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Upwork Inc. (NASDAQ: UPWK): Is It Stable And Growing?

Upwork Inc. (NASDAQ:UPWK) shares, rose in value on Wednesday, 05/24/23, with the stock price down by -2.88% to the previous day’s close as strong demand from buyers drove the stock to $8.10.

Actively observing the price movement in the last trading, the stock closed the session at $8.34, falling within a range of $8.08 and $8.371. Referring to stock’s 52-week performance, its high was $25.05, and the low was $6.56. On the whole, UPWK has fluctuated by -14.01% over the past month.

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With the market capitalization of Upwork Inc. currently standing at about $1.11 billion, investors are eagerly awaiting this quarter’s results, scheduled for Jul 25, 2023 – Jul 31, 2023. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0, which is expected to increase to $0.1 for fiscal year $0.26 and then to about $0.55 by fiscal year 2024. Data indicates that the EPS growth is expected to be 533.30% in 2024, while the next year’s EPS growth is forecast to be 111.50%.

Analysts have estimated the company’s revenue for the quarter at $162.59 million, with a low estimate of $161.2 million and a high estimate of $163.5 million. According to the average forecast, sales growth in current quarter could jump up 3.60%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $661.76 million, representing an increase of 7.00% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were 1 upward and no downward review(s) in last seven days. We see that UPWK’s technical picture suggests that short-term indicators denote the stock is a 100% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of UPWK currently trading nearly -3.81% and -16.27% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 37.95, while the 7-day volatility ratio is showing 3.94% which for the 30-day chart, stands at 5.37%. Furthermore, Upwork Inc. (UPWK)’s beta value is 1.52, and its average true range (ATR) is 0.40.

A comparison of Upwork Inc. (UPWK) with its peers suggests the former has fared considerably weaker in the market. UPWK showed an intraday change of -2.88% in last session, and over the past year, it shrunk by -54.47%%. In comparison, Microsoft Corporation (MSFT) has moved lower at -0.45% on the day and was up 20.41% over the past 12 months. On the other hand, the price of PayPal Holdings Inc. (PYPL) has fallen -0.32% on the day. The stock, however, is off -23.87% from where it was a year ago. Additionally, there is a gain of 1.72% for Workday Inc. (WDAY) in last trading while the stock has seen an overall depriciation of 18.34%% over the past year. Other than that, the overall performance of the S&P 500 during the last trading session shows that it lost -0.73%. Meanwhile, the Dow Jones Industrial Slipped by -0.77%.

Data on historical trading for Upwork Inc. (NASDAQ:UPWK) indicates that the trading volumes over the past 10 days have averaged 1.89 million and over the past 3 months, they’ve averaged 1.77 million. According to company’s latest data on outstanding shares, there are 132.84 million shares outstanding.

Nearly 0.80% of Upwork Inc.’s shares belong to company insiders and institutional investors own 76.00% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 6.6 million shares as on Apr 27, 2023, resulting in a short ratio of 5.3. According to the data, the short interest in Upwork Inc. (UPWK) stood at 4.94% of shares outstanding as of Apr 27, 2023; the number of short shares registered in Mar 30, 2023 reached 4.67 million. The stock has fallen by -22.41% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the UPWK stock heading into the next quarter.

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