Upwork Inc. (NASDAQ:UPWK) Short Interest Down 15.0% in April

Upwork Inc. (NASDAQ:UPWK) saw a significant decline in short interest in the month of April. As of April 15th, there was short interest totalling 6,710,000 shares, a decline of 15.0% from the March 31st total of 7,890,000 shares. Based on an average daily volume of 1,990,000 shares, the short-interest ratio is currently 3.4 days.

UPWK has been the subject of a number of analyst reports. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded shares of Upwork from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $32.00 to $48.00 in a research report on Tuesday, January 12th. Smith Barney Citigroup upgraded shares of Upwork from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $32.00 to $48.00 in a research report on Tuesday, January 12th. Citigroup upped their price target on shares of Upwork from $48.00 to $75.00 in a research report on Thursday, February 25th. BTIG Research upped their price target on shares of Upwork from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, February 24th. Finally, Zacks Investment Research downgraded shares of Upwork from a “buy” rating to a “hold” rating in a research report on Wednesday, April 28th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $61.78.

Shares of NASDAQ UPWK opened at $42.94 on Wednesday. Upwork has a 12-month low of $8.21 and a 12-month high of $63.88. The stock has a market cap of $5.41 billion, a PE ratio of -171.76 and a beta of 2.15. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 0.02. The company has a 50-day moving average of $46.56 and a 200 day moving average of $40.35.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings data on Tuesday, May 4th. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.07. Upwork had a negative net margin of 8.42% and a negative return on equity of 10.95%. The company had revenue of $113.62 million during the quarter, compared to analysts’ expectations of $107.21 million. During the same quarter in the prior year, the company earned ($0.03) EPS. Upwork’s revenue was up 36.6% compared to the same quarter last year. On average, sell-side analysts forecast that Upwork will post -0.28 EPS for the current fiscal year.

In other Upwork news, VP Eric Gilpin sold 3,389 shares of the company’s stock in a transaction dated Friday, February 19th. The shares were sold at an average price of $53.78, for a total value of $182,260.42. Following the completion of the transaction, the vice president now owns 10,422 shares in the company, valued at $560,495.16. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Hayden Brown sold 1,418 shares of the company’s stock in a transaction dated Monday, April 19th. The stock was sold at an average price of $46.56, for a total transaction of $66,022.08. Following the completion of the transaction, the chief executive officer now owns 467,947 shares of the company’s stock, valued at approximately $21,787,612.32. The disclosure for this sale can be found here. Insiders have sold 296,604 shares of company stock valued at $13,253,281 over the last 90 days. 25.30% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD grew its stake in Upwork by 24.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,721,721 shares of the company’s stock valued at $232,034,000 after acquiring an additional 1,327,735 shares in the last quarter. BlackRock Inc. grew its stake in Upwork by 7.5% during the 4th quarter. BlackRock Inc. now owns 6,551,245 shares of the company’s stock valued at $226,150,000 after acquiring an additional 456,028 shares in the last quarter. Baillie Gifford & Co. grew its stake in Upwork by 18.7% during the 4th quarter. Baillie Gifford & Co. now owns 4,467,561 shares of the company’s stock valued at $154,220,000 after acquiring an additional 705,207 shares in the last quarter. ATOMVEST Ltd purchased a new stake in Upwork during the 4th quarter valued at about $60,848,000. Finally, Federated Hermes Inc. grew its stake in shares of Upwork by 10.4% in the 4th quarter. Federated Hermes Inc. now owns 1,516,394 shares of the company’s stock valued at $52,346,000 after buying an additional 142,894 shares during the period. 60.29% of the stock is owned by institutional investors.

Upwork Company Profile

Upwork Inc, together with its subsidiaries, operates an online talent marketplace that enables businesses to find and work with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's platform 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.

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