Upwork Inc (NASDAQ:UPWK) Short Interest Up 66.8% in June

Upwork Inc (NASDAQ:UPWK) was the target of a large increase in short interest during the month of June. As of June 30th, there was short interest totalling 3,476,700 shares, an increase of 66.8% from the May 30th total of 2,084,000 shares. Based on an average daily trading volume, of 1,210,000 shares, the days-to-cover ratio is presently 2.9 days. Currently, 7.4% of the company’s stock are short sold.

UPWK stock traded up $0.14 during mid-day trading on Thursday, reaching $16.12. The company had a trading volume of 703,840 shares, compared to its average volume of 852,885. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.74 and a quick ratio of 1.74. The stock’s 50 day moving average is $15.33. The company has a market capitalization of $1.71 billion and a P/E ratio of -42.42. Upwork has a 52 week low of $14.08 and a 52 week high of $25.00.

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

A number of research firms have weighed in on UPWK. Zacks Investment Research downgraded Yatra Online from a “hold” rating to a “sell” rating in a research note on Saturday, July 6th. Cantor Fitzgerald began coverage on Upwork in a research note on Tuesday, June 18th. They issued an “overweight” rating for the company. Jefferies Financial Group upgraded Salvatore Ferragamo Italia from an “underperform” rating to a “hold” rating in a research note on Wednesday, June 26th. Finally, BTIG Research raised their price target on Duke Realty from $73.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $22.83.

In related news, CEO Stephane Kasriel sold 120,000 shares of Upwork stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $15.59, for a total value of $1,870,800.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Hayden Brown sold 3,750 shares of Upwork stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $16.58, for a total value of $62,175.00. The disclosure for this sale can be found here. In the last three months, insiders sold 607,451 shares of company stock worth $9,687,211. 40.81% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Weiss Multi Strategy Advisers LLC bought a new position in shares of Upwork during the 4th quarter worth approximately $181,000. Shellback Capital LP bought a new position in shares of Upwork during the 4th quarter worth approximately $217,000. Bank of New York Mellon Corp bought a new position in shares of Upwork during the 4th quarter worth approximately $612,000. Norges Bank bought a new position in shares of Upwork during the 4th quarter worth approximately $906,000. Finally, Financial Advocates Investment Management bought a new position in shares of Upwork during the 4th quarter worth approximately $675,000. Institutional investors own 35.43% of the company’s stock.

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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