Upwork (UPWK) Moves 11.5% Higher: Will This Strength Last?
Upwork UPWK shares ended the last trading session 11.5% higher at $15.66. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 0.1% loss over the past four weeks.
Upwork benefits from an expanding portfolio of generative AI suites and an expanding partner base.
This online freelance marketplace operator is expected to post quarterly earnings of $0.17 per share in its upcoming report, which represents a year-over-year change of +325%. Revenues are expected to be $178.43 million, up 10.5% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Upwork, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on UPWK going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Upwork is part of the Zacks Internet - Services industry. Shopify SHOP, another stock in the same industry, closed the last trading session 4.3% higher at $77.69. SHOP has returned 2.7% in the past month.
Shopify's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.31. Compared to the company's year-ago EPS, this represents a change of +342.9%. Shopify currently boasts a Zacks Rank of #1 (Strong Buy).
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Upwork Inc. (UPWK) : Free Stock Analysis Report
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