Upwork Inc. (NASDAQ:UPWK) Short Interest Update

Upwork Inc. (NASDAQ:UPWK) saw a significant growth in short interest in April. As of April 15th, there was short interest totalling 13,950,000 shares, a growth of 35.4% from the March 31st total of 10,300,000 shares. Currently, 11.4% of the shares of the stock are sold short. Based on an average daily volume of 2,010,000 shares, the days-to-cover ratio is currently 6.9 days.

Insider Transactions at Upwork

In other Upwork news, CEO Hayden Brown sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $12.07, for a total value of $241,400.00. Following the completion of the transaction, the chief executive officer now owns 1,145,980 shares of the company’s stock, valued at approximately $13,831,978.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last 90 days, insiders sold 67,531 shares of company stock valued at $851,894. 9.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Upwork

Hedge funds have recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC grew its position in Upwork by 67.8% during the 4th quarter. Quadrant Capital Group LLC now owns 1,988 shares of the company’s stock valued at $30,000 after purchasing an additional 803 shares during the last quarter. Daiwa Securities Group Inc. bought a new stake in shares of Upwork during the fourth quarter valued at approximately $33,000. CWM LLC raised its holdings in Upwork by 107.1% in the 3rd quarter. CWM LLC now owns 4,323 shares of the company’s stock worth $49,000 after acquiring an additional 2,236 shares during the last quarter. Counterpoint Mutual Funds LLC bought a new position in Upwork in the 1st quarter valued at approximately $141,000. Finally, Sherbrooke Park Advisers LLC purchased a new stake in Upwork during the 3rd quarter valued at $135,000. 77.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on UPWK shares. UBS Group upped their price objective on Upwork from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Thursday, February 15th. Royal Bank of Canada increased their price target on shares of Upwork from $17.00 to $18.00 and gave the company a “sector perform” rating in a research report on Thursday, February 15th. Jefferies Financial Group upgraded shares of Upwork from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $13.00 to $20.00 in a report on Monday, January 8th. Needham & Company LLC upped their price objective on shares of Upwork from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, February 15th. Finally, JMP Securities upped their price target on shares of Upwork from $16.00 to $17.00 and gave the company a “market outperform” rating in a research report on Thursday, February 15th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Upwork presently has an average rating of “Moderate Buy” and an average target price of $16.55.

Upwork Stock Performance

Shares of UPWK opened at $11.73 on Tuesday. The company has a 50-day simple moving average of $12.28 and a two-hundred day simple moving average of $13.17. The company has a debt-to-equity ratio of 0.93, a current ratio of 3.01 and a quick ratio of 3.01. The firm has a market capitalization of $1.56 billion, a PE ratio of 167.60 and a beta of 1.67. Upwork has a one year low of $6.56 and a one year high of $16.36.

Upwork (NASDAQ:UPWK) last released its earnings results on Wednesday, February 14th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. Upwork had a return on equity of 14.21% and a net margin of 6.80%. The company had revenue of $183.93 million during the quarter, compared to analysts’ expectations of $178.43 million. On average, analysts anticipate that Upwork will post 0.42 EPS for the current fiscal year.

Upwork Company Profile

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.