Upwork Inc. (UPWK) is looking forward to a strong quarter

Upwork Inc. (NASDAQ: UPWK) stock fell -1.86% on Friday to $13.21 against a previous-day closing price of $13.46. With 1.82 million shares changed hands, the volume of the stock remained lighter than its average volume of 2.24 million shares. During the session, the Staffing & Employment Services company that operates in wider Industrials sector, reached to the highest price of $13.40 whereas the lowest price it dropped to was $12.96. The 52-week range on UPWK shows that it touched its highest point at $17.60 and its lowest point at $6.56 during that stretch. It currently has a 1-year price target of $14.33. Beta for the stock currently stands at 1.47.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of UPWK was down-trending over the past week, with a drop of -7.69%, but this was down by -5.30% over a month. Three-month performance surged to 39.05% while six-month performance rose 27.26%. The stock lost -23.02% in the past year, while it has gained 26.53% so far this year. A look at the trailing 12-month EPS for UPWK yields -0.22 with Next year EPS estimates of 0.65. For the next quarter, that number is 0.10. This implies an EPS growth rate of -55.70% for this year and 74.80% for next year.

Float and Shares Shorts:

At present, 134.14 million UPWK shares are outstanding with a float of 123.49 million shares on hand for trading. On Aug 30, 2023, short shares totaled 6.82 million, which was 5.05% higher than short shares on Jul 30, 2023. In addition to Ms. Hayden Brown as the firm’s Pres, CEO & Director, Ms. Erica Gessert serves as its Chief Financial Officer.

Institutional Ownership:

Through their ownership of 74.59% of UPWK’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 41.12% of UPWK, in contrast to 34.38% held by mutual funds. Shares owned by individuals account for 27.85%. As the largest shareholder in UPWK with 10.03% of the stake, The Vanguard Group, Inc. holds 13,523,088 shares worth 13,523,088. A second-largest stockholder of UPWK, BlackRock Fund Advisors, holds 7,749,172 shares, controlling over 5.75% of the firm’s shares. Capital Research & Management Co is the third largest shareholder in UPWK, holding 7,569,770 shares or 5.61% stake. With a 5.61% stake in UPWK, the American Funds Small Cap World Fu is the largest stakeholder. A total of 7,564,920 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 2.77% of UPWK stock, is the second-largest Mutual Fund holder. It holds 3,735,480 shares valued at 55.32 million. Vanguard Small Cap Index Fund holds 2.32% of the stake in UPWK, owning 3,131,119 shares worth 46.37 million.

An Overview of Recent Financials:

Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, UPWK reported revenue of $156.90M and operating income of -$23.05M. The EBITDA in the recently reported quarter was -$19.89M and diluted EPS was -$0.18.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for UPWK since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With UPWK analysts setting a high price target of $18.00 and a low target of $11.00, the average target price over the next 12 months is $14.56. Based on these targets, UPWK could surge 36.26% to reach the target high and fall by -16.73% to reach the target low. Reaching the average price target will result in a growth of 10.22% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.

Summary of Insider Activity:

Insiders traded UPWK stock several times over the past three months with 9 Buys and 5 Sells. In these transactions, 47,875 shares were bought while 53,678 shares were sold. The number of buy transactions has increased to 68 while that of sell transactions has risen to 26 over the past year. The total number of shares bought during that period was 721,917 while 317,089 shares were sold.

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