Upwork Target of Unusually Large Options Trading (NASDAQ:UPWK)

Upwork Inc (NASDAQ:UPWK) was the recipient of unusually large options trading on Wednesday. Traders purchased 13,610 put options on the stock. This represents an increase of approximately 1,077% compared to the typical daily volume of 1,156 put options.

In other Upwork news, CEO Stephane Kasriel sold 280,000 shares of Upwork stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $16.35, for a total transaction of $4,578,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Globespan Management Associate sold 2,000,000 shares of Upwork stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $18.00, for a total value of $36,000,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,386,016 shares of company stock worth $42,263,068. Corporate insiders own 40.81% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Edge Wealth Management LLC grew its stake in shares of Upwork by 7.2% in the 1st quarter. Edge Wealth Management LLC now owns 14,935 shares of the company’s stock valued at $284,000 after buying an additional 1,000 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of Upwork by 7.0% in the 1st quarter. Wells Fargo & Company MN now owns 25,990 shares of the company’s stock valued at $497,000 after buying an additional 1,694 shares in the last quarter. Benjamin F. Edwards & Company Inc. bought a new stake in shares of Upwork in the 4th quarter valued at approximately $34,000. Marshall Wace North America L.P. bought a new stake in shares of Upwork in the 1st quarter valued at approximately $38,000. Finally, Citigroup Inc. bought a new stake in shares of Upwork in the 4th quarter valued at approximately $60,000. 35.43% of the stock is owned by institutional investors and hedge funds.

Several equities analysts have weighed in on the company. Zacks Investment Research cut Upwork from a “hold” rating to a “sell” rating in a research note on Wednesday, June 5th. BTIG Research assumed coverage on Upwork in a research note on Thursday, April 11th. They set a “buy” rating and a $24.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Upwork presently has an average rating of “Hold” and an average target price of $22.50.

NASDAQ:UPWK opened at $14.56 on Thursday. The stock has a market cap of $1.62 billion and a price-to-earnings ratio of -38.32. Upwork has a fifty-two week low of $14.08 and a fifty-two week high of $25.00. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.74 and a current ratio of 1.74.

Upwork (NASDAQ:UPWK) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($0.04) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The firm had revenue of $68.92 million during the quarter, compared to the consensus estimate of $69.15 million. As a group, equities analysts forecast that Upwork will post -0.2 earnings per share for the current fiscal year.

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About Upwork

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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