WeWork (NYSE:WE) Stock Price Down 9.7% After Earnings Miss

WeWork Inc. (NYSE:WEGet 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

In other WeWork news, insider Peter Greenspan sold 152,941 shares of the company’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $6.68, for a total transaction of $1,021,645.88. Following the transaction, the insider now owns 115,835 shares in the company, valued at $773,777.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 5.80% of the stock is owned by insiders.

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

(Get Rating)

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.

Featured Articles

Receive News & Ratings for WeWork Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WeWork and related companies with MarketBeat.com's FREE daily email newsletter.