WeWork Inc. (NYSE:WE – Get Rating)’s stock price was down 6.8% during mid-day trading on Friday after Piper Sandler lowered their price target on the stock from $10.00 to $7.00. Piper Sandler currently has an overweight rating on the stock. WeWork traded as low as $2.61 and last traded at $2.62. Approximately 30,545 shares traded hands during mid-day trading, a decline of 99% from the average daily volume of 5,600,962 shares. The stock had previously closed at $2.81.
Several other research analysts have also commented on WE. Credit Suisse Group assumed coverage on WeWork in a research report on Wednesday, June 22nd. They issued an “outperform” rating and a $11.00 price target for the company. UBS Group assumed coverage on WeWork in a research report on Wednesday, June 29th. They set a “neutral” rating and a $6.50 price target on the stock.
Insider Activity at WeWork
In other news, CFO Andre J. Fernandez bought 40,000 shares of the business’s stock in a transaction dated Wednesday, August 10th. The shares were acquired at an average price of $5.01 per share, for a total transaction of $200,400.00. Following the completion of the transaction, the chief financial officer now owns 454,938 shares of the company’s stock, valued at $2,279,239.38. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Sandeep Mathrani purchased 23,500 shares of the firm’s stock in a transaction dated Monday, August 22nd. The shares were acquired at an average price of $4.25 per share, with a total value of $99,875.00. Following the purchase, the chief executive officer now directly owns 2,359,284 shares of the company’s stock, valued at $10,026,957. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Andre J. Fernandez bought 40,000 shares of WeWork stock in a transaction that occurred on Wednesday, August 10th. The stock was bought at an average cost of $5.01 per share, for a total transaction of $200,400.00. Following the purchase, the chief financial officer now owns 454,938 shares in the company, valued at approximately $2,279,239.38. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 113,500 shares of company stock worth $549,275. Company insiders own 5.80% of the company’s stock.
Institutional Trading of WeWork
Institutional investors and hedge funds have recently made changes to their positions in the company. Legal & General Group Plc lifted its position in shares of WeWork by 18.7% during the second quarter. Legal & General Group Plc now owns 137,341 shares of the company’s stock worth $690,000 after purchasing an additional 21,651 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in WeWork by 18.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 2,447,861 shares of the company’s stock worth $12,288,000 after purchasing an additional 380,546 shares during the period. Centiva Capital LP boosted its stake in shares of WeWork by 358.9% during the 2nd quarter. Centiva Capital LP now owns 114,299 shares of the company’s stock valued at $574,000 after buying an additional 89,393 shares during the period. Public Employees Retirement Association of Colorado acquired a new stake in shares of WeWork during the 2nd quarter valued at $224,000. Finally, Corton Capital Inc. bought a new position in shares of WeWork during the 2nd quarter valued at $202,000. 84.23% of the stock is currently owned by institutional investors and hedge funds.
WeWork Stock Down 7.1 %
The firm’s fifty day moving average is $4.15 and its 200 day moving average is $5.49.
WeWork (NYSE:WE – Get Rating) last released its quarterly earnings results on Thursday, August 4th. The company reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.11). The business had revenue of $815.00 million for the quarter, compared to analysts’ expectations of $824.31 million. The company’s revenue for the quarter was up 37.4% compared to the same quarter last year. On average, analysts expect that WeWork Inc. will post -2.22 earnings per share for the current fiscal year.
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.