Upwork (NASDAQ:UPWK) Stock Price Down 4.3%

Upwork Inc. (NASDAQ:UPWK)’s stock price traded down 4.3% during mid-day trading on Wednesday . The company traded as low as $10.86 and last traded at $10.89. 550,433 shares changed hands during trading, a decline of 72% from the average session volume of 1,960,734 shares. The stock had previously closed at $11.38.

Analyst Ratings Changes

UPWK has been the topic of several recent analyst reports. Roth Mkm reissued a “buy” rating and set a $19.00 price objective on shares of Upwork in a research report on Wednesday, May 15th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Upwork in a report on Wednesday, May 15th. BTIG Research upgraded Upwork from a “neutral” rating to a “buy” rating and set a $16.00 price objective for the company in a report on Thursday, May 2nd. UBS Group assumed coverage on shares of Upwork in a research note on Tuesday, July 2nd. They issued a “neutral” rating and a $12.00 price target for the company. Finally, Royal Bank of Canada dropped their target price on shares of Upwork from $18.00 to $15.00 and set a “sector perform” rating on the stock in a report on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.20.

Upwork Stock Performance

The business’s 50 day simple moving average is $11.14 and its 200 day simple moving average is $12.49. The company has a current ratio of 2.93, a quick ratio of 2.93 and a debt-to-equity ratio of 1.02. The company has a market cap of $1.46 billion, a P/E ratio of 32.52 and a beta of 1.57.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. Upwork had a return on equity of 13.96% and a net margin of 6.70%. The company had revenue of $190.94 million for the quarter, compared to analysts’ expectations of $186.71 million. Sell-side analysts predict that Upwork Inc. will post 0.52 earnings per share for the current fiscal year.

Insider Transactions at Upwork

In related news, VP Dave Bottoms sold 2,379 shares of the business’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $11.73, for a total value of $27,905.67. Following the sale, the vice president now owns 2,326 shares in the company, valued at $27,283.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Dave Bottoms sold 2,379 shares of Upwork stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $11.73, for a total value of $27,905.67. Following the completion of the transaction, the vice president now owns 2,326 shares in the company, valued at approximately $27,283.98. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Elizabeth A. Nelson sold 70,000 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $11.79, for a total transaction of $825,300.00. Following the transaction, the director now directly owns 32,616 shares in the company, valued at $384,542.64. The disclosure for this sale can be found here. Insiders have sold 195,337 shares of company stock valued at $2,269,408 in the last ninety days. Corporate insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Upwork

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quadrant Capital Group LLC increased its position in Upwork by 67.8% during the 4th quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock valued at $30,000 after purchasing an additional 803 shares during the period. Daiwa Securities Group Inc. bought a new position in Upwork in the fourth quarter worth about $33,000. Headlands Technologies LLC bought a new position in shares of Upwork during the 1st quarter worth approximately $49,000. Essex Investment Management Co. LLC grew its holdings in Upwork by 56.2% in the first quarter. Essex Investment Management Co. LLC now owns 4,724 shares of the company’s stock worth $58,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Shell Asset Management Co. increased its position in shares of Upwork by 193.6% during the first quarter. Shell Asset Management Co. now owns 8,570 shares of the company’s stock worth $105,000 after purchasing an additional 5,651 shares in the last quarter. Institutional investors own 77.71% of the company’s stock.

Upwork Company Profile

Upwork Inc, together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's work marketplace provides access to talent with various skills across a range of categories, including administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development.