Upwork Target of Unusually High Options Trading (NASDAQ:UPWK)

Upwork Inc. (NASDAQ:UPWK – Get Rating) was the target of unusually large options trading on Tuesday. Stock traders bought 4,308 call options on the stock. This represents an increase of approximately 528% compared to the typical daily volume of 686 call options.

Upwork Stock Performance

Shares of UPWK stock opened at $12.44 on Wednesday. Upwork has a 12-month low of $9.79 and a 12-month high of $29.92. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of -16.81 and a beta of 1.45. The business has a 50 day simple moving average of $11.55 and a 200 day simple moving average of $14.83. The company has a debt-to-equity ratio of 2.32, a current ratio of 3.69 and a quick ratio of 3.69.

Upwork (NASDAQ:UPWK – Get Rating) last issued its quarterly earnings data on Wednesday, October 26th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.04. Upwork had a negative return on equity of 38.46% and a negative net margin of 16.16%. The business had revenue of $158.64 million during the quarter, compared to analyst estimates of $157.36 million. On average, equities research analysts anticipate that Upwork will post -0.74 EPS for the current year.

Insider Buying and Selling

In related news, CEO Hayden Brown sold 30,677 shares of the business’s stock in a transaction dated Monday, December 19th. The stock was sold at an average price of $10.71, for a total value of $328,550.67. Following the transaction, the chief executive officer now owns 903,857 shares in the company, valued at $9,680,308.47. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Upwork news, CEO Hayden Brown sold 30,677 shares of the company’s stock in a transaction that occurred on Monday, December 19th. The stock was sold at an average price of $10.71, for a total transaction of $328,550.67. Following the sale, the chief executive officer now owns 903,857 shares in the company, valued at $9,680,308.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Eric Gilpin sold 7,179 shares of the company’s stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $12.06, for a total value of $86,578.74. Following the sale, the insider now owns 39,238 shares in the company, valued at approximately $473,210.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 65,033 shares of company stock worth $741,714. 8.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Upwork

A number of institutional investors and hedge funds have recently added to or reduced their stakes in UPWK. Harbor Investment Advisory LLC boosted its stake in Upwork by 154.4% during the 2nd quarter. Harbor Investment Advisory LLC now owns 1,323 shares of the company’s stock valued at $27,000 after purchasing an additional 803 shares in the last quarter. Amundi boosted its stake in Upwork by 4,820.7% during the 2nd quarter. Amundi now owns 2,854 shares of the company’s stock valued at $58,000 after purchasing an additional 2,796 shares in the last quarter. UBS Group AG boosted its stake in Upwork by 30.7% during the 3rd quarter. UBS Group AG now owns 4,634 shares of the company’s stock valued at $63,000 after purchasing an additional 1,089 shares in the last quarter. Rockefeller Capital Management L.P. boosted its stake in Upwork by 977.0% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 5,654 shares of the company’s stock valued at $77,000 after purchasing an additional 5,129 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new position in Upwork during the 1st quarter valued at $120,000. 74.05% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on UPWK shares. Piper Sandler cut their price objective on Upwork from $20.00 to $15.00 and set an “overweight” rating on the stock in a research note on Friday, January 6th. Canaccord Genuity Group cut their price objective on Upwork from $36.00 to $25.00 in a research note on Friday, October 28th. Royal Bank of Canada dropped their price target on Upwork from $21.00 to $15.00 in a research report on Thursday, October 27th. The Goldman Sachs Group dropped their price target on Upwork from $30.00 to $24.00 and set a “buy” rating on the stock in a research report on Thursday, October 27th. Finally, Needham & Company LLC dropped their price target on Upwork from $27.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, October 27th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $22.82.

Upwork Company Profile

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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 sales and marketing, customer service, data science and analytics, design and creative, web, mobile, and software development.