Y Intercept Hong Kong Ltd Takes Position in Upwork Inc. $UPWK

Y Intercept Hong Kong Ltd acquired a new stake in Upwork Inc. (NASDAQ:UPWK) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 70,446 shares of the company’s stock, valued at approximately $772,000.

A number of other hedge funds also recently added to or reduced their stakes in UPWK. Farther Finance Advisors LLC grew its holdings in Upwork by 594.4% during the 4th quarter. Farther Finance Advisors LLC now owns 1,361 shares of the company’s stock worth $27,000 after acquiring an additional 1,165 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Upwork by 379.2% in the 4th quarter. GAMMA Investing LLC now owns 1,840 shares of the company’s stock worth $36,000 after purchasing an additional 1,456 shares during the period. Rockefeller Capital Management L.P. lifted its position in shares of Upwork by 434.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,881 shares of the company’s stock worth $37,000 after purchasing an additional 1,529 shares during the period. International Assets Investment Management LLC bought a new position in shares of Upwork during the fourth quarter valued at approximately $42,000. Finally, Strs Ohio bought a new position in shares of Upwork during the fourth quarter valued at approximately $50,000. 77.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Upwork news, CFO Erica Gessert sold 9,169 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $8.15, for a total value of $74,727.35. Following the completion of the transaction, the chief financial officer owned 341,609 shares of the company’s stock, valued at approximately $2,784,113.35. This trade represents a 2.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Hayden Brown sold 23,468 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $8.15, for a total transaction of $191,264.20. Following the completion of the transaction, the chief executive officer directly owned 797,495 shares of the company’s stock, valued at approximately $6,499,584.25. This represents a 2.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 33,913 shares of company stock worth $276,391 in the last 90 days. 4.90% of the stock is currently owned by company insiders.

Upwork Price Performance

Shares of Upwork stock opened at $8.82 on Monday. The company has a 50 day moving average price of $8.71 and a 200 day moving average price of $12.83. The firm has a market capitalization of $1.09 billion, a P/E ratio of 10.89 and a beta of 0.99. Upwork Inc. has a 52 week low of $7.44 and a 52 week high of $22.84.

Wall Street Analysts Forecast Growth

UPWK has been the subject of a number of recent research reports. Weiss Ratings downgraded shares of Upwork from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 12th. Scotiabank dropped their target price on Upwork from $15.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Friday, May 8th. Citigroup cut their price target on Upwork from $17.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, May 21st. Roth Capital lowered Upwork from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a research report on Friday, May 8th. Finally, Needham & Company LLC decreased their price objective on Upwork from $25.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Three investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $15.50.

Upwork Company Profile

Upwork Inc operates a leading online talent marketplace that connects businesses with independent professionals worldwide. Through its digital platform, the company enables clients across industries—including technology, marketing, creative services and customer support—to source, hire and manage freelance talent on demand. Key features of the Upwork platform include streamlined job posting, proposal evaluation, time-tracking tools, invoicing and secure payment processing, all designed to simplify collaboration between clients and remote workers.

The company traces its roots to the merger of two pioneering freelance marketplaces, Elance (founded in 1998) and oDesk (founded in 2003), which combined in 2015 to form a unified entity.