What Happened?
Shares of online work marketplace Upwork (NASDAQ: UPWK) jumped 3.2% in the morning session after Jefferies named the company one of its preferred small-cap stocks.
The investment firm released a research note that outlined its top stock picks across different company sizes. In the small-cap category, Upwork was included on the list of preferred stocks. The report also highlighted choices in other segments, such as Microsoft and Meta for mega-caps, and Oracle among large-caps. The positive mention from the financial services company appeared to boost investor sentiment regarding the freelance platform's outlook.
After the initial pop the shares cooled down to $20.59, up 3.8% from previous close.
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What Is The Market Telling Us
Upwork’s shares are very volatile and have had 27 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 25 days ago when the stock gained 4.5% on the news that Canaccord Genuity raised its price target on the stock to $24.
This action followed Upwork's Investor Day, where the company announced ambitious growth targets. The positive outlook from the company, followed by the analyst's price target increase, appeared to boost investor confidence in the freelance and remote work platform. The stock's upward move also pushed it to a new 52-week high, reflecting the growing interest in the company's position within the modern workforce.
Upwork is up 3.8% since the beginning of the year, and at $20.59 per share, it is trading close to its 52-week high of $21.95 from December 2025. Investors who bought $1,000 worth of Upwork’s shares 5 years ago would now be looking at an investment worth $594.23.
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