WeWork (NYSE:WE) Downgraded by BTIG Research

Posted by on Aug 9th, 2023

WeWork (NYSE:WE – Get Free Report) was downgraded by BTIG Research from a “buy” rating to a “neutral” rating in a research report issued on Wednesday, FlyOnTheWall reports.

Several other research analysts also recently issued reports on the company. UBS Group cut their price objective on WeWork from $2.00 to $0.20 in a research report on Friday, June 9th. Mizuho downgraded WeWork from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 17th.

Read Our Latest Research Report on WeWork

WeWork Stock Down 5.7 %

Shares of NYSE:WE opened at $0.21 on Wednesday. The company has a 50-day moving average price of $0.23 and a 200 day moving average price of $0.67. WeWork has a 52 week low of $0.16 and a 52 week high of $5.94. The company has a market cap of $445.98 million, a P/E ratio of -0.09 and a beta of 1.86.

WeWork (NYSE:WE – Get Free Report) last posted its quarterly earnings results on Tuesday, May 9th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.06. The company had revenue of $849.00 million for the quarter, compared to analyst estimates of $849.42 million. During the same quarter in the previous year, the business posted ($0.57) earnings per share. WeWork’s revenue was up 11.0% on a year-over-year basis.

Institutional Trading of WeWork

Hedge funds and other institutional investors have recently bought and sold shares of the company. Royal Bank of Canada grew its stake in shares of WeWork by 114.7% during the 1st quarter. Royal Bank of Canada now owns 5,099 shares of the company’s stock valued at $35,000 after buying an additional 2,724 shares during the period. JPMorgan Chase & Co. grew its stake in shares of 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 during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in WeWork by 32.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,267 shares of the company’s stock worth $39,000 after purchasing an additional 6,705 shares during the period. Tower Research Capital LLC TRC boosted its position in WeWork by 68.0% during the 3rd quarter. Tower Research Capital LLC TRC now owns 17,122 shares of the company’s stock worth $45,000 after purchasing an additional 6,933 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its position in WeWork by 2.8% during the 3rd quarter. UBS Asset Management Americas Inc. now owns 362,398 shares of the company’s stock worth $960,000 after purchasing an additional 9,825 shares during the period. 81.61% of the stock is owned by hedge funds and other institutional investors.

About WeWork

(Get Free Report)

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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