Short Interest in Upwork Inc (UPWK) Rises By 35.6%

Upwork Inc (NASDAQ:UPWK) was the target of a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 2,282,634 shares, a growth of 35.6% from the October 31st total of 1,683,143 shares. Based on an average daily trading volume, of 514,747 shares, the days-to-cover ratio is currently 4.4 days. Currently, 5.0% of the company’s shares are sold short.

Shares of UPWK opened at $18.63 on Monday. Upwork has a twelve month low of $15.68 and a twelve month high of $23.49.

Upwork (NASDAQ:UPWK) last issued its earnings results on Wednesday, November 7th. The company reported ($0.04) earnings per share for the quarter, hitting the consensus estimate of ($0.04). The firm had revenue of $64.10 million during the quarter, compared to analysts’ expectations of $62.24 million. The firm’s quarterly revenue was up 22.6% on a year-over-year basis. Equities research analysts predict that Upwork will post -0.31 EPS for the current year.

Several research analysts recently weighed in on the company. Jefferies Financial Group increased their target price on Upwork from $20.00 to $21.00 and gave the stock a “hold” rating in a research report on Thursday, November 8th. Citigroup assumed coverage on Upwork in a research report on Monday, October 29th. They issued a “buy” rating and a $23.00 target price on the stock. Royal Bank of Canada assumed coverage on Upwork in a research report on Monday, October 29th. They issued an “outperform” rating and a $24.00 target price on the stock. Stifel Nicolaus assumed coverage on Upwork in a research report on Monday, October 29th. They issued a “hold” rating and a $18.00 target price on the stock. Finally, Guggenheim assumed coverage on Upwork in a research report on Wednesday, October 24th. They issued a “buy” rating and a $25.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $22.20.

In related news, SVP Hayden Brown sold 54,246 shares of the stock in a transaction on Friday, October 5th. The stock was sold at an average price of $13.95, for a total value of $756,731.70. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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Upwork Company Profile

Upwork Inc operates an online platform that connects businesses and freelancers. Its platform comprise freelancers in content marketing, customer service, data science and analytics, graphic design, mobile development, sales, and web development categories. The company was formerly known as Elance-oDesk, Inc and changed its name to Upwork Inc in May 2015.

See Also: Depreciation

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