WeWork (NYSE:WE) Shares Gap Down to $6.99

WeWork Inc. (NYSE:WEGet Rating)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $6.99, but opened at $6.68. WeWork shares last traded at $7.02, with a volume of 24,605 shares changing hands.

Several brokerages have commented on WE. Mizuho began coverage on WeWork in a research report on Friday, April 22nd. They issued a “buy” rating and a $9.00 price objective on the stock. Piper Sandler assumed coverage on WeWork in a research report on Monday, April 18th. They set an “overweight” rating and a $10.00 price target on the stock.

The business has a 50 day moving average of $6.43 and a two-hundred day moving average of $7.55.

WeWork (NYSE:WEGet Rating) last issued its quarterly earnings data on Thursday, May 12th. The company reported ($0.57) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.15. The company had revenue of $765.00 million for the quarter, compared to analysts’ expectations of $768.11 million. The business’s quarterly revenue was up 27.9% on a year-over-year basis. As a group, analysts forecast that WeWork Inc. will post -2.1 EPS for the current year.

In related news, CEO Sandeep Mathrani acquired 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 22nd. The stock was purchased at an average cost of $6.55 per share, for a total transaction of $196,500.00. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 5.80% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. SB Global Advisers Ltd purchased a new stake in WeWork in the fourth quarter valued at about $2,754,567,000. SB Investment Advisers UK Ltd. purchased a new position in shares of WeWork in the fourth quarter worth about $697,270,000. Cohen & Steers Inc. raised its stake in shares of WeWork by 9.8% in the first quarter. Cohen & Steers Inc. now owns 12,566,917 shares of the company’s stock worth $85,706,000 after purchasing an additional 1,126,119 shares during the last quarter. Insight Holdings Group LLC purchased a new position in shares of WeWork in the fourth quarter worth about $107,500,000. Finally, Candlestick Capital Management LP raised its stake in shares of WeWork by 31.6% in the first quarter. Candlestick Capital Management LP now owns 6,250,000 shares of the company’s stock worth $42,625,000 after purchasing an additional 1,500,000 shares during the last quarter. Institutional investors own 81.48% of the company’s stock.

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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