Stock Traders Buy High Volume of Put Options on Upwork (UPWK)

Upwork Inc (NASDAQ:UPWK) was the target of unusually large options trading on Monday. Stock investors purchased 14,085 put options on the company. This is an increase of approximately 1,441% compared to the average daily volume of 914 put options.

In other Upwork news, SVP Han-Shen Yuan sold 100,000 shares of the company’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $15.87, for a total value of $1,587,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Hayden Brown sold 2,266 shares of the company’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $15.84, for a total value of $35,893.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,386,016 shares of company stock valued at $42,263,068. Insiders own 40.81% of the company’s stock.

Several hedge funds have recently modified their holdings of UPWK. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Upwork in the fourth quarter valued at about $34,000. Marshall Wace North America L.P. acquired a new stake in shares of Upwork in the first quarter valued at about $38,000. Citigroup Inc. acquired a new stake in shares of Upwork in the fourth quarter valued at about $60,000. Strs Ohio acquired a new stake in shares of Upwork in the fourth quarter valued at about $61,000. Finally, Barclays PLC acquired a new stake in shares of Upwork in the fourth quarter valued at about $93,000. 35.48% of the stock is owned by institutional investors.

Shares of UPWK stock opened at $15.84 on Wednesday. The stock has a market capitalization of $1.69 billion and a PE ratio of -41.68. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.07. Upwork has a 1-year low of $15.28 and a 1-year high of $25.00.

Upwork (NASDAQ:UPWK) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.01. The company had revenue of $68.92 million during the quarter, compared to analyst estimates of $69.15 million. As a group, research analysts predict that Upwork will post -0.2 earnings per share for the current year.

A number of brokerages have issued reports on UPWK. Zacks Investment Research cut Upwork from a “hold” rating to a “sell” rating in a report on Saturday, March 9th. BTIG Research assumed coverage on Upwork in a report on Thursday, April 11th. They issued a “buy” rating and a $24.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Upwork currently has an average rating of “Hold” and a consensus target price of $22.50.

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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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