WeWork Inc. (NYSE:WE – Get Rating) shares traded down 9.7% on Thursday following a weaker than expected earnings announcement. The company traded as low as $4.67 and last traded at $4.67. 276,865 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 4,236,399 shares. The stock had previously closed at $5.17.
The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.11). The company had revenue of $815.00 million during the quarter, compared to analyst estimates of $824.31 million. The company’s revenue for the quarter was up 37.4% compared to the same quarter last year.
Analyst Ratings Changes
Several research firms have recently issued reports on WE. Credit Suisse Group started coverage on shares of WeWork in a research note on Wednesday, June 22nd. They set an “outperform” rating and a $11.00 price target for the company. Mizuho started coverage on WeWork in a research note on Friday, April 22nd. They issued a “buy” rating and a $9.00 price target for the company. Piper Sandler began coverage on WeWork in a research note on Monday, April 18th. They issued an “overweight” rating and a $10.00 price objective on the stock. Finally, UBS Group assumed coverage on shares of WeWork in a research report on Wednesday, June 29th. They set a “neutral” rating and a $6.50 target price for the company.
Insider Transactions at WeWork
Hedge Funds Weigh In On WeWork
Hedge funds have recently bought and sold shares of the company. Ovata Capital Management Ltd purchased a new stake in WeWork during the first quarter worth about $33,000. Royal Bank of Canada raised its holdings in shares of WeWork by 114.7% in the 1st quarter. Royal Bank of Canada now owns 5,099 shares of the company’s stock worth $35,000 after purchasing an additional 2,724 shares during the period. Maryland State Retirement & Pension System purchased a new position in WeWork in the second quarter valued at approximately $50,000. Advisor Group Holdings Inc. bought a new position in WeWork during the fourth quarter valued at $54,000. Finally, Parametrica Management Ltd purchased a new stake in WeWork in the second quarter worth $65,000. 81.48% of the stock is owned by hedge funds and other institutional investors.
WeWork Price Performance
The company has a 50 day simple moving average of $5.59 and a 200-day simple moving average of $6.28.
WeWork Company Profile
WeWork Inc provides flexible workspace solutions to individuals and organizations worldwide. The company offers workstation, private office, and customized floor solutions; and various amenities and services, such as private phone booths, internet, high-speed business printers and copiers, mail and package handling, front desk services, off-peak building access, common areas, and daily enhanced cleaning solutions.
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