WeWork Inc. (NYSE:WE – Get Rating)’s stock price reached a new 52-week low on Friday after Mizuho lowered their price target on the stock from $9.00 to $1.75. Mizuho currently has a buy rating on the stock. WeWork traded as low as $0.80 and last traded at $0.81, with a volume of 21736606 shares trading hands. The stock had previously closed at $0.85.
Separately, BTIG Research dropped their price target on WeWork from $7.50 to $3.00 and set a “buy” rating for the company in a research note on Tuesday. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, WeWork presently has an average rating of “Moderate Buy” and a consensus price target of $5.88.
Institutional Investors Weigh In On WeWork
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in shares of WeWork by 114.7% during the first quarter. Royal Bank of Canada now owns 5,099 shares of the company’s stock valued at $35,000 after purchasing an additional 2,724 shares in the last quarter. JPMorgan Chase & Co. increased its position in WeWork by 4.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 108,495 shares of the company’s stock valued at $545,000 after buying an additional 4,668 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in WeWork by 32.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,267 shares of the company’s stock valued at $39,000 after buying an additional 6,705 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in WeWork by 68.0% in the third quarter. Tower Research Capital LLC TRC now owns 17,122 shares of the company’s stock worth $45,000 after acquiring an additional 6,933 shares in the last quarter. Finally, UBS Asset Management Americas Inc. grew its stake in shares of WeWork by 2.8% in the third quarter. UBS Asset Management Americas Inc. now owns 362,398 shares of the company’s stock worth $960,000 after acquiring an additional 9,825 shares during the last quarter. 81.61% of the stock is owned by hedge funds and other institutional investors.
WeWork Trading Down 4.7 %
The firm has a fifty day moving average price of $1.42 and a two-hundred day moving average price of $2.14.
WeWork (NYSE:WE – Get Rating) last announced its quarterly earnings data on Thursday, February 16th. The company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.19). The company had revenue of $848.00 million for the quarter, compared to the consensus estimate of $847.34 million. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. On average, sell-side analysts anticipate that WeWork Inc. will post -1.37 EPS for the current fiscal year.
About WeWork
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.