Why Upwork Fell 14% on Wednesday
Shares of freelancing and work-payments platform Upwork (NASDAQ: UPWK) were trading down by 13.7% late Wednesday, unwinding a solid gain made by the stock's bullish open. The swing into the red was set up by a strong rally from May's lows, and ultimately put into motion by this week's failed attempt to break into record-high territory.
Don't look for a specific news-based reason Upwork so abruptly reversed course. You won't find one. The 72% run-up from May's low to Tuesday's close was largely set in motion by the company's first-quarter revenue that topped expectations, but was then fueled by a sweeping cultural shift away from traditional employment and toward gig-type jobs. Upwork's launch of Work Marketplace and a major rebranding of its service fanned the bullish flames.
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Source Fool.com
