Y Intercept Hong Kong Ltd Makes New $355,000 Investment in Upwork Inc. (NASDAQ:UPWK)

Y Intercept Hong Kong Ltd purchased a new position in Upwork Inc. (NASDAQ:UPWK - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 34,009 shares of the company's stock, valued at approximately $355,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Divisadero Street Capital Management LP raised its holdings in Upwork by 32.9% in the second quarter. Divisadero Street Capital Management LP now owns 3,320,912 shares of the company's stock worth $35,700,000 after purchasing an additional 822,518 shares in the last quarter. Verition Fund Management LLC bought a new position in shares of Upwork during the third quarter valued at $8,369,000. Acadian Asset Management LLC increased its holdings in shares of Upwork by 71.0% during the second quarter. Acadian Asset Management LLC now owns 1,635,602 shares of the company's stock valued at $17,572,000 after acquiring an additional 679,028 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Upwork by 2,216.8% during the third quarter. Point72 Asset Management L.P. now owns 503,682 shares of the company's stock valued at $5,263,000 after acquiring an additional 481,942 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Upwork by 27.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,806,969 shares of the company's stock valued at $19,424,000 after acquiring an additional 389,006 shares in the last quarter. Hedge funds and other institutional investors own 77.71% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. JMP Securities increased their price objective on Upwork from $14.00 to $18.00 and gave the company a "market outperform" rating in a research report on Thursday, November 7th. Canaccord Genuity Group increased their price objective on Upwork from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. UBS Group increased their price objective on Upwork from $17.00 to $18.00 and gave the company a "neutral" rating in a research report on Wednesday, December 4th. Roth Mkm increased their price objective on Upwork from $13.00 to $20.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Finally, BTIG Research increased their price objective on Upwork from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $18.36.

Insider Activity

In related news, CEO Hayden Brown sold 30,672 shares of Upwork stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.13, for a total transaction of $464,067.36. Following the sale, the chief executive officer now owns 1,196,221 shares of the company's stock, valued at approximately $18,098,823.73. This trade represents a 2.50 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Dave Bottoms sold 10,508 shares of Upwork stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $15.86, for a total value of $166,656.88. The disclosure for this sale can be found here. Insiders have sold a total of 98,729 shares of company stock valued at $1,542,658 in the last ninety days. Corporate insiders own 7.60% of the company's stock.

Upwork Stock Performance

NASDAQ:UPWK traded down $0.46 on Wednesday, hitting $16.58. The stock had a trading volume of 5,144,406 shares, compared to its average volume of 2,168,097. Upwork Inc. has a 52-week low of $8.43 and a 52-week high of $18.14. The company has a quick ratio of 3.18, a current ratio of 3.18 and a debt-to-equity ratio of 0.87. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of 26.32 and a beta of 1.58. The business's 50-day simple moving average is $14.53 and its two-hundred day simple moving average is $11.88.

Upwork (NASDAQ:UPWK - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.03. Upwork had a return on equity of 22.84% and a net margin of 11.26%. The firm had revenue of $193.78 million for the quarter, compared to analysts' expectations of $185.55 million. During the same period in the previous year, the firm earned $0.12 EPS. The business's quarterly revenue was up 10.3% on a year-over-year basis. As a group, research analysts predict that Upwork Inc. will post 0.65 earnings per share for the current year.

Upwork Profile

Upwork Inc, together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's work marketplace provides access to talent with various skills across a range of categories, including administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development.