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Eric Gilpin sold 3,389 shares of the stock in a transaction on Friday, February 19th. The stock was sold at an average price of $53.78, for a total value of $182,260.42. Following the completion of the sale, the vice president now owns 10,422 shares of the company’s stock, valued at approximately $560,495.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 296,604 shares of company stock worth $13,253,281. 25.30% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in UPWK. ATOMVEST Ltd bought a new stake in Upwork in the fourth quarter worth about $60,848,000. Price T Rowe Associates Inc. MD lifted its stake in Upwork by 24.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,721,721 shares of the company’s stock worth $232,034,000 after purchasing an additional 1,327,735 shares during the last quarter. SRS Investment Management LLC bought a new stake in Upwork in the fourth quarter worth about $37,684,000. Norges Bank bought a new stake in Upwork in the fourth quarter worth about $37,204,000. Finally, Credit Suisse AG lifted its stake in Upwork by 884.4% in the fourth quarter. Credit Suisse AG now owns 1,079,353 shares of the company’s stock worth $37,259,000 after purchasing an additional 969,704 shares during the last quarter. 60.29% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have issued reports on UPWK shares. BTIG Research increased their price target on Upwork from $68.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, February 24th. Jefferies Financial Group lowered Upwork from a “buy” rating to a “hold” rating and set a $39.00 price objective for the company. in a research report on Monday, January 11th. Stifel Nicolaus raised their price objective on Upwork from $40.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, February 24th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded Upwork from a “neutral” rating to a “buy” rating and raised their price objective for the company from $32.00 to $48.00 in a research report on Tuesday, January 12th. Finally, Citigroup raised their price objective on Upwork from $48.00 to $75.00 in a research report on Thursday, February 25th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $61.78.
Upwork Company Profile
Upwork Inc, together with its subsidiaries, operates an online talent marketplace that enables businesses to find and work with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's platform provides access to talent with various skills across a range of categories, including sales and marketing, customer service, data science and analytics, design and creative, web, mobile, and software development.
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