The Vanguard Group, Inc. has recently announced that it has increased stake in WeWork Inc. (NYSE:WE) by 1.64%. After grabbing 33.2 million shares, the institutional investor is now in possession of 0.54 million shares of the Real Estate Company. The new investment brought the stake of investor firm to 4.68% having worth around $85.33 million. Moreover, Ancient Art LP increased its share by 12846.0 to have a control over 5.94 million shares. And BlackRock Fund Advisors raised its holdings to 0.14 million shares by acquiring 5.81 million shares or 0.82% of the stake.
WeWork Inc. (WE) concluded trading on 11/23/22 at a closing price of $2.79, with 12.46 million shares of worth about $34.75 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -58.91% during that period and on Wednesday the price saw a gain of about 4.49%. Currently the company’s common shares owned by public are about 762.38M shares, out of which, 647.03M shares are available for trading.
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 6 analysts are covering the WE stock and their offered price forecasts bring an average price target of $7.25. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $11.00 and could fall to a lowest price of $3.00. The stock’s current price level is 61.52% above of average price target set by the analysts, while a rise to estimated low would result in gain of 7.0% for the stock. However, touching the estimated high of $11.00 would mean a gain of 74.64% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 68 times over the past 12 months. They bought 6,918,669 shares in 43 of the transactions. In 25 selling transactions, insiders dumped 524,291 shares.
Fidelity Blue Chip Growth Fund, Vanguard Total Stock Market Index, and Vanguard Real Estate Index Fund are the top 3 mutual funds which are holding stakes in WeWork Inc. Fidelity Blue Chip Growth Fund is currently holding 11.72 million shares of worth totaling $30.13 million. The company recently came buying 0.0 shares which brought its stake up to 1.65% of the company’s outstanding shares. Vanguard Real Estate Index Fund, after selling 7.99 million shares, have now control over 1.13% of the stake in the company. It holds 20940.0 shares of worth $20.53 million.
WeWork Inc. (NYSE: WE) started trading at $2.68, above $0.01 from concluding price of the previous day. However, the stock later moved at a day high price of 2.8800, or with a gain of 4.49%. Stock saw a price change of -5.10% in past 5 days and over the past one month there was a price change of 4.10%. Year-to-date (YTD), WE shares are showing a performance of -67.56% which decreased to -69.24% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $1.94 but also hit the highest price of $9.83 during that period. The average intraday trading volume for WeWork Inc. shares is 5.49 million. The stock is currently trading 1.94% above its 20-day simple moving average (SMA20), while that difference is up 0.48% for SMA50 and it goes to -45.00% lower than SMA200.
The Vanguard Group, Inc. acquired 33.2 million shares of WeWork Inc. having value of about $85.33 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 0.54 million shares in the company valued at close to $1492878.78, or have control over 1.64% stake in the company. WeWork Inc. (NYSE: WE) currently have 762.38M outstanding shares and institutions hold larger chunk of about 87.10% of that. Holding of mutual funds in the company is about 58.45% while other institutional holders and individual stake holders have control over 8.27% and 16.76% of the stake respectively.
The stock has a current market capitalization of $2.08B. It has posted earnings per share of -$3.07 in the same period. It has Quick Ratio of 0.40. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for WE, volatility over the week remained 6.88% while standing at 9.74% over the month.
Analysts are in expectations that WeWork Inc. (WE) stock would likely to be making an EPS of -$0.45 in the current quarter, while forecast for next quarter EPS is -$0.36 and it is -$1.03 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.53 which is -$0.36 at the higher side of the target for the same. Stock’s fiscal year EPS is expected to drop by -41.90% while it is estimated to increase by 52.40% in next year.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by BTIG Research on November 04, 2022 offering a Buy rating for the stock and assigned a target price of $7.50 to it. Coverage by Cantor Fitzgerald stated WeWork Inc. (WE) stock as an Overweight in their note to investors on October 24, 2022, suggesting a price target of $8 for the stock. On June 29, 2022, UBS Initiated their recommendations, while on June 23, 2022, Credit Suisse Initiated their ratings for the stock with a price target of $11. Stock get a Buy rating from Mizuho on April 22, 2022.