Selling Buzz: Upwork Inc. [UPWK] President & CEO Brown Hayden sells 22,520 shares of the company


Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Upwork Inc. shares valued at $312,125 were sold by Brown Hayden on Aug 18. At $13.86 per share, Brown Hayden sold 22,520 shares. The insider’s holdings dropped to 1,032,937 shares worth approximately $15.24 million following the completion of this transaction.

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Also, Marie Olivier sold 1,488 shares, netting a total of over 20,624 in proceeds. Following the sale of shares at $13.86 each, the insider now holds 18,678 shares.

Before that, Marie Olivier had sold 222 shares from its account. In a trade valued at $2,365, the Chief Accounting Officer traded Upwork Inc. shares for $10.65 each. Upon closing the transaction, the insider’s holdings decreased to 222 shares, worth approximately $0.24 million.

As published in a research note from BTIG Research on June 30, 2023, Upwork Inc. [UPWK] has been retained to a Buy and the price target has been revised to $13. This represents a -13.46% premium over Thursday’s closing price.

Analyzing UPWK Stock Performance

On Thursday, Upwork Inc. [NASDAQ: UPWK] plunged -5.14% to $14.75. The stock’s lowest price that day was $14.62, but it reached a high of $15.81 in the same session. During the last five days, there has been a surge of approximately 7.04%. Over the course of the year, Upwork Inc. shares have jumped approximately 41.28%. Shares of the company reached a 52-week high of $15.88 on 08/04/23 and a 52-week low of $6.56 on 05/04/23. A 50-day SMA is recorded $11.19, while a 200-day SMA reached $10.97. Nevertheless, trading volume fell to 4.52 million shares from 4.92 million shares the previous day.

Support And Resistance Levels for Upwork Inc. (UPWK)

According to the 24-hour chart, there is a support level at 14.31, which, if violated, would cause prices to drop to 13.87. In the upper region, resistance lies at 15.50. The next price resistance is at 16.25. RSI (Relative Strength Index) is 65.35 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.61, which suggests the price will decrease in the coming days. Percent R is at 39.11%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Upwork Inc. subject to short interest?

Stocks of Upwork Inc. saw a sharp steep in short interest on Jul 30, 2023 dropping by -1.97 million shares to 9.47 million. Data from Yahoo Finance shows that the short interest on Jun 29, 2023 was 11.44 million shares. A decline of -20.8% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 7.03 of the overall float, the days-to-cover ratio (short ratio) decline to 7.03.

Which companies own the most shares of Upwork Inc. (UPWK)?

According to The Vanguard Group, Inc. filings, the company currently owns 13,523,088 shares, which is about 10.13% of the total UPWK shares outstanding. The investor’s shares have appreciated by 2,081,739 from its previous 13-F filing of 11441349.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $80,823,864. Capital Research & Management Co reduced a -0.09% interest valued at $78.95 million while Baillie Gifford & Co. sold a -350,860 stake. A total of 2,780,414 shares of Upwork Inc. were sold by Ancient Art LP during the quarter, and 5,280,687 were bought by Bank of America, NA. In its current portfolio, Dorsey Asset Management LLC holds 4,691,358 shares valued at $48.93 million.

In terms of Upwork Inc. share price expectations, FactSet research, analysts set an average price target of $14.60 in the next 12 months, down nearly -3.54% from the previous closing price of $15.55. Analysts anticipate Upwork Inc. stock to reach $18.00 by 2023, with the lowest price target being $11.00. In spite of this, 10 analysts ranked Upwork Inc. stock as an Overweight at the end of 2023.


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