By otakuyassine3@gmail.com 
Upwork Inc. (NASDAQ:UPWK – Get Free Report) was the target of a significant decline in short interest in the month of January. As of January 15th, there was short interest totalling 9,340,000 shares, a decline of 24.4% from the December 31st total of 12,360,000 shares. Approximately 7.7% of the company’s shares are sold short. Based on an average daily volume of 2,470,000 shares, the short-interest ratio is currently 3.8 days.
Upwork Stock Performance
UPWK traded down $0.27 during trading on Friday, reaching $15.76. 3,667,503 shares of the company were exchanged, compared to its average volume of 2,097,586. 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 stock has a market cap of $2.11 billion, a P/E ratio of 25.02 and a beta of 1.59. Upwork has a 52 week low of $8.43 and a 52 week high of $18.14. The firm has a 50 day moving average of $16.61 and a 200 day moving average of $13.17.
Upwork (NASDAQ:UPWK – Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. Upwork had a net margin of 11.26% and a return on equity of 22.84%. The business had revenue of $193.78 million for the quarter, compared to analysts’ expectations of $185.55 million. During the same quarter last year, the company earned $0.12 EPS. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, sell-side analysts forecast that Upwork will post 0.65 EPS for the current fiscal year.
Insider Activity
In other Upwork news, VP Dave Bottoms sold 5,360 shares of Upwork stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $17.11, for a total value of $91,709.60. Following the transaction, the vice president now owns 9,642 shares in the company, valued at $164,974.62. This trade represents a 35.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Erica Gessert sold 4,279 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $17.11, for a total value of $73,213.69. Following the sale, the chief financial officer now owns 133,093 shares of the company’s stock, valued at approximately $2,277,221.23. The trade was a 3.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 213,847 shares of company stock valued at $3,527,750 over the last quarter. Company insiders own 7.60% of the company’s stock.
Hedge Funds Weigh In On Upwork
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. KBC Group NV grew 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 worth $50,000 after purchasing an additional 1,497 shares in the last quarter. Quarry LP grew its position in Upwork by 42.6% in the 3rd quarter. Quarry LP now owns 6,201 shares of the company’s stock valued at $65,000 after buying an additional 1,851 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Upwork by 3.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 66,809 shares of the company’s stock valued at $718,000 after buying an additional 2,063 shares during the period. Citizens Financial Group Inc. RI raised its position in shares of Upwork by 18.4% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 13,719 shares of the company’s stock worth $143,000 after buying an additional 2,129 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Upwork by 1.4% in the 4th quarter. Rhumbline Advisers now owns 178,202 shares of the company’s stock worth $2,914,000 after acquiring an additional 2,387 shares during the period. 77.71% of the stock is owned by institutional investors.
Analysts Set New Price Targets
UPWK has been the subject of several research analyst reports. The Goldman Sachs Group upped their price target on Upwork from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. UBS Group lifted their target price on shares of Upwork from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. BTIG Research raised their price objective on Upwork from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $17.00 price target on shares of Upwork in a research note on Friday, January 17th. Finally, JMP Securities reissued a “market outperform” rating and issued a $18.00 price target on shares of Upwork in a report on Thursday. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.09.
Get Our Latest Stock Report on Upwork
About Upwork
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.
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