WeWork (NYSE:WE) Announces Quarterly Earnings Results

WeWork (NYSE:WEGet Rating) announced its quarterly earnings results on Thursday. The company reported ($0.57) EPS for the quarter, topping the consensus estimate of ($0.72) by $0.15, Briefing.com reports. The company had revenue of $765.00 million during the quarter, compared to analysts’ expectations of $768.11 million. The company’s quarterly revenue was up 27.9% on a year-over-year basis. WeWork updated its FY 2022 guidance to EPS and its Q2 2022 guidance to EPS.

Shares of WeWork stock traded up $0.35 during trading hours on Thursday, reaching $5.45. The company’s stock had a trading volume of 401,406 shares, compared to its average volume of 4,360,156. The business’s 50 day simple moving average is $6.31. WeWork has a one year low of $4.50 and a one year high of $14.97.

In other news, CEO Sandeep Mathrani purchased 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 22nd. The shares were bought at an average cost of $6.55 per share, for a total transaction of $196,500.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 5.80% of the company’s stock.

A number of large investors have recently modified their holdings of WE. Insight Holdings Group LLC bought a new position in WeWork during the 4th quarter valued at about $107,500,000. BlackRock Inc. bought a new position in WeWork during the 4th quarter valued at about $25,403,000. Goldman Sachs Group Inc. bought a new position in WeWork during the 4th quarter valued at about $19,219,000. Geode Capital Management LLC bought a new position in WeWork during the 4th quarter valued at about $15,116,000. Finally, Charles Schwab Investment Management Inc. bought a new position in WeWork during the 4th quarter valued at about $12,943,000. Institutional investors own 81.48% of the company’s stock.

A number of analysts have recently weighed in on the stock. Piper Sandler assumed coverage on shares of WeWork in a report on Monday, April 18th. They issued an “overweight” rating and a $10.00 target price on the stock. Mizuho assumed coverage on shares of WeWork in a report on Friday, April 22nd. They issued a “buy” rating and a $9.00 target price on the stock.

WeWork Company Profile (Get Rating)

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.

Further Reading

Receive News & Ratings for WeWork Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WeWork and related companies with MarketBeat.com's FREE daily email newsletter.