Why Upwork Stock Plunged Today
Shares of job marketplace Upwork (NASDAQ: UPWK) plunged on Monday morning, after an analyst lowered his price target for the stock. The market was down sharply as well, exacerbating the pressure on shares of Upwork. As of 1:30 p.m. ET today, the stock was down 10%.
According to The Fly, BTIG analyst Marvin Fong lowered his price target for Upwork today from $34 per share to $30, a decrease of almost 12%. As recently as October, Fong had a price target more than double the current one. However, the stock has fallen by more than 50% since then, and price targets tend to be reactionary to price movements -- when stocks fall, price targets come down.
While Fong frequently adjusts his price targets for Upwork stock, he is at least consistent with his rating. According to TipRanks, Fong has issued a statement 25 times since the middle of 2020. During this time, he has resolutely said Upwork stock was a buy.
Source Fool.com
