Upwork Inc. (NASDAQ:UPWK) Short Interest Up 496,983.3% in July

Key Points

• Upwork Inc. experienced a **significant increase** in short interest, rising to **11,930,000 shares** as of July 15th, which is a **496,983.3%** increase from the previous month, representing about **9.8%** of the company's shares being short sold.
• Analysts have rated Upwork's stock favorably, with a consensus rating of **"Moderate Buy"** and an average price target of **$18.67**, indicating strong market confidence in its performance.
• In recent insider trading, Director Elizabeth A. Nelson sold **60,000 shares** for approximately **$1.05 million**, representing a **14.4%** decrease in ownership, alongside another insider's significant share sale, demonstrating notable insider activity.

Upwork Inc. (NASDAQ:UPWK - Get Free Report) was the target of a significant growth in short interest in the month of July. As of July 15th, there was short interest totaling 11,930,000 shares, agrowthof496,983.3% from the June 30th total of 2,400 shares. Currently,9.8% of the company's stock are sold short. Based on an average daily volume of 2,270,000 shares, the days-to-cover ratio is presently 5.3 days. Based on an average daily volume of 2,270,000 shares, the days-to-cover ratio is presently 5.3 days. Currently,9.8% of the company's stock are sold short.

Insiders Place Their Bets

In other news, CEO Hayden Brown sold 60,000 shares of the company's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $17.16, for a total value of $1,029,600.00. Following the completion of the transaction, the chief executive officer directly owned 1,106,846 shares in the company, valued at approximately $18,993,477.36. This represents a 5.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Elizabeth A. Nelson sold 60,000 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $17.43, for a total transaction of $1,045,800.00. Following the completion of the sale, the director directly owned 356,712 shares in the company, valued at $6,217,490.16. This represents a 14.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 545,454 shares of company stock valued at $9,172,963. Corporate insiders own 7.50% of the company's stock.

Hedge Funds Weigh In On Upwork

Institutional investors have recently modified their holdings of the company. LRI Investments LLC grew its position in shares of Upwork by 415.9% during the second quarter. LRI Investments LLC now owns 2,528 shares of the company's stock worth $34,000 after acquiring an additional 2,038 shares during the last quarter. IFP Advisors Inc grew its position in shares of Upwork by 3,492.8% during the first quarter. IFP Advisors Inc now owns 3,988 shares of the company's stock worth $52,000 after acquiring an additional 3,877 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Upwork by 1,235.1% during the first quarter. GAMMA Investing LLC now owns 4,072 shares of the company's stock worth $53,000 after acquiring an additional 3,767 shares during the last quarter. Alpine Global Management LLC bought a new position in shares of Upwork during the first quarter worth about $130,000. Finally, Oppenheimer Asset Management Inc. bought a new position in shares of Upwork during the first quarter worth about $140,000. Institutional investors own 77.71% of the company's stock.

Upwork Stock Performance

Shares of NASDAQ:UPWK traded down $0.21 on Friday, reaching $11.75. 3,980,241 shares of the company's stock were exchanged, compared to its average volume of 2,330,885. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 7.04 and a beta of 1.38. Upwork has a fifty-two week low of $8.43 and a fifty-two week high of $18.14. The business's 50-day moving average is $13.83 and its two-hundred day moving average is $14.40. The company has a quick ratio of 3.41, a current ratio of 3.41 and a debt-to-equity ratio of 0.60.

Upwork (NASDAQ:UPWK - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.25 by $0.09. The business had revenue of $192.71 million during the quarter, compared to analyst estimates of $188.49 million. Upwork had a net margin of 30.46% and a return on equity of 48.38%. The company's quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.22 earnings per share. As a group, equities research analysts forecast that Upwork will post 0.84 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Wall Street Zen raised shares of Upwork from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $18.00 price target on shares of Upwork in a report on Monday, June 2nd. JMP Securities upped their price target on shares of Upwork from $18.00 to $20.00 and gave the company a "market outperform" rating in a report on Friday, May 16th. Citigroup reaffirmed an "outperform" rating on shares of Upwork in a report on Friday, May 16th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $19.00 price target on shares of Upwork in a report on Tuesday, May 6th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $18.67.

Upwork Company Profile

Upwork Inc, together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's work marketplace provides access to talent with various skills across a range of categories, including administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development.