Thoughtworks (NASDAQ:TWKS) Shares Gap Up to $3.39

Shares of Thoughtworks Holding, Inc. (NASDAQ:TWKS) gapped up before the market opened on Monday . The stock had previously closed at $3.39, but opened at $4.27. Thoughtworks shares last traded at $4.26, with a volume of 11,211,444 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on TWKS shares. Piper Sandler raised their target price on shares of Thoughtworks from $3.40 to $4.40 and gave the stock a “neutral” rating in a report on Tuesday. The Goldman Sachs Group began coverage on shares of Thoughtworks in a research report on Monday, June 24th. They set a “sell” rating and a $2.50 target price on the stock. Citigroup cut their target price on shares of Thoughtworks from $3.25 to $2.75 and set a “neutral” rating on the stock in a research report on Friday, July 12th. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Thoughtworks in a research report on Tuesday. Finally, Robert W. Baird reissued a “neutral” rating and set a $4.40 target price on shares of Thoughtworks in a research report on Tuesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Thoughtworks currently has an average rating of “Hold” and an average price target of $4.44.

Thoughtworks Stock 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’s 50 day simple moving average is $2.93 and its 200 day simple moving average is $3.09. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of -14.90 and a beta of 1.10.

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

Hedge Funds Weigh In On Thoughtworks

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Thoughtworks by 5.4% in the 3rd quarter. Vanguard Group Inc. now owns 11,059,928 shares of the company’s stock worth $45,125,000 after acquiring an additional 564,141 shares in the last quarter. SG Americas Securities LLC increased its holdings in Thoughtworks by 70.3% in the 4th quarter. SG Americas Securities LLC now owns 23,498 shares of the company’s stock worth $113,000 after acquiring an additional 9,698 shares in the last quarter. Mackenzie Financial Corp purchased a new stake in Thoughtworks in the 4th quarter worth $245,000. Counterpoint Mutual Funds LLC purchased a new stake in shares of Thoughtworks during the fourth quarter worth $117,000. Finally, Summit Creek Advisors LLC raised its position in shares of Thoughtworks by 22.6% in the fourth 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 last quarter. 32.81% of the stock is currently owned by institutional investors and hedge funds.

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.