Upwork (NASDAQ:UPWK) Trading Down 7.1% – Here’s Why

Shares of Upwork Inc. (NASDAQ:UPWK) fell 7.1% during mid-day trading on Tuesday . The stock traded as low as $15.88 and last traded at $15.68. 145,309 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 1,831,090 shares. The stock had previously closed at $16.89.

Analysts Set New Price Targets

UPWK has been the topic of a number of research analyst reports. Citigroup upped their price target on shares of Upwork from $11.00 to $19.00 and gave the company a “neutral” rating in a research report on Friday, November 29th. Piper Sandler restated an “overweight” rating and set a $18.00 target price (up previously from $13.00) on shares of Upwork in a research report on Thursday, November 7th. UBS Group lifted their target price on Upwork from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Canaccord Genuity Group increased their price target on Upwork from $15.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $17.00 price objective on shares of Upwork in a research note on Friday, January 17th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.09.

Upwork Price Performance

The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 0.87. The business has a fifty day simple moving average of $16.45 and a 200 day simple moving average of $12.93. The stock has a market capitalization of $2.10 billion, a P/E ratio of 24.92 and a beta of 1.59.

Upwork (NASDAQ:UPWK) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.03. The business had revenue of $193.78 million during the quarter, compared to analyst estimates of $185.55 million. Upwork had a return on equity of 22.84% and a net margin of 11.26%. Upwork’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.12 EPS. On average, analysts expect that Upwork Inc. will post 0.65 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Hayden Brown sold 8,997 shares of Upwork stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $17.12, for a total transaction of $154,028.64. Following the sale, the chief executive officer now directly owns 1,238,156 shares in the company, valued at $21,197,230.72. The trade was a 0.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Olivier Marie sold 9,153 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $15.92, for a total transaction of $145,715.76. Following the completion of the transaction, the chief accounting officer now directly owns 1,294 shares in the company, valued at $20,600.48. This trade represents a 87.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 213,847 shares of company stock worth $3,527,750. 7.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Upwork

Several large investors have recently modified their holdings of the stock. Quarry LP lifted its stake in Upwork by 104.2% in the second quarter. Quarry LP now owns 4,350 shares of the company’s stock valued at $47,000 after purchasing an additional 2,220 shares during the last quarter. KBC Group NV raised its stake in shares of Upwork by 45.4% in the third quarter. KBC Group NV now owns 4,791 shares of the company’s stock valued at $50,000 after buying an additional 1,497 shares during the period. CWM LLC lifted its position in shares of Upwork by 71.9% during the 3rd quarter. CWM LLC now owns 5,896 shares of the company’s stock valued at $62,000 after buying an additional 2,467 shares during the last quarter. Financial Management Professionals Inc. bought a new position in shares of Upwork during the 4th quarter worth $97,000. Finally, Citizens Financial Group Inc. RI increased its holdings in Upwork by 18.4% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 13,719 shares of the company’s stock worth $143,000 after acquiring an additional 2,129 shares during the last quarter. Hedge funds and other 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.