Tuttle Capital Management LLC Sells 4,261 Shares of WeWork Inc. (NYSE:WE)

Posted by MarketBeat News on Aug 2nd, 2022

Tuttle Capital Management LLC lessened its holdings in WeWork Inc. (NYSE:WE – Get Rating) by 26.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,770 shares of the company’s stock after selling 4,261 shares during the quarter. Tuttle Capital Management LLC’s holdings in WeWork were worth $80,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Cannon Global Investment Management LLC bought a new position in WeWork in the 1st quarter valued at approximately $379,000. SOL Capital Management CO bought a new position in WeWork in the 1st quarter valued at approximately $8,553,000. Exos Asset Management LLC bought a new position in WeWork in the 4th quarter valued at approximately $169,000. Symmetry Peak Management LLC bought a new position in WeWork in the 4th quarter valued at approximately $172,000. Finally, Slate Path Capital LP bought a new position in WeWork in the 4th quarter valued at approximately $14,901,000. Institutional investors own 81.48% of the company’s stock.

Insider Transactions at WeWork

In related news, insider Peter Greenspan sold 152,941 shares of WeWork stock in a transaction on Monday, May 16th. The shares were sold at an average price of $6.68, for a total value of $1,021,645.88. Following the completion of the sale, the insider now owns 115,835 shares of the company’s stock, valued at approximately $773,777.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 5.80% of the company’s stock.

WeWork Stock Down 2.7 %

Shares of WE stock opened at $4.64 on Tuesday. WeWork Inc. has a 52 week low of $4.50 and a 52 week high of $14.97. The firm has a 50 day moving average of $5.75 and a 200-day moving average of $6.36.

WeWork (NYSE:WE – Get Rating) last announced its quarterly earnings data on Thursday, May 12th. The company reported ($0.57) EPS for the quarter, topping the consensus estimate of ($0.88) by $0.31. The company had revenue of $765.00 million for the quarter, compared to analyst estimates of $768.11 million. The firm’s revenue for the quarter was up 27.9% on a year-over-year basis. Research analysts expect that WeWork Inc. will post -2.11 EPS for the current year.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. UBS Group assumed coverage on shares of WeWork in a research report on Wednesday, June 29th. They set a “neutral” rating and a $6.50 target price for the company. Mizuho assumed coverage on shares of WeWork in a research report on Friday, April 22nd. They set a “buy” rating and a $9.00 target price for the company. Credit Suisse Group assumed coverage on shares of WeWork in a research report on Wednesday, June 22nd. They set an “outperform” rating and a $11.00 target price for the company. Finally, Piper Sandler assumed coverage on shares of WeWork in a research report on Monday, April 18th. They set an “overweight” rating and a $10.00 target price for the company.

WeWork Company Profile

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WeWork Inc provides flexible workspace solutions to individuals and organizations worldwide. The company offers workstation, private office, and customized floor solutions; and various amenities and services, such as private phone booths, internet, high-speed business printers and copiers, mail and package handling, front desk services, off-peak building access, common areas, and daily enhanced cleaning solutions.