BTIG Thinks Upwork’s Stock is Going to Recover

BTIG analyst Marvin Fong maintained a Buy rating on Upwork (UPWKResearch Report) on January 14 and set a price target of $50.00. The company’s shares closed last Tuesday at $26.39, close to its 52-week low of $26.32.

According to TipRanks.com, Fong is a 3-star analyst with an average return of 8.3% and a 37.8% success rate. Fong covers the Technology sector, focusing on stocks such as CarGurus, Farfetch, and TrueCar.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Upwork with a $53.60 average price target, which is a 94.0% upside from current levels. In a report issued on January 6, Goldman Sachs also initiated coverage with a Buy rating on the stock with a $46.00 price target.

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Based on Upwork’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $128 million and GAAP net loss of $9.31 million. In comparison, last year the company earned revenue of $96.75 million and had a GAAP net loss of $2.75 million.

Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of UPWK in relation to earlier this year.

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Upwork, Inc. operates an online marketplace that enables businesses to find, hire, and pay freelancers for short-term and longer-term projects. It provides managed services and marketplace offerings such as Upwork Standard, Upwork Enterprise, and Upwork Payroll. The company was founded in December 2013 and is headquartered in Mountain View, CA.

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