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Upwork Inc. (NASDAQ:UPWK) rose 3% in premarket trading after a report that activist investor Engine Capital accumulated a 4% stake in the freelance marketplace.
The activist is pushing for Upwork (UPWK) to change its board, according to a CNBC report on Friday, which cited a letter that the activist wrote to Upwork’s board.
Engine highlighted that Upwork (UPWK) has underperformed its closest peer Fiverr (FVRR) and should work to simplify its platform, reduce costs and grow its enterprise business.
Upwork (UPWK) didn’t immediately respond to CNBC’s request for comment.
Upwork (UPWK) shares have plunged 37% this year, while Fiverr (FVRR) is down 10%.
