Upwork (NASDAQ:UPWK) Hits New 1-Year Low – Here’s What Happened

Upwork Inc. (NASDAQ:UPWK) hit a new 52-week low during trading on Wednesday . The stock traded as low as $10.07 and last traded at $10.0930, with a volume of 186377 shares. The stock had previously closed at $10.31.

Analyst Ratings Changes

Several research analysts have commented on UPWK shares. UBS Group lowered their target price on Upwork from $26.00 to $23.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Weiss Ratings reissued a “hold (c+)” rating on shares of Upwork in a research note on Wednesday, January 21st. Citigroup lowered their target price on Upwork from $19.00 to $17.00 and set a “neutral” rating for the company in a research note on Tuesday, February 10th. Wall Street Zen raised Upwork from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Finally, Royal Bank Of Canada lowered their price objective on Upwork from $24.00 to $20.00 and set a “sector perform” rating for the company in a research note on Tuesday, February 10th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Upwork currently has an average rating of “Moderate Buy” and an average target price of $22.60.

Upwork Stock Down 2.1%

The company has a 50 day moving average price of $11.61 and a 200-day moving average price of $16.11. The company has a market cap of $1.25 billion, a price-to-earnings ratio of 12.02 and a beta of 1.07.

Upwork declared that its board has initiated a stock buyback plan on Wednesday, February 18th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to buy up to 18% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, insider Dave Bottoms sold 17,013 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $13.80, for a total value of $234,779.40. Following the completion of the transaction, the insider owned 15,994 shares of the company’s stock, valued at $220,717.20. This represents a 51.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Hayden Brown sold 123,152 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $13.80, for a total value of $1,699,497.60. Following the completion of the transaction, the chief executive officer directly owned 776,067 shares of the company’s stock, valued at $10,709,724.60. This represents a 13.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 235,186 shares of company stock valued at $3,156,199 over the last quarter. 7.60% of the stock is owned by company insiders.

Institutional Trading of Upwork

Several institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its holdings in Upwork by 44.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 19,231,377 shares of the company’s stock valued at $381,166,000 after acquiring an additional 5,893,970 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Upwork by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 14,989,217 shares of the company’s stock worth $297,086,000 after buying an additional 322,455 shares in the last quarter. LSV Asset Management boosted its holdings in shares of Upwork by 0.4% during the 4th quarter. LSV Asset Management now owns 6,537,275 shares of the company’s stock worth $129,569,000 after buying an additional 23,900 shares in the last quarter. Ancient Art L.P. raised its position in shares of Upwork by 8.7% during the fourth quarter. Ancient Art L.P. now owns 4,640,814 shares of the company’s stock worth $91,981,000 after purchasing an additional 372,147 shares during the period. Finally, Invesco Ltd. raised its position in shares of Upwork by 19.2% during the fourth quarter. Invesco Ltd. now owns 3,585,846 shares of the company’s stock worth $71,071,000 after purchasing an additional 576,512 shares during the period. 77.71% of the stock is currently owned by institutional investors.

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.