Upwork was founded back in 2014, after merging the two competitors in the sector of freelancing platforms, Elance and oDesk. Upwork now represents one of the leading portals where freelancers can find remote work and open job positions on a local level, while the company is collecting revenue through taking commission from freelancers, charging from 5% to 20% on completed and paid work.
Upwork went public with their IPO under the thicker (UPWK) back in October when many different tech companies went public, with an estimated value of the IPO set at 1.5 billion dollars.
The company managed to raise 187 million dollars with the initial public offer, starting the first trading session at the price of 15$ despite the previous plan to start at the position between 10$ and 12$.
How Well is Upwork (UPWK) Doing in 2019?
Upwork seemed to have made a good call back at the time as the company’s shares spiked by around 50% up from the opening price of 15$, however, the share price soon lost some of its value, while Upwork is currently -40% down since the first time the freelancing platform had hit the market with their IPO.
Despite a favorable first day in the market, Upwork has been experiencing downward trends that brought its shares to the price of 18.60$ per share, trading in the red while recording a drop of -2.82% with the latest closing at the beginning of the second quarter of 2019.
The 52-week high point for Upwork shares is set at 25$, however, UPWK is trading in the red, while hoping that the selling trend will soon switch to a great buy opportunity.
Upwork shares are currently ranked as “oversold”, while the company is looking for new ways to drive more traffic to their freelancing platform, also planning on having more companies working with freelancers on Upwork network, which could as a consequence increase the share price, as well as increase the company’s profits.