Yahoo Finance Upwork (UPWK) Beats Stock Market Upswing: What Investors Need to Know
In the latest trading session, Upwork (UPWK) closed at $11.23, marking a +0.9% move from the previous day. This move outpaced the S&P 500's daily gain of 0.87%. On the other hand, the Dow registered a gain of 0.67%, and the technology-centric Nasdaq increased by 1.11%.
The online freelance marketplace operator's stock has dropped by 9.51% in the past month, falling short of the Computer and Technology sector's loss of 5.98% and the S&P 500's loss of 3.97%.
Analysts and investors alike will be keeping a close eye on the performance of Upwork in its upcoming earnings disclosure. The company's earnings report is set to go public on May 1, 2024. The company is predicted to post an EPS of $0.19, indicating a 2000% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $186.71 million, up 16.07% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $0.80 per share and revenue of $776.85 million, indicating changes of +53.85% and +12.73%, respectively, compared to the previous year.
Investors might also notice recent changes to analyst estimates for Upwork. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Currently, Upwork is carrying a Zacks Rank of #3 (Hold).
Looking at its valuation, Upwork is holding a Forward P/E ratio of 13.91. This valuation marks a discount compared to its industry's average Forward P/E of 23.79.
The Internet - Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 45, which puts it in the top 18% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Upwork Inc. (UPWK) : Free Stock Analysis Report
