Shares of WeWork Inc. (NYSE:WE – Get Rating) traded up 16% during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $6.53 and last traded at $6.53. 48,904 shares traded hands during mid-day trading, a decline of 99% from the average session volume of 4,976,245 shares. The stock had previously closed at $5.63.The company reported ($0.57) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.15. The business had revenue of $765.00 million for the quarter, compared to the consensus estimate of $768.11 million. The company’s revenue was up 27.9% on a year-over-year basis.
WE has been the topic of several research analyst reports. Piper Sandler started coverage on WeWork in a research note on Monday, April 18th. They set an “overweight” rating and a $10.00 target price on the stock. Mizuho started coverage on WeWork in a report on Friday, April 22nd. They set a “buy” rating and a $9.00 price target for the company.
In other news, CEO Sandeep Mathrani purchased 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 22nd. The stock was purchased at an average cost of $6.55 per share, with a total value of $196,500.00. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 5.80% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Ovata Capital Management Ltd bought a new position in shares of WeWork during the 1st quarter worth approximately $33,000. Advisor Group Holdings Inc. purchased a new stake in WeWork during the 4th quarter worth approximately $54,000. CTC Capital Management LLC purchased a new stake in WeWork during the 1st quarter worth approximately $83,000. ETF Managers Group LLC purchased a new stake in WeWork during the 4th quarter worth approximately $88,000. Finally, Toroso Investments LLC purchased a new stake in shares of WeWork in the 4th quarter valued at $91,000. Institutional investors own 81.48% of the company’s stock.
The firm’s fifty day moving average price is $6.33 and its 200 day moving average price is $7.57.
WeWork Company Profile (NYSE:WE)
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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