Upwork (NASDAQ:UPWK) Shares Gap Up to $9.31

Upwork Inc. (NASDAQ:UPWK)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $9.31, but opened at $9.80. Upwork shares last traded at $9.82, with a volume of 263,264 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on UPWK shares. The Goldman Sachs Group lowered their price objective on Upwork from $24.00 to $21.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. UBS Group cut their price target on shares of Upwork from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Roth Mkm dropped their price objective on Upwork from $19.00 to $13.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Canaccord Genuity Group cut their price target on shares of Upwork from $19.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Finally, Piper Sandler decreased their price target on Upwork from $20.00 to $13.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Upwork currently has an average rating of “Moderate Buy” and a consensus price target of $15.70.

Upwork Trading Up 10.0 %

The firm’s 50 day simple moving average is $10.37 and its two-hundred day simple moving average is $11.18. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 0.99. The stock has a market cap of $1.35 billion, a P/E ratio of 29.26 and a beta of 1.54.

Upwork (NASDAQ:UPWK) last posted its earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. The company had revenue of $193.13 million for the quarter, compared to analysts’ expectations of $193.05 million. Upwork had a return on equity of 20.75% and a net margin of 10.00%. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period last year, the business posted ($0.03) earnings per share. As a group, equities research analysts predict that Upwork Inc. will post 0.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Hayden Brown sold 31,506 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $9.65, for a total transaction of $304,032.90. Following the completion of the transaction, the chief executive officer now owns 1,190,561 shares of the company’s stock, valued at $11,488,913.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Upwork news, VP Dave Bottoms sold 5,818 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $9.81, for a total transaction of $57,074.58. Following the completion of the sale, the vice president now directly owns 5,818 shares in the company, valued at approximately $57,074.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hayden Brown sold 31,506 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $9.65, for a total value of $304,032.90. Following the completion of the sale, the chief executive officer now directly owns 1,190,561 shares of the company’s stock, valued at approximately $11,488,913.65. The disclosure for this sale can be found here. In the last three months, insiders have sold 72,462 shares of company stock worth $707,130. 7.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Upwork

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Plato Investment Management Ltd acquired a new stake in Upwork in the 2nd quarter valued at approximately $27,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Upwork in the 2nd quarter valued at $29,000. Quadrant Capital Group LLC grew its position in Upwork by 67.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock worth $30,000 after purchasing an additional 803 shares during the last quarter. Quarry LP increased its holdings in shares of Upwork by 104.2% during the 2nd quarter. Quarry LP now owns 4,350 shares of the company’s stock worth $47,000 after purchasing an additional 2,220 shares during the period. Finally, Headlands Technologies LLC bought a new stake in shares of Upwork in the first quarter valued at about $49,000. 77.71% of the stock is currently owned by institutional investors and hedge funds.

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.