Wedbush Comments on Thoughtworks Holding, Inc.’s Q1 2024 Earnings (NASDAQ:TWKS)

Thoughtworks Holding, Inc. (NASDAQ:TWKS) – Equities research analysts at Wedbush issued their Q1 2024 earnings per share (EPS) estimates for Thoughtworks in a research report issued to clients and investors on Monday, April 15th. Wedbush analyst M. Katri forecasts that the company will post earnings per share of ($0.04) for the quarter. The consensus estimate for Thoughtworks’ current full-year earnings is ($0.04) per share. Wedbush also issued estimates for Thoughtworks’ Q2 2024 earnings at ($0.02) EPS and FY2024 earnings at ($0.07) EPS.

A number of other equities research analysts also recently commented on the company. William Blair reaffirmed a “market perform” rating on shares of Thoughtworks in a report on Wednesday, February 28th. Piper Sandler reduced their price target on Thoughtworks from $5.00 to $3.40 and set a “neutral” rating for the company in a research report on Tuesday, February 27th. Robert W. Baird upgraded Thoughtworks from a “neutral” rating to an “outperform” rating and set a $6.00 price target for the company in a research report on Tuesday, January 2nd. Citigroup lifted their price target on Thoughtworks from $4.50 to $5.00 and gave the company a “neutral” rating in a research report on Wednesday, January 17th. Finally, Royal Bank of Canada reduced their price target on Thoughtworks from $6.00 to $5.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 28th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $5.08.

Thoughtworks Trading Up 1.3 %

Thoughtworks stock opened at $2.32 on Thursday. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.37. Thoughtworks has a 52 week low of $2.19 and a 52 week high of $8.41. The company has a market capitalization of $748.97 million, a price-to-earnings ratio of -10.41 and a beta of 0.99. The stock has a 50-day moving average price of $2.96 and a 200 day moving average price of $3.82.

Thoughtworks (NASDAQ:TWKS) last released its earnings results on Tuesday, February 27th. The company reported ($0.04) EPS for the quarter. Thoughtworks had a negative return on equity of 2.46% and a negative net margin of 6.09%. The firm had revenue of $252.39 million for the quarter, compared to analyst estimates of $268.34 million.

Institutional Trading of Thoughtworks

Institutional investors and hedge funds have recently made changes to their positions in the business. MetLife Investment Management LLC purchased a new stake in shares of Thoughtworks in the first quarter valued at approximately $31,000. Advisors Asset Management Inc. purchased a new stake in shares of Thoughtworks in the first quarter valued at approximately $44,000. Great West Life Assurance Co. Can purchased a new stake in shares of Thoughtworks in the second quarter valued at approximately $32,000. State of Wyoming increased its position in shares of Thoughtworks by 80.4% in the second quarter. State of Wyoming now owns 4,614 shares of the company’s stock valued at $35,000 after buying an additional 2,057 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of Thoughtworks by 12,615.5% in the first quarter. PNC Financial Services Group Inc. now owns 7,375 shares of the company’s stock valued at $153,000 after buying an additional 7,317 shares in the last quarter. 32.81% of the stock is currently owned by hedge funds and other institutional investors.

About Thoughtworks

Thoughtworks Holding, Inc provides technology consultancy services in North America, the Asia Pacific, Europe, and Latin America. The company's consultancy services integrate strategy, design, and software engineering to enable enterprises and technology disruptors to thrive as modern digital businesses.