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

Wall Street analysts expect Upwork Inc (NASDAQ:UPWK) to report earnings per share of ($0.05) for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Upwork’s earnings, with the highest EPS estimate coming in at ($0.04) and the lowest estimate coming in at ($0.05). Upwork reported earnings of ($0.04) per share in the same quarter last year, which indicates a negative year-over-year growth rate of 25%. The business is expected to announce its next earnings results on Wednesday, November 6th.

On average, analysts expect that Upwork will report full-year earnings of ($0.15) per share for the current year. For the next financial year, analysts expect that the business will report earnings of ($0.11) per share. Zacks’ EPS calculations are an average based on a survey of sell-side research firms that follow Upwork.

Upwork (NASDAQ:UPWK) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.02) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.03. The company had revenue of $74.26 million for the quarter, compared to analyst estimates of $73.14 million. Upwork had a negative net margin of 7.09% and a negative return on equity of 7.62%. The firm’s revenue was up 18.5% on a year-over-year basis. During the same quarter last year, the business earned $0.06 earnings per share.

Several analysts recently commented on UPWK shares. ValuEngine upgraded shares of Upwork from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Zacks Investment Research upgraded shares of Upwork from a “sell” rating to a “hold” rating in a research report on Saturday, July 13th. Royal Bank of Canada reiterated a “buy” rating and issued a $25.00 target price on shares of Upwork in a research report on Sunday, August 11th. Cantor Fitzgerald began coverage on shares of Upwork in a research report on Tuesday, June 18th. They issued an “overweight” rating on the stock. Finally, Citigroup dropped their target price on shares of Upwork from $26.00 to $23.00 and set a “buy” rating on the stock in a research report on Tuesday, September 24th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $23.00.

UPWK stock traded up $0.14 during midday trading on Friday, hitting $14.15. 5,819 shares of the stock traded hands, compared to its average volume of 1,120,883. The firm has a market cap of $1.52 billion and a P/E ratio of -37.28. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.77 and a quick ratio of 1.77. The stock’s fifty day simple moving average is $14.13 and its 200-day simple moving average is $16.23. Upwork has a 1-year low of $12.87 and a 1-year high of $25.00.

In other news, major shareholder Bruce Dunlevie sold 48,708 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $14.82, for a total value of $721,852.56. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Steven M. Spurlock sold 110,052 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $15.44, for a total transaction of $1,699,202.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,956,811 shares of company stock worth $29,280,075. Company insiders own 40.81% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Royal Bank of Canada lifted its stake in shares of Upwork by 349.8% in the second quarter. Royal Bank of Canada now owns 4,071 shares of the company’s stock worth $65,000 after buying an additional 3,166 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its stake in shares of Upwork by 22.9% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,674 shares of the company’s stock worth $107,000 after buying an additional 1,245 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in shares of Upwork in the second quarter worth about $3,852,000. CSat Investment Advisory L.P. purchased a new position in shares of Upwork in the second quarter worth about $179,000. Finally, D. E. Shaw & Co. Inc. purchased a new position in shares of Upwork in the second quarter worth about $1,728,000. 44.15% of the stock is currently owned by hedge funds and other institutional investors.

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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