Shares of Upwork Inc. ( UPWK -4.78% ), a platform for freelancers, jumped today on no company-specific news. However, the stock may be rising following Upwork's strong November share-price gains.
The tech stock spiked by as much as 11.5% today and ended the trading day up 8.5%.
Upwork's shares skyrocketed in November after the company released third-quarter figures. Sales increased 24% year over year to $96.7 million, outpacing analysts' consensus estimate of $90.4 million. The company's non-GAAP earnings of $0.04 also beat Wall Street's estimate of a loss of about $0.06 per share.
Following the company's strong third-quarter report, several analysts upgraded Upwork's stock and increased their price targets, prompting investors to continue pushing the stock higher.
Investors have been generally optimistic about stay-at-home stocks, as lockdowns and social distancing have kept many employees working from home. Upwork's platform allows companies to easily find freelancers, and investors may be banking on the idea that employers may look to gig workers to fill future employment needs.
With today's share price bump, Upwork's stock is up 234% year to date.
Investors likely have a reason to be optimistic about Upwork. Management estimates that fourth-quarter revenue will increase to $97 million and full-year sales will be $364 million, both at the midpoint of guidance. If the company reaches these estimates, they'll represent 20% and 21% growth, respectively.