Upwork (NASDAQ:UPWK) Shares Up 7.1%

Upwork Inc (NASDAQ:UPWK) shot up 7.1% on Thursday . The stock traded as high as $18.85 and last traded at $18.68. 4,134,712 shares traded hands during mid-day trading, an increase of 73% from the average session volume of 2,396,111 shares. The stock had previously closed at $17.44.

Several research firms have weighed in on UPWK. BTIG Research increased their price objective on Upwork from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Monday, September 21st. ValuEngine upgraded Upwork from a “hold” rating to a “buy” rating in a report on Wednesday, July 15th. MKM Partners began coverage on Upwork in a report on Wednesday, August 26th. They issued a “buy” rating and a $20.00 price objective for the company. Stifel Nicolaus reiterated a “hold” rating and issued a $17.00 price objective on shares of Upwork in a report on Wednesday, August 5th. Finally, Zacks Investment Research upgraded Upwork from a “sell” rating to a “hold” rating in a report on Wednesday, June 17th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Upwork has an average rating of “Buy” and a consensus price target of $14.67.

The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.74 and a current ratio of 1.74. The company has a market cap of $2.25 billion, a P/E ratio of -71.85 and a beta of 1.71. The stock has a 50-day moving average of $15.07 and a two-hundred day moving average of $12.11.

Upwork (NASDAQ:UPWK) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.09) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.09). Upwork had a negative return on equity of 11.18% and a negative net margin of 8.91%. The company had revenue of $87.53 million during the quarter, compared to analyst estimates of $80.75 million. Research analysts predict that Upwork Inc will post -0.36 EPS for the current year.

In other Upwork news, Director Gregory C. Gretsch bought 221,900 shares of Upwork stock in a transaction on Monday, August 10th. The stock was acquired at an average price of $14.95 per share, with a total value of $3,317,405.00. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, VP Eric Gilpin sold 3,455 shares of Upwork stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $14.08, for a total value of $48,646.40. Following the completion of the sale, the vice president now directly owns 2,706 shares of the company’s stock, valued at approximately $38,100.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 48,010 shares of company stock valued at $718,821. 25.30% of the stock is owned by corporate insiders.

Several institutional investors have recently bought and sold shares of UPWK. Marshall Wace North America L.P. purchased a new stake in shares of Upwork in the first quarter valued at approximately $38,000. First Trust Advisors LP purchased a new stake in Upwork during the first quarter worth $1,712,000. Amundi Pioneer Asset Management Inc. purchased a new stake in Upwork during the first quarter worth $8,493,000. Aperio Group LLC purchased a new stake in Upwork during the first quarter worth $66,000. Finally, Bank of New York Mellon Corp lifted its holdings in Upwork by 1.6% during the first quarter. Bank of New York Mellon Corp now owns 196,146 shares of the company’s stock worth $1,265,000 after buying an additional 3,052 shares during the period. 60.16% of the stock is owned by institutional investors and hedge funds.

Upwork Company Profile (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.

Further Reading: Price to Earnings Ratio (PE) Basics

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