As of the second quarter of this year, Harbor Capital Advisors Inc. has taken a new position in Upwork Inc., a leading freelancing platform listed on NASDAQ under the ticker symbol UPWK. According to a recent 13F filing with the U.S. Securities and Exchange Commission (SEC), Harbor Capital Advisors Inc. purchased approximately 88,282 shares of Upwork’s stock, amounting to an estimated value of $825,000.
At the end of the reporting period, Harbor Capital Advisors Inc.’s ownership in Upwork accounted for around 0.07% of the company’s total shares. This move by Harbor Capital Advisors Inc. signifies their confidence in Upwork’s potential for growth and success in the market.
Upwork recently released its quarterly earnings report on August 2nd, providing valuable insights into its financial performance. Despite initial consensus estimates suggesting a loss per share (EPS) of ($0.10), Upwork managed to surpass expectations and reported losses amounting to only ($0.03) per share for the quarter. This exceeded analysts’ predictions by $0.07 per share.
The company also displayed robust revenue figures for the quarter, with earnings totaling $168.61 million compared to analysts’ expected revenue of $162.71 million. This demonstrates Upwork’s ability to generate strong revenue streams from its online freelancing marketplace.
However, it is important to note that despite these positive results in terms of revenue and EPS, Upwork faced challenges such as a negative return on equity (ROE) of 10.36% and a negative net margin of 4.33%. These figures indicate that there is room for improvement regarding profitability measures within the company.
Financial experts and research analysts are closely monitoring these developments in order to gauge Upwork’s overall performance and future prospects accurately.They project that Upwork Inc.’s EPS for the current fiscal year will be around -0.08.
With the recent investment by Harbor Capital Advisors Inc. and its encouraging quarterly earnings report, Upwork Inc. continues to attract attention from investors and financial analysts alike. As the leading freelancing platform in the market, Upwork’s ability to adapt to changing industry trends and deliver strong financial results positions it as a significant player in the gig economy sector.
It remains to be seen how these factors will influence investors’ perceptions of Upwork Inc. and whether it will drive further investments and positively impact its stock performance in the coming months.
Please note that this article is based on information available as of September 19, 2023, and may not reflect any subsequent developments or changes in the company’s financial status. Investors are advised to conduct their own research and consult with financial professionals before making any investment decisions related to Upwork Inc.
Edgio, Inc.
EGIO
Buy
Updated on: 19/09/2023
Financial Health
Healthy
Debt to equity ratio: Buy
Price to earnings ratio: Strong Sell
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Sell
Institutional Investors Increase Stake in Upwork Inc. (UPWK) as Analysts Provide Positive Insights
In recent news, several hedge funds and institutional investors have been actively buying and selling shares of Upwork Inc. (UPWK). Ancient Art L.P., for example, increased its stake in Upwork by 7.1% during the fourth quarter, which now amounts to 2,487,629 shares worth $25,971,000. This increase was a result of an additional purchase of 164,399 shares made during the period. Another investor, Harspring Capital Management LLC, acquired a new stake in Upwork during the first quarter valued at $1,132,000.
Vontobel Holding Ltd. also witnessed growth in its stake of Upwork by 150.7% during the first quarter. The company now owns 320,559 shares with a value of $3,629,000 after acquiring an additional 192,708 shares in the last quarter. Similarly,S.G Americas Securities LLC saw their stake in Upwork grow by 114.6% during the first quarter and currently owns 77,593 shares worth $878,000 after acquiring an additional 41 thousand-plus shares.
Moreover,Migdal Insurance & Financial Holdings Ltd., experienced remarkable growth as its stake in Upwork increased by 100.6% during the first quarter with an acquisition of an additional 2 thousand-plus shares worth $59 thousand-plus.As it stands now,institutional investors account for approximately75.46% of the company’s stock.
On Tuesday,the UPWK stock opened at $12.56.The year has seen both a fifty-two week low for UPWK ($6.56) and a fifty-two week high ($16.04).Furthermore,the business’s fifty-day moving average stands at$12.94 while its two-hundred day moving average is recorded as$10.71.Currently,the company boasts a debt-to-equity ratio of1 .16.As far as liquidity goes,the current ratio is 3.06 and the quick ratio is also 3.06.
In other news, Upwork’s CEO Hayden Brown sold 22,520 shares of the company’s stock on August 18th in a transaction that amounted to $312,127.20.The sale was made at an average price of $13.86 per share.Brown now holds1 ,032,937 shares valued at approximately $14,316,506.82.This transaction was disclosed in a document filed with the SEC.The chief accounting officer,Olivier Marie,sold5 ,835 shares of UPWK’s stock on August 31st for a total of$88,692.In the aftermath of this sale,the chief accounting officer still possesses3 ,313 shares valued at$50,357.60.Other insiders have also been active in selling Upwork stocks last quarter,resulting in a total worth of$560 ,467.
Analysts have recently provided insights into UPWK through various research reports.Piper Sandler,in particular,increase their target price for Upwork from $13.A while back,Citigroup upped its price target for UPWK from $9.Knowning this combined information,the average rating among analysts for UPWK as per data from Bloomberg stands somewhere between “Moderate Buy”.
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