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In the latest market close, Upwork UPWK reached $11.37, with a +1.25% movement compared to the previous day. The stock exceeded the S&P 500, which registered a gain of 1.2% for the day. Meanwhile, the Dow gained 0.69%, and the Nasdaq, a tech-heavy index, added 1.59%.
Shares of the online freelance marketplace operator witnessed a loss of 9.44% over the previous month, trailing the performance of the Computer and Technology sector with its loss of 6.83% and the S&P 500's loss of 4.16%.
Investors will be eagerly watching for the performance of Upwork in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on May 1, 2024. On that day, Upwork is projected to report earnings of $0.19 per share, which would represent year-over-year growth of 2000%. At the same time, our most recent consensus estimate is projecting a revenue of $186.71 million, reflecting a 16.07% rise from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $0.80 per share and a revenue of $776.85 million, demonstrating changes of +53.85% and +12.73%, respectively, from the preceding year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Upwork. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. At present, Upwork boasts a Zacks Rank of #3 (Hold).
With respect to valuation, Upwork is currently being traded at a Forward P/E ratio of 14.04. This expresses a discount compared to the average Forward P/E of 24.09 of its industry.
The Internet – Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 50, putting it in the top 20% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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