Thoughtworks (NASDAQ:TWKS) Shares Gap Up to $2.26

Thoughtworks Holding, Inc. (NASDAQ:TWKS) gapped up prior to trading on Tuesday . The stock had previously closed at $2.26, but opened at $2.31. Thoughtworks shares last traded at $2.21, with a volume of 22,400 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on TWKS shares. Piper Sandler reduced their price objective on shares of Thoughtworks from $5.00 to $3.40 and set a “neutral” rating for the company in a research note on Tuesday, February 27th. William Blair reissued a “market perform” rating on shares of Thoughtworks in a research note on Wednesday, February 28th. Royal Bank of Canada reduced their price objective on shares of Thoughtworks from $6.00 to $5.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 28th. Citigroup increased their price objective on shares of Thoughtworks from $4.50 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 17th. Finally, Robert W. Baird raised shares of Thoughtworks from a “neutral” rating to an “outperform” rating and set a $6.00 price objective for the company in a research note on Tuesday, January 2nd. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $5.08.

Thoughtworks Trading Down 0.4 %

The company’s 50 day moving average is $3.05 and its 200 day moving average is $3.85. 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 (NASDAQ:TWKS) last posted its quarterly earnings results on Tuesday, February 27th. The company reported ($0.04) EPS for the quarter. The company had revenue of $252.39 million during the quarter, compared to analysts’ expectations of $268.34 million. Thoughtworks had a negative return on equity of 2.46% and a negative net margin of 6.09%. On average, equities research analysts expect that Thoughtworks Holding, Inc. will post -0.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. MetLife Investment Management LLC purchased a new position in Thoughtworks during the 1st quarter valued at about $31,000. Advisors Asset Management Inc. purchased a new position in Thoughtworks during the 1st quarter valued at about $44,000. Great West Life Assurance Co. Can purchased a new position in Thoughtworks during the 2nd quarter valued at about $32,000. State of Wyoming increased its position in Thoughtworks by 80.4% during the 2nd quarter. State of Wyoming now owns 4,614 shares of the company’s stock valued at $35,000 after purchasing an additional 2,057 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in Thoughtworks by 12,615.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,375 shares of the company’s stock valued at $153,000 after purchasing an additional 7,317 shares during the period. Hedge funds and other institutional investors own 32.81% of the company’s stock.

Thoughtworks Company Profile

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.