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Surging Earnings Estimates Signal Upside for Upwork (UPWK) Stock
Zacks
Upwork (UPWK) appears an attractive pick given a noticeable improvement in the company's earnings outlook. The stock has been a strong performer lately, and the momentum might continue with analysts still raising their earnings estimates for the company.
The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this online freelance marketplace operator, should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- is principally built on this insight.
The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.
Consensus earnings estimates for the next quarter and full year have moved considerably higher for Upwork, as there has been strong agreement among the covering analysts in raising estimates.
Current-Quarter Estimate Revisions
For the current quarter, the company is expected to earn $0.25 per share, which is a change of +25% from the year-ago reported number.
Over the last 30 days, two estimates have moved higher for Upwork compared to no negative revisions. As a result, the Zacks Consensus Estimate has increased 55%.
Current-Year Estimate Revisions
The company is expected to earn $1 per share for the full year, which represents a change of +92.31% from the prior-year number.
The revisions trend for the current year also appears quite promising for Upwork, with two estimates moving higher over the past month compared to no negative revisions. The consensus estimate has also received a boost over this time frame, increasing 26.47%.
Favorable Zacks Rank
Thanks to promising estimate revisions, Upwork currently carries a Zacks Rank #2 (Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.
Bottom Line
Upwork shares have added 51.6% over the past four weeks, suggesting that investors are betting on its impressive estimate revisions. So, you may consider adding it to your portfolio right away to benefit from its earnings growth prospects.
Zacks Investment Research
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