Upwork (NASDAQ:UPWK) Reaches New 12-Month Low Following Analyst Downgrade
Upwork Inc (NASDAQ:UPWK) shares hit a new 52-week low during trading on Thursday after Stifel Nicolaus lowered their price target on the stock from $19.00 to $16.00. Stifel Nicolaus currently has a hold rating on the stock. Upwork traded as low as $12.72 and last traded at $12.77, with a volume of 25483 shares traded. The stock had previously closed at $15.07.
UPWK has been the subject of several other research reports. First Analysis began coverage on Upwork in a research report on Thursday, October 31st. They set an “outperform” rating and a $18.00 target price for the company. ValuEngine upgraded Upwork from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Zacks Investment Research cut Upwork from a “buy” rating to a “hold” rating in a research report on Friday, October 11th. Citigroup cut their target price on Upwork from $26.00 to $23.00 and set a “buy” rating for the company in a research report on Tuesday, September 24th. Finally, Royal Bank of Canada cut their target price on Upwork to $20.00 and set an “outperform” rating for the company in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $20.67.
In related news, SVP Han-Shen Yuan sold 150,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $14.69, for a total transaction of $2,203,500.00. Also, major shareholder Bruce Dunlevie sold 48,708 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $14.82, for a total value of $721,852.56. The disclosure for this sale can be found here. Insiders sold a total of 631,759 shares of company stock valued at $9,275,922 over the last ninety days. Corporate insiders own 40.81% of the company’s stock.
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 stock has a market capitalization of $1.70 billion and a P/E ratio of -33.61. The stock has a 50 day moving average of $14.20 and a 200-day moving average of $15.52.
Upwork (NASDAQ:UPWK) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.02. Upwork had a negative return on equity of 7.62% and a negative net margin of 7.09%. The firm had revenue of $78.80 million during the quarter, compared to analyst estimates of $77.75 million. During the same period last year, the company earned ($0.04) EPS. Upwork’s quarterly revenue was up 22.9% compared to the same quarter last year. Research analysts anticipate that Upwork Inc will post -0.15 EPS for the current year.
About Upwork (NASDAQ:UPWK)
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.
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