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Upwork, IBD Stock Of The Day, Rides Wave Of Evolving Work Habits

Upwork Inc

Upwork Inc

UPWK


$5.41


11.04%


Upwork, IBD Stock Of The Day, Rides Wave Of Evolving Work Habits225%

IBD Stock Analysis

  • Shares jump out of a double-bottom base, clear 51.97 buy point
  • Buy zone tops out at 54.57, after which it is considered extended
  • Composite Rating is 94 out of 99; Relative Strength Rating is 96
Upwork, IBD Stock Of The Day, Rides Wave Of Evolving Work Habits

Composite Rating

Upwork, IBD Stock Of The Day, Rides Wave Of Evolving Work Habits

Industry Group Ranking

Upwork, IBD Stock Of The Day, Rides Wave Of Evolving Work Habits

Emerging Pattern

Upwork, IBD Stock Of The Day, Rides Wave Of Evolving Work Habits

Double Bottom

* Not real-time data. All data shown was captured at
2:10PM EDT on
06/22/2021.

Upwork (UPWK), the IBD Stock Of The Day, has benefited from the change in work habits due to the pandemic. Upwork stock on Tuesday broke out in heavy volume and moved into buy range.




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The company provides an online platform that connects freelancers with businesses, where they can collaborate remotely. Its platform is used by one-person startups, large companies and everything in between.

“The pandemic has changed work forever, permanently shattering the biggest impediment to online freelancer adoption, which is prior discomfort with remote work,” Chief Executive Hayden Brown said in comments made during its quarterly earnings conference call last month.

“Regardless of their comfort levels before the pandemic, companies now know they can build and grow their businesses faster, and with greater efficiency by incorporating remote talent,” Brown added.

Upwork Moves Into Buy Range

Upwork stock jumped out of double-bottom base, moving above a buy point of 51.97. The buy zone tops out at 54.57, after which it is considered to be extended and out of buy range.

The company held its initial public offering in October 2018. It priced Upwork stock at 14 and raised $187 million.

Upwork stock jumped 11% to close at 54.41 on the stock market today.

The company reported first-quarter results on May 4. Revenue climbed 37% from the year-ago period to $113.6 million. That was its third quarter in a row of accelerating revenue growth. Revenue has consistently grown at a double-digit pace.

Adjusted earnings of 3 cents a share compared with a 3-cent loss. For the year, Upwork expects revenue in the range of $480 million to $490 million.

“This year’s strong start builds on last year to clearly underscore the rapid acceleration of freelancing adoption by companies big and small across the globe,” Brown said in written remarks.

According to comments on its website, “Our talent community earned over $2.3 billion on Upwork in 2020 across more than 10,000 skills.” The freelance work included website design and app development, creative design work, customer support, finance and accounting, consulting, and business operations.

Technical Analysis Of Upwork Stock

In the stock market, timing is critical. So when you’re looking for stocks to buy or sell, it’s important to do the fundamental and technical analysis that identifies lower-risk entry points that also offer solid potential rewards.

The IBD Stock Checkup tool shows that Upwork stock has a healthy IBD Composite Rating of 94 out of a best-possible 99. The Composite Rating is a blend of key fundamental and technical metrics to help investors easily gauge a stock’s strengths.

The stock also has a Relative Strength Rating of 96. The rating tracks market leadership by showing how a stock’s price movement over the last 52 weeks measures up against that of other stocks.

The stock’s relative strength line is not at a new high but is climbing above the trough in the second bottom.

Here’s an explainer on how to read stock charts and how to spot the optimal buy points as they form. It’s the most effective way to invest when the potential for reward is high and the risk is relatively low.

Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.

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