Upwork Inc (NASDAQ:UPWK) Expected to Announce Earnings of -$0.05 Per Share

Analysts expect Upwork Inc (NASDAQ:UPWK) to post ($0.05) earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Upwork’s earnings, with estimates ranging from ($0.06) to ($0.04). The company is scheduled to announce its next quarterly earnings results on Wednesday, August 14th.

On average, analysts expect that Upwork will report full year earnings of ($0.20) per share for the current fiscal year, with EPS estimates ranging from ($0.22) to ($0.18). For the next fiscal year, analysts anticipate that the firm will report earnings of ($0.15) per share, with EPS estimates ranging from ($0.16) to ($0.13). Zacks Investment Research’s earnings per share calculations are an average based on a survey of research analysts that that provide coverage for Upwork.

Upwork (NASDAQ:UPWK) last issued its earnings results on Wednesday, May 8th. The company reported ($0.04) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The firm had revenue of $68.92 million during the quarter, compared to the consensus estimate of $69.15 million.

Several equities research analysts have recently issued reports on UPWK shares. Zacks Investment Research downgraded shares of Upwork from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. BTIG Research started coverage on shares of Upwork in a research report on Thursday, April 11th. They set a “buy” rating and a $24.00 price objective for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $22.50.

In related news, major shareholder Globespan Management Associate sold 2,000,000 shares of the 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Hayden Brown sold 2,266 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $15.84, for a total transaction of $35,893.44. The disclosure for this sale can be found here. Insiders have sold 2,386,016 shares of company stock valued at $42,263,068 in the last three months. 40.81% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in UPWK. Benjamin F. Edwards & Company Inc. acquired a new position in Upwork during the fourth quarter worth $34,000. Marshall Wace North America L.P. acquired a new position in Upwork during the first quarter worth $38,000. Citigroup Inc. acquired a new position in Upwork during the fourth quarter worth $60,000. Strs Ohio acquired a new position in Upwork during the fourth quarter worth $61,000. Finally, Barclays PLC acquired a new position in Upwork during the fourth quarter worth $93,000. Institutional investors and hedge funds own 35.43% of the company’s stock.

Shares of UPWK stock traded down $0.59 during trading hours on Wednesday, hitting $14.54. 403,524 shares of the company were exchanged, compared to its average volume of 739,919. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.07. Upwork has a 52 week low of $14.08 and a 52 week high of $25.00. The company has a market capitalization of $1.62 billion and a price-to-earnings ratio of -38.26.

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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