After two consecutive days of advances, Upwork (NASDAQ Composite: UPWK) shares slumped 5.81 percent to $45.24 at the close on Monday.
Following the rising trend of the previous session, the NASDAQ Composite is down 2.17 percent to $14,249.97. Today’s trading session appears to be an all-around negative trend trading day.
Upwork’s most recent closing price was $48.03, down 25.52 percent from its 52-week high of $64.49.
Let’s take a look at the Stock and the company:
Volume
Upwork’s most recent reported volume is 627366, which is 63.22 percent lower than its average volume of 1705807.
Upwork’s Sales
Upwork’s sales are up 30.9 percent in the current quarter and 21.8 percent in the next quarter. The firm expects a 200 percent increase in the current quarter and a 300 percent decline in the following.
Upwork’s Revenue
Quarterly revenue increased by 41.9 percent year over year, totaling 440.7 million over the past twelve months.
Volatility
Upwork’s current volatility in the last week, last month, and last quarter was 3.65 percent, 3.65 percent, and 3.11 percent, respectively.
Upwork’s latest volatility rank was 3.65 percent (last week), 3.65 percent (last month), and 3.11 percent (last quarter), correspondingly, which evaluates how volatile a financial asset is (variation between the lowest and greatest value in a period).
Classification of Stock
The stochastic oscillator, which is a helpful predictor of overbought and oversold circumstances, says that
The stock of Upwork is considered oversold (=20).
Yearly Top and Bottom Values of Upwork’s Stock
At market closing, Upwork’s stock was trading at $45.24, much below its 52-week high of $64.49 and well above its 52-week low of $18.20.
The Moving Average on Upwork
The value of Upwork is higher than its 50-day moving average of $45.21, but lower than its 200-day moving average of $47.61.
Bank of America’s Coverage
Bank of America has begun coverage of Upwork, a freelance platform based in San Francisco, with a buy rating and a $65 price target.
“We view Upwork well-positioned to profit from the move to a freelance workforce, as well as a gain of share in a large $1.3 trillion total addressable market,” said Nat Schindler, a Bank of America analyst.
“Strong revenue growth, a reliable revenue base, enterprise development, international expansion, and new products will propel the stock [higher],” according to Upwork.
The $65 objective is based on an enterprise value-to-revenue multiple of 11 times in 2023.
“With over $2.5 billion in total sales value and users from 180 countries, Upwork’s platform is one of the largest online marketplaces for freelancers,” Schindler added.
“We believe the epidemic has hastened the move to a remote/freelance labor that has already begun. We believe Upwork is well-positioned to gain as freelancing becomes a greater part of the total workforce.”
In addition, “Upwork has generated large recurring income streams from previous cohorts,” according to Schindler.
“Going forward, we anticipate a predictable and increasing revenue model, with growth levers including upscale initiatives, international expansion, new goods, and long-term margin expansion,” says the analyst.