Upwork (NASDAQ:UPWK) Stock Price Down 8% – Here’s What Happened

Upwork Inc. (NASDAQ:UPWK) was down 8% during trading on Thursday . The stock traded as low as $12.54 and last traded at $12.48. Approximately 879,301 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 2,556,794 shares. The stock had previously closed at $13.56.

Wall Street Analyst Weigh In

UPWK has been the subject of a number of analyst reports. Royal Bank of Canada lifted their price objective on Upwork from $16.00 to $18.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 13th. Scotiabank initiated coverage on Upwork in a research note on Wednesday. They set a “sector perform” rating and a $15.00 price objective for the company. Jefferies Financial Group boosted their target price on Upwork from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Needham & Company LLC boosted their price target on Upwork from $17.00 to $19.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, JMP Securities restated a “market outperform” rating and issued a $18.00 price target on shares of Upwork in a report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Upwork currently has an average rating of “Moderate Buy” and an average price target of $18.58.

Upwork Stock Up 2.1 %

The company has a quick ratio of 3.39, a current ratio of 3.39 and a debt-to-equity ratio of 0.62. The firm has a 50 day simple moving average of $15.72 and a 200-day simple moving average of $14.12. The stock has a market cap of $1.71 billion, a P/E ratio of 8.24 and a beta of 1.61.

Upwork (NASDAQ:UPWK) last released its quarterly earnings data on Wednesday, February 12th. The company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.79. Upwork had a return on equity of 50.83% and a net margin of 28.02%. On average, equities research analysts forecast that Upwork Inc. will post 0.84 earnings per share for the current fiscal year.

Insider Buying and Selling at Upwork

In other news, Director Elizabeth A. Nelson sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $17.37, for a total value of $1,302,750.00. Following the transaction, the director now owns 48,915 shares of the company’s stock, valued at approximately $849,653.55. This represents a 60.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hayden Brown sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $16.84, for a total value of $336,800.00. Following the completion of the transaction, the chief executive officer now directly owns 1,229,420 shares in the company, valued at $20,703,432.80. The trade was a 1.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 288,187 shares of company stock worth $4,769,213 over the last 90 days. Company insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Upwork

A number of large investors have recently added to or reduced their stakes in UPWK. Price T Rowe Associates Inc. MD grew its position in Upwork by 51.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,498,688 shares of the company’s stock worth $253,405,000 after buying an additional 5,289,493 shares in the last quarter. Invesco Ltd. grew its position in Upwork by 1,674.0% during the fourth quarter. Invesco Ltd. now owns 1,748,320 shares of the company’s stock worth $28,585,000 after buying an additional 1,649,766 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in Upwork by 86.7% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,303,035 shares of the company’s stock worth $54,005,000 after purchasing an additional 1,534,078 shares during the last quarter. Contour Asset Management LLC bought a new stake in Upwork during the fourth quarter worth $24,633,000. Finally, LSV Asset Management bought a new stake in Upwork during the fourth quarter worth $18,838,000. Institutional investors and hedge funds own 77.71% of the company’s stock.

About Upwork

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 administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development.