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Should Upwork Inc. (NASDAQ: UPWK) Revive After A -229.61% Drop From Highs?

During the last session, Upwork Inc. (NASDAQ:UPWK)’s traded shares were 13.31 million, with the beta value of the company hitting 1.52. At the end of the trading day, the stock’s price was $7.60, reflecting an intraday loss of -6.17% or -$0.5. The 52-week high for the UPWK share is $25.05, that puts it down -229.61 from that peak though still a striking 13.68% gain since the share price plummeted to a 52-week low of $6.56. The company’s market capitalization is $1.04B, and the average intraday trading volume over the past 10 days was 3.01 million shares, and the average trade volume was 1.76 million shares over the past three months.

Upwork Inc. (UPWK) received a consensus recommendation of an Overweight from analysts. That translates to a mean rating of 2.20. UPWK has a Sell rating from 0 analyst(s) out of 11 analysts who have looked at this stock. 4 analyst(s) recommend to Hold the stock while 0 suggest Overweight, and 7 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $0.

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Upwork Inc. (NASDAQ:UPWK) trade information

Upwork Inc. (UPWK) registered a -6.17% downside in the last session and has traded in the red over the past 5 sessions. The stock plummet -6.17% in intraday trading to $7.60 this Thursday, 05/25/23, hitting a weekly high. The stock’s 5-day price performance is -7.88%, and it has moved by -20.08% in 30 days. Based on these gigs, the overall price performance for the year is -53.71%. The short interest in Upwork Inc. (NASDAQ:UPWK) is 6.6 million shares and it means that shorts have 5.3 day(s) to cover.

The consensus price target of analysts on Wall Street is $11.64, which implies an increase of 34.71% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $8.00 and $17.00 respectively. As a result, UPWK is trading at a discount of -123.68% off the target high and -5.26% off the low.

Upwork Inc. (UPWK) estimates and forecasts

Statistics show that Upwork Inc. has outperformed its competitors in share price, compared to the industry in which it operates. Upwork Inc. (UPWK) shares have gone down -34.76% during the last six months, with a year-to-date growth rate more than the industry average at 666.67% against 12.50. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to grow 100.00% this quarter and then jump 400.00% in the quarter after that. In the rating firms’ projections, revenue will increase 7.00% compared to the previous financial year.

Revenue for the current quarter is expected to be $162.59 million as predicted by 10 analyst(s). Meanwhile, a consensus of 10 analyst(s) estimates revenue growth to $166.12 million by the end of Sep 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $156.9 million and $157.34 million respectively. In this case, analysts expect current quarter sales to grow by 3.60% and then jump by 5.60% in the coming quarter.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings shrunk an estimated -46.50%. While earnings are projected to return -55.70% in 2023.

UPWK Dividends

Upwork Inc. is due to release its next quarterly earnings between July 25 and July 31. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

Upwork Inc. (NASDAQ:UPWK)’s Major holders

Upwork Inc. insiders own 8.31% of total outstanding shares while institutional holders control 74.66%, with the float percentage being 81.43%. Vanguard Group, Inc. (The) is the largest shareholder of the company, while 301 institutions own stock in it. As of Mar 30, 2023, the company held over 11.77 million shares (or 8.82% of all shares), a total value of $133.2 million in shares.

The next largest institutional holding, with 8.41 million shares, is of Blackrock Inc.’s that is approximately 6.30% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $95.15 million.

Also, the Mutual Funds coming in first place with the largest holdings of Upwork Inc. (UPWK) shares are Smallcap World Fund and Vanguard Total Stock Market Index Fund. Data provided on Dec 30, 2022 indicates that Smallcap World Fund owns about 7.15 million shares. This amounts to just over 5.36 percent of the company’s overall shares, with a $74.65 million market value. The same data shows that the other fund manager holds slightly less at 3.57 million, or about 2.68% of the stock, which is worth about $37.28 million.

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