Stock Traders Buy High Volume of Upwork Put Options (UPWK)
Upwork Inc (NASDAQ:UPWK) saw some unusual options trading activity on Monday. Stock traders bought 14,085 put options on the company. This is an increase of approximately 1,441% compared to the typical daily volume of 914 put options.
Several brokerages have recently issued reports on UPWK. Zacks Investment Research downgraded shares of Upwork from a “hold” rating to a “sell” rating in a research note on Saturday. BTIG Research began coverage on shares of Upwork in a research note on Thursday, April 11th. They issued a “buy” rating and a $24.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. Upwork currently has a consensus rating of “Hold” and an average target price of $22.50.
UPWK opened at $15.48 on Tuesday. Upwork has a fifty-two week low of $15.28 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. The firm has a market cap of $1.69 billion and a price-to-earnings ratio of -40.74.
In other news, insider Hayden Brown sold 2,266 shares of the firm’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $15.84, for a total value of $35,893.44. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Han-Shen Yuan sold 100,000 shares of the firm’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $15.87, for a total transaction of $1,587,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 2,386,016 shares of company stock worth $42,263,068. Insiders own 40.81% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. boosted its stake in Upwork by 76.7% during the first quarter. BlackRock Inc. now owns 1,649,400 shares of the company’s stock worth $31,569,000 after buying an additional 716,077 shares in the last quarter. Federated Investors Inc. PA boosted its stake in Upwork by 40.6% during the first quarter. Federated Investors Inc. PA now owns 1,298,234 shares of the company’s stock worth $24,848,000 after buying an additional 375,034 shares in the last quarter. Morgan Stanley boosted its stake in Upwork by 1.1% during the first quarter. Morgan Stanley now owns 799,979 shares of the company’s stock worth $15,312,000 after buying an additional 8,337 shares in the last quarter. Lord Abbett & CO. LLC acquired a new stake in Upwork during the fourth quarter worth $12,994,000. Finally, Geode Capital Management LLC boosted its stake in Upwork by 1.5% during the first quarter. Geode Capital Management LLC now owns 581,801 shares of the company’s stock worth $11,135,000 after buying an additional 8,466 shares in the last quarter. Hedge funds and other institutional investors own 35.48% of the company’s stock.
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Upwork Company Profile
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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