Upwork (NASDAQ:UPWK) Shares Down 5.7% – What’s Next?

Upwork Inc. (NASDAQ:UPWK)’s stock price fell 5.7% on Tuesday . The stock traded as low as $12.56 and last traded at $12.5670. 1,595,912 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 3,740,353 shares. The stock had previously closed at $13.33.

Wall Street Analysts Forecast Growth

UPWK has been the topic of several analyst reports. Roth Mkm lifted their price target on shares of Upwork from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, February 10th. Wall Street Zen upgraded Upwork from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Zacks Research downgraded Upwork from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. UBS Group decreased their price target on Upwork from $26.00 to $23.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Finally, Canaccord Genuity Group set a $22.00 price target on Upwork in a report on Tuesday, February 10th. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Upwork currently has an average rating of “Moderate Buy” and an average target price of $22.60.

Upwork Stock Down 7.2%

The business has a 50-day simple moving average of $17.35 and a 200-day simple moving average of $17.75. The company has a market cap of $1.61 billion, a PE ratio of 14.73 and a beta of 1.08.

Upwork announced that its Board of Directors has authorized a share buyback plan on Wednesday, February 18th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to purchase up to 18% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity at Upwork

In other Upwork news, insider Dave Bottoms sold 15,649 shares of Upwork stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $13.51, for a total value of $211,417.99. Following the completion of the transaction, the insider directly owned 345 shares of the company’s stock, valued at $4,660.95. The trade was a 97.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Hayden Brown sold 123,152 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $13.80, for a total transaction of $1,699,497.60. Following the sale, the chief executive officer owned 776,067 shares in the company, valued at $10,709,724.60. This trade represents a 13.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 235,204 shares of company stock worth $3,602,486. 7.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Accredited Wealth Management LLC grew its holdings in Upwork by 5,280.0% during the 3rd quarter. Accredited Wealth Management LLC now owns 1,345 shares of the company’s stock worth $25,000 after acquiring an additional 1,320 shares in the last quarter. Clearstead Advisors LLC increased its holdings in Upwork by 998.4% in the third quarter. Clearstead Advisors LLC now owns 1,406 shares of the company’s stock valued at $26,000 after buying an additional 1,278 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in Upwork by 594.4% in the fourth quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock valued at $27,000 after buying an additional 1,165 shares during the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in Upwork in the second quarter valued at $30,000. Finally, Fifth Third Bancorp lifted its holdings in Upwork by 2,405.7% during the 3rd quarter. Fifth Third Bancorp now owns 1,754 shares of the company’s stock worth $33,000 after buying an additional 1,684 shares during the last quarter. Institutional investors and hedge funds own 77.71% of the company’s stock.

About Upwork

Upwork Inc operates a leading online talent marketplace that connects businesses with independent professionals worldwide. Through its digital platform, the company enables clients across industries—including technology, marketing, creative services and customer support—to source, hire and manage freelance talent on demand. Key features of the Upwork platform include streamlined job posting, proposal evaluation, time-tracking tools, invoicing and secure payment processing, all designed to simplify collaboration between clients and remote workers.

The company traces its roots to the merger of two pioneering freelance marketplaces, Elance (founded in 1998) and oDesk (founded in 2003), which combined in 2015 to form a unified entity.