The stock of Upwork Inc. (NASDAQ:UPWK) is now priced at $14.51 and the shares are 0.33 points up or 2.36% higher compared to its previous closing price of $14.18. The stock had 2.942 million contracts set over the past session. UPWK shares’ daily volume is compared to its average trading volume at 2.845 million shares. However, it has a float of 109 million and although its performance was -3.14% over the week, it’s one to watch. Analysts have given the UPWK stock a yearly average price target of $18.17 per share. It means the stock’s upside potential is 25.22% with the UPWK share price recently placing at $13.92 to $14.5499. However, some brokerage firms have priced the stock below the average, including one that has called $17.
The shorts are running away from the Upwork Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the UPWK shares have declined. Short interest in the stock represents just 3.83% of its float, but the volume has dropped by -537224. The volume of shorted shares dropped to 3.629 million from 4.166 million shares over the last two weeks. The average intraday trading volume has been 3.835 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Upwork Inc. (NASDAQ:UPWK) dropped by -$0.47 over the week and gained $0.48 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $17.59. The stock recorded its established 52-week high on 08/04/20.
Since 03/18/20, the stock has traded to a low of $5.14 at 182.3%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Upwork Inc.’s two-week RSI is 48.77. This suggests that the stock is neutral at the moment and that UPWK shares’ price movement remains stable. The stochastic readings are equally revealing at 28.25% meaning the UPWK share price is currently in overbought territory.
The technical chart shows that the UPWK stock will likely settle at between $14.73 and $14.96 per share. However, if the stock dips below $14.1, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $13.7.
Currently, the stock is trading in the red of MACD, with a reading of -0.36. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Guggenheim cut their recommendation for UPWK from Buy to Neutral in January 24 review while maintai their target price of $25 to $11. Citigroup analysts downgraded their recommendation of the stock from Buy to Neutral while keeping its target price at $23 to $12 in a flash note released to investors on January 02. First Analysis Sec analysts see the stock as Outperform when the analysts initiated the share price coverage on November 01, placing it at $18.
The average rating for the UPWK equity is 2 and is currently gathering a bullish momentum. Of 6 analysts tracking Upwork Inc. polled by Reuters, 2 rated UPWK as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 25.3. Upwork Inc. has its P/E ratio at 6.5, which means that the stock is currently trading at a premium relative to the 6.1 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Upwork Inc. (NASDAQ:UPWK) will decrease by about -99.9%, which will see them reach $90.24 million. The company’s full-year revenues are, however, expected to increase by about 17.63%, up from $301 million to $354 million. UPWK’s expected adjusted earnings should surge almost 133.33% to end up at -$0.07 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 120% to record -$0.33/share.