Upwork (NASDAQ:UPWK) Hits New 52-Week Low on Analyst Downgrade

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Shares of Upwork Inc (NASDAQ:UPWK) hit a new 52-week low 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 topic of several other reports. Royal Bank of Canada dropped their target price on Upwork to $20.00 and set an “outperform” rating on the stock in a research note on Thursday. ValuEngine raised 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. First Analysis initiated coverage on Upwork in a research report on Thursday, October 31st. They set an “outperform” rating and a $18.00 price target for the company. Finally, Citigroup lowered their price target on Upwork from $26.00 to $23.00 and set a “buy” rating for the company in a research report on Tuesday, September 24th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Upwork has an average rating of “Buy” and a consensus price target of $20.67.

In other Upwork news, major shareholder Bruce Dunlevie sold 48,708 shares of Upwork stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $14.82, for a total transaction of $721,852.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Han-Shen Yuan sold 100,000 shares of Upwork stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $15.00, for a total value of $1,500,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 631,759 shares of company stock valued at $9,275,922. 40.81% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC purchased a new position in Upwork in the third quarter valued at $162,000. Russell Investments Group Ltd. purchased a new position in Upwork in the third quarter valued at $157,000. California Public Employees Retirement System purchased a new position in Upwork in the third quarter valued at $1,223,000. State of Tennessee Treasury Department purchased a new position in Upwork in the third quarter valued at $232,000. Finally, State of Michigan Retirement System purchased a new position in Upwork in the third quarter valued at $1,804,000. 44.33% of the stock is owned by institutional investors.

The stock has a market cap of $1.70 billion and a PE ratio of -33.61. The firm has a fifty day moving average of $14.20 and a 200 day moving average of $15.52. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.06.

Upwork (NASDAQ:UPWK) last posted its earnings results on Wednesday, November 6th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. The firm had revenue of $78.80 million for the quarter, compared to analyst estimates of $77.75 million. Upwork had a negative return on equity of 7.62% and a negative net margin of 7.09%. Upwork’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.04) earnings per share. On average, equities research analysts forecast that Upwork Inc will post -0.15 EPS for the current fiscal year.

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.

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