Upwork (NASDAQ:UPWK) Announces Quarterly Earnings Results

Upwork (NASDAQ:UPWK) issued its quarterly earnings data on Wednesday. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02, Fidelity Earnings reports. Upwork had a negative net margin of 7.09% and a negative return on equity of 7.62%. The business had revenue of $78.80 million during the quarter, compared to analysts’ expectations of $77.75 million. During the same quarter in the previous year, the company earned ($0.04) EPS. The business’s revenue was up 22.9% on a year-over-year basis.

UPWK stock traded down $2.21 during mid-day trading on Friday, hitting $12.86. The stock had a trading volume of 5,345,200 shares, compared to its average volume of 811,636. Upwork has a 52 week low of $11.81 and a 52 week high of $25.00. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $1.70 billion and a P/E ratio of -33.84. The firm has a fifty day simple moving average of $14.23 and a 200 day simple moving average of $15.55.

UPWK has been the subject of several analyst reports. Royal Bank of Canada dropped their price objective on shares of Upwork to $20.00 and set an “outperform” rating for the company in a research note on Thursday. First Analysis initiated coverage on shares of Upwork in a research note on Thursday, October 31st. They issued an “outperform” rating and a $18.00 price objective for the company. Stifel Nicolaus dropped their price objective on shares of Upwork from $19.00 to $16.00 and set a “hold” rating for the company in a research note on Thursday. ValuEngine upgraded shares of Upwork from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Finally, Zacks Investment Research cut shares of Upwork from a “buy” rating to a “hold” rating in a research note on Friday, October 11th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Upwork has a consensus rating of “Buy” and an average price target of $20.67.

In other news, major shareholder Steven M. Spurlock sold 30,454 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $15.00, for a total value of $456,810.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Han-Shen Yuan sold 61,175 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $14.21, for a total transaction of $869,296.75. Insiders have sold a total of 631,759 shares of company stock worth $9,275,922 over the last three months. Insiders own 40.81% of the company’s stock.

Upwork Company Profile

Upwork Inc operates an online marketplace that enables businesses (clients) to find and work with various independent professionals and agencies (freelancers). The company's platform provides access to talent with approximately 5,000 skills across approximately 70 categories, including content marketing, customer service, data science and analytics, graphic design, mobile development, sales, and Web development.

Further Reading: What are convertible shares? 

Earnings History for Upwork (NASDAQ:UPWK)

Receive News & Ratings for Upwork Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Upwork and related companies with MarketBeat.com's FREE daily email newsletter.