I talked previously about Upwork (NASDAQ:UPWK) stock on several occasions. In May I asked myself if COVID-19 will save Upwork, then in June I concluded that investors hate UPWK shares but on the Election Day I said how Upwork is a surefire post-election stock.
Here is what I said about UPWK back then:
Now I see UPWK finally cutting their costs and beating analyst expectations which can easily push UPWK stock above $40. It doesn’t matter who wins, Biden or Trump, UPWK is a keeper.
That day UPWK stock was trading around $19.50, and two days later it went to $29.50.
Now that we are getting closer to $40 mark things are getting a little bit trickier. This may be a good time to take the profits and re-enter at the next dip.
Two weeks ago, I wouldn’t have thought about telling you to sell UPWK stock, but if you are not a long holder this may be a good time to do so.
On the other side, if you prefer to hold same shares for a long period of time, WFH (work from home) stocks offer good value into 2021. The sector has been an afterthought prior to coronavirus outbreak, but I think investors will rotate into cheaper but stable WFH stocks going forward. UPWK being one of them. Especially if overly optimistic growth expectations in zippier sectors aren’t met.
Upwork shares are slightly up on Wednesday, trading at around $35.11 at the time of writing this article.