Thoughtworks (NASDAQ:TWKS) Sees Large Volume Increase After Analyst Upgrade

Thoughtworks Holding, Inc. (NASDAQ:TWKS) saw unusually-strong trading volume on Tuesday after Piper Sandler raised their price target on the stock from $3.40 to $4.40. Piper Sandler currently has a neutral rating on the stock. Approximately 1,795,300 shares changed hands during trading, an increase of 68% from the previous session’s volume of 1,069,287 shares.The stock last traded at $4.32 and had previously closed at $4.31.

Other equities analysts have also issued research reports about the company. Robert W. Baird reissued a “neutral” rating and set a $4.40 price target on shares of Thoughtworks in a report on Tuesday. Citigroup reduced their price target on shares of Thoughtworks from $3.25 to $2.75 and set a “neutral” rating for the company in a research report on Friday, July 12th. JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Thoughtworks in a research report on Tuesday. Wedbush restated an “outperform” rating and set a $6.00 price objective on shares of Thoughtworks in a research report on Wednesday, May 8th. Finally, The Goldman Sachs Group assumed coverage on shares of Thoughtworks in a research note on Monday, June 24th. They issued a “sell” rating and a $2.50 target price for the company. One analyst has rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $4.44.

Institutional Trading of Thoughtworks

Several institutional investors have recently made changes to their positions in TWKS. Mubadala Investment Co PJSC purchased a new stake in shares of Thoughtworks during the 4th quarter valued at $37,411,000. Vanguard Group Inc. grew its stake in shares of Thoughtworks by 5.4% during the 3rd quarter. Vanguard Group Inc. now owns 11,059,928 shares of the company’s stock valued at $45,125,000 after buying an additional 564,141 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in shares of Thoughtworks by 1,094.9% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 485,330 shares of the company’s stock valued at $1,228,000 after buying an additional 444,712 shares during the period. Summit Creek Advisors LLC grew its stake in shares of Thoughtworks by 22.6% during the 4th quarter. Summit Creek Advisors LLC now owns 1,326,644 shares of the company’s stock valued at $6,381,000 after buying an additional 244,693 shares during the period. Finally, Victory Capital Management Inc. grew its stake in shares of Thoughtworks by 1,585.5% during the 2nd quarter. Victory Capital Management Inc. now owns 194,529 shares of the company’s stock valued at $552,000 after buying an additional 182,988 shares during the period. 32.81% of the stock is owned by hedge funds and other institutional investors.

Thoughtworks Price Performance

The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.87 and a current ratio of 2.87. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of -14.90 and a beta of 1.10. The company’s fifty day moving average is $2.96 and its two-hundred day moving average is $3.10.

Thoughtworks (NASDAQ:TWKS) last posted its earnings results on Monday, August 5th. The company reported ($0.03) earnings per share for the quarter. The business had revenue of $251.70 million for the quarter, compared to analyst estimates of $251.37 million. Thoughtworks had a negative net margin of 8.56% and a negative return on equity of 4.10%. The business’s revenue was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.01) EPS. Equities research analysts forecast that Thoughtworks Holding, Inc. will post -0.02 EPS for the current year.

About Thoughtworks

Thoughtworks Holding, Inc provides technology consultancy services in North America, the Asia Pacific, Europe, and Latin America. The company's consultancy services integrate strategy, design, and software engineering to enable enterprises and technology disruptors to thrive as modern digital businesses.