In this article, we discuss the 5 best up and coming stocks to invest in. If you want to read our detailed analysis of these stocks, go directly to the 10 Best Up and Coming Stocks to Invest In.
5. Upwork Inc. (NASDAQ: UPWK)
Number of Hedge Fund Holders: 32
Upwork Inc. (NASDAQ: UPWK) stock has returned 301% to investors over the past year. It is ranked fifth on our list of 10 best up and coming stocks to invest in. The firm owns and operates an online talent marketplace. It is headquartered in California. On May 18, the share price of the firm jumped close to 3% after it announced the launch of a new product, named Talent Scout, that would connect businesses with pre-vetted expert talent selected by specialized recruiters from the company. The new product is initially available in select countries only.
On July 1, investment advisory BTIG reiterated a Buy rating on Upwork Inc. (NASDAQ: UPWK) stock and raised the price target to $76 from $65, underlining that the new growth plans by the firm would drive revenue increases in the coming quarters.
At the end of the first quarter of 2021, 32 hedge funds in the database of Insider Monkey held stakes worth $530 million in Upwork Inc. (NASDAQ: UPWK), down from 34 in the preceding quarter worth $548 million.
In its Q4 2020 investor letter, Spree Capital Advisers, an asset management firm, highlighted a few stocks and Upwork Inc. (NASDAQ: UPWK) was one of them. Here is what the fund said:
“Early in the fourth quarter we meaningfully increased our position size in Upwork (UPWK). Upwork is a global employment marketplace that enables businesses to vet, hire, and manage talent as part of their distributed workforce. Upwork facilitates labor and demand side connectivity on a global scale by providing the infrastructure to create trust and to streamline talent sourcing, contracting, analysis and payment. Freelancers benefit from having a reputation ranking system that feeds their marketing channels, allowing them to have access to quality, flexible work and on time compensation. Businesses on the demand side benefit by having extensive access to specialized talent, enabling faster and more cost effective hiring, and by having the strategic optionality inherent in the ability to flex a portion of their workforce based on changing demand requirements.
Labor markets have long had unnecessary frictional inefficiencies driven by regional talent imbalances and long-term trends of increased specialization of labor and declining labor mobility. Meanwhile, innovations in communication and global connectivity have transformed the way work gets done. Knowledge workers seek the flexibility and geographic advantages of on demand work, but the barrier to adoption has historically been established habits and work standards on the demand side. The Covid-19 global pandemic has broken down those barriers. We see three steps in the path to enterprise usage and shareholder value creation…” (Click here to see the full text)
