Upwork Target of Unusually High Options Trading (NASDAQ:UPWK)
Upwork Inc (NASDAQ:UPWK) was the target of unusually large options trading activity on Wednesday. Traders acquired 13,610 put options on the company. This is an increase of 1,077% compared to the typical daily volume of 1,156 put options.
In other news, major shareholder Globespan Management Associate sold 2,000,000 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $18.00, for a total transaction of $36,000,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Han-Shen Yuan sold 100,000 shares of the company’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $15.87, for a total transaction of $1,587,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,386,016 shares of company stock worth $42,263,068. Corporate insiders own 40.81% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Benjamin F. Edwards & Company Inc. acquired a new stake in Upwork in the 4th quarter valued at about $34,000. Marshall Wace North America L.P. acquired a new stake in Upwork in the 1st quarter valued at about $38,000. Citigroup Inc. acquired a new stake in Upwork in the 4th quarter valued at about $60,000. Strs Ohio purchased a new position in Upwork in the 4th quarter valued at about $61,000. Finally, Barclays PLC purchased a new position in Upwork in the 4th quarter valued at about $93,000. 35.43% of the stock is currently owned by hedge funds and other institutional investors.
Upwork (NASDAQ:UPWK) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.04) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.01. The business had revenue of $68.92 million during the quarter, compared to analyst estimates of $69.15 million. As a group, equities research analysts expect that Upwork will post -0.2 earnings per share for the current year.
A number of equities analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Upwork from a “sell” rating to a “hold” rating in a research note on Friday, May 24th. BTIG Research started coverage on shares of Upwork in a research note on Thursday, April 11th. They issued a “buy” rating and a $24.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $22.50.
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Upwork Company Profile
Upwork Inc operates an online marketplace that enables businesses (clients) to find and work with various independent professionals and agencies (freelancers). The company's platform provides access to talent with approximately 5,000 skills across approximately 70 categories, including content marketing, customer service, data science and analytics, graphic design, mobile development, sales, and Web development.
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