Why Upwork Stock Dropped 13% Today After Earnings
Shares of Upwork (NASDAQ: UPWK) got a big boost Monday when investment banker Jefferies upped its price target on the stock ahead of earnings, promising investors as much as a 20% profit in the event Upwork outperformed expectations. At the time, I warned that Jefferies was playing with fire, "potentially getting caught wrong-footed when Upwork reports earnings tomorrow." Instead of going up after reporting earnings Tuesday night, Upwork stock is headed down: 13.5% lower as of 1:05 p.m. EDT today.
