Thoughtworks (NASDAQ:TWKS) Shares Down 6%

Thoughtworks Holding, Inc. (NASDAQ:TWKS)’s stock price dropped 6% on Monday . The stock traded as low as $2.67 and last traded at $2.67. Approximately 260,074 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 784,725 shares. The stock had previously closed at $2.84.

Analysts Set New Price Targets

TWKS has been the subject of several analyst reports. Robert W. Baird boosted their price objective on Thoughtworks from $5.00 to $6.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 8th. The Goldman Sachs Group assumed coverage on Thoughtworks in a research note on Monday, June 24th. They issued a “sell” rating and a $2.50 price target for the company. Wedbush reaffirmed an “outperform” rating and issued a $6.00 price objective on shares of Thoughtworks in a report on Wednesday, May 8th. Finally, Citigroup raised their target price on shares of Thoughtworks from $2.50 to $3.25 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $4.59.

Thoughtworks Price Performance

The stock’s fifty day simple moving average is $2.78 and its two-hundred day simple moving average is $3.40. The company has a debt-to-equity ratio of 0.38, a current ratio of 2.87 and a quick ratio of 2.87.

Thoughtworks (NASDAQ:TWKS) last released its earnings results on Tuesday, May 7th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The business had revenue of $248.59 million for the quarter, compared to analyst estimates of $242.77 million. Thoughtworks had a negative net margin of 8.56% and a negative return on equity of 4.10%. On average, equities research analysts forecast that Thoughtworks Holding, Inc. will post -0.02 EPS for the current year.

Hedge Funds Weigh In On Thoughtworks

A number of hedge funds have recently modified their holdings of TWKS. Mubadala Investment Co PJSC acquired a new position in shares of Thoughtworks in the 4th quarter valued at $37,411,000. LGT Capital Partners LTD. acquired a new position in shares of Thoughtworks in the fourth quarter worth about $4,233,000. Vanguard Group Inc. increased its position in shares of Thoughtworks by 5.4% in the third quarter. Vanguard Group Inc. now owns 11,059,928 shares of the company’s stock worth $45,125,000 after acquiring an additional 564,141 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of Thoughtworks by 1,094.9% in the first quarter. Jacobs Levy Equity Management Inc. now owns 485,330 shares of the company’s stock worth $1,228,000 after acquiring an additional 444,712 shares in the last quarter. Finally, Summit Creek Advisors LLC raised its holdings in shares of Thoughtworks by 22.6% during the fourth quarter. Summit Creek Advisors LLC now owns 1,326,644 shares of the company’s stock valued at $6,381,000 after acquiring an additional 244,693 shares during the period. 32.81% of the stock is currently owned by institutional investors and hedge funds.

Thoughtworks Company Profile

Thoughtworks Holding, Inc provides technology consultancy services in North America, the Asia Pacific, Europe, and Latin America. The company's consultancy services integrate strategy, design, and software engineering to enable enterprises and technology disruptors to thrive as modern digital businesses.