5 Value Arbitrage Stocks Sabrepoint Capital is Buying

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Below we present the list of 5 value arbitrage stocks Sabrepoint Capital is buying. For our methodology and a more comprehensive list please see 10 Value Arbitrage Stocks Sabrepoint Capital is Buying.

5. Upwork Inc. (NASDAQ:UPWK)

The second half of our list of Sabrepoint Capital’s latest value arbitrage buys is freelance work platform Upwork Inc. (NASDAQ:UPWK). George Baxter’s fund bought another 60,000 UPWK shares during the third quarter, giving it a position of 420,000 total shares valued at $20.17 million on September 30. Hedge fund ownership of Upwork hit a new high of 35 at the end of Q3, more than triple the number of shareholders compared to the middle of 2019.

With hundreds of thousands of active clients, Upwork Inc. (NASDAQ:UPWK) has benefited tremendously from the global push towards remote work that has been accelerated by the pandemic. Hedge funds appear to be bullish on Upwork’s potential to capture a larger slice of the large enterprise pie, which currently accounts for just 20% of the gross volume of work serviced on the platform. Upwork grew revenue by 32% year-over-year during Q3, hitting $128 million in sales.

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