WeWork (NYSE:WE) Posts Quarterly Earnings Results, Misses Expectations By $0.11 EPS

WeWork (NYSE:WEGet Rating) posted its quarterly earnings results on Thursday. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.11), Briefing.com reports. The company had revenue of $815.00 million for the quarter, compared to the consensus estimate of $824.31 million. The company’s quarterly revenue was up 37.4% on a year-over-year basis. WeWork updated its FY 2022 guidance to EPS.

WeWork Stock Performance

NYSE WE traded down $0.04 on Friday, hitting $4.69. 4,916,196 shares of the company’s stock traded hands, compared to its average volume of 5,184,569. The firm’s 50-day moving average price is $5.59 and its two-hundred day moving average price is $6.28. WeWork has a 1-year low of $4.50 and a 1-year high of $14.97.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Mizuho assumed coverage on shares of WeWork in a research note on Friday, April 22nd. They issued a “buy” rating and a $9.00 price target on the stock. Piper Sandler assumed coverage on shares of WeWork in a research note on Monday, April 18th. They issued an “overweight” rating and a $10.00 price target on the stock. UBS Group initiated coverage on shares of WeWork in a research note on Wednesday, June 29th. They issued a “neutral” rating and a $6.50 price target on the stock. Finally, Credit Suisse Group started coverage on shares of WeWork in a research report on Wednesday, June 22nd. They set an “outperform” rating and a $11.00 target price on the stock.

Insider Activity

In other news, insider Peter Greenspan sold 152,941 shares of WeWork stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $6.68, for a total transaction of $1,021,645.88. Following the completion of the transaction, the insider now directly owns 115,835 shares of the company’s stock, valued at approximately $773,777.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 5.80% of the company’s stock.

Institutional Investors Weigh In On WeWork

Several institutional investors and hedge funds have recently added to or reduced their stakes in WE. Centersquare Investment Management LLC increased its holdings in WeWork by 44.3% in the 1st quarter. Centersquare Investment Management LLC now owns 2,476,984 shares of the company’s stock worth $16,892,000 after acquiring an additional 760,509 shares in the last quarter. Neuberger Berman Group LLC increased its holdings in WeWork by 338.8% in the 1st quarter. Neuberger Berman Group LLC now owns 653,645 shares of the company’s stock worth $4,458,000 after acquiring an additional 504,669 shares in the last quarter. Alyeska Investment Group L.P. increased its holdings in WeWork by 63.7% in the 1st quarter. Alyeska Investment Group L.P. now owns 1,145,643 shares of the company’s stock worth $7,813,000 after acquiring an additional 445,643 shares in the last quarter. Ergoteles LLC purchased a new stake in WeWork in the 1st quarter worth $871,000. Finally, Vanguard Group Inc. increased its holdings in WeWork by 3.3% in the 1st quarter. Vanguard Group Inc. now owns 3,114,854 shares of the company’s stock worth $21,244,000 after acquiring an additional 100,494 shares in the last quarter. Hedge funds and other institutional investors own 81.48% of the company’s stock.

WeWork Company Profile

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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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