Upstart (NASDAQ:UPST) Shares Gap Down to $38.03

Shares of Upstart Holdings, Inc. (NASDAQ:UPST) gapped down before the market opened on Monday . The stock had previously closed at $38.03, but opened at $34.42. Upstart shares last traded at $33.22, with a volume of 1,525,191 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Piper Sandler upped their price objective on Upstart from $28.00 to $31.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Upstart in a research report on Thursday, August 8th. Wedbush reaffirmed an “underperform” rating and issued a $10.00 price objective on shares of Upstart in a report on Wednesday, August 7th. Mizuho raised shares of Upstart from an “underperform” rating to an “outperform” rating and increased their target price for the stock from $17.00 to $31.00 in a research note on Wednesday, July 31st. Finally, Redburn Atlantic upgraded Upstart from a “sell” rating to a “neutral” rating and lifted their price target for the company from $22.50 to $25.50 in a research note on Tuesday, June 4th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Upstart currently has an average rating of “Hold” and a consensus price target of $26.75.

Upstart Stock Down 4.6 %

The firm has a market capitalization of $3.19 billion, a price-to-earnings ratio of -16.13 and a beta of 2.03. The stock’s 50-day moving average price is $33.02 and its 200 day moving average price is $27.46.

Upstart (NASDAQ:UPST) last issued its earnings results on Tuesday, August 6th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.22. Upstart had a negative return on equity of 32.01% and a negative net margin of 38.05%. The business had revenue of $127.63 million for the quarter, compared to analysts’ expectations of $124.55 million. During the same period in the previous year, the firm posted ($0.34) EPS. The business’s revenue for the quarter was down 6.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Upstart Holdings, Inc. will post -2.39 earnings per share for the current year.

Insider Activity

In other Upstart news, Chief Legal Officer Scott Darling sold 9,000 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $45.00, for a total transaction of $405,000.00. Following the completion of the sale, the insider now owns 164,870 shares of the company’s stock, valued at $7,419,150. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Sanjay Datta sold 1,000 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $27.80, for a total transaction of $27,800.00. Following the transaction, the chief financial officer now owns 374,398 shares of the company’s stock, valued at approximately $10,408,264.40. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chief Legal Officer Scott Darling sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $45.00, for a total transaction of $405,000.00. Following the completion of the transaction, the insider now directly owns 164,870 shares of the company’s stock, valued at approximately $7,419,150. The disclosure for this sale can be found here. Insiders sold a total of 159,459 shares of company stock valued at $5,990,694 in the last 90 days. Company insiders own 18.06% of the company’s stock.

Hedge Funds Weigh In On Upstart

A number of institutional investors and hedge funds have recently made changes to their positions in UPST. Magnetar Financial LLC boosted its holdings in Upstart by 1,106.7% in the first quarter. Magnetar Financial LLC now owns 97,281 shares of the company’s stock valued at $2,616,000 after purchasing an additional 89,219 shares in the last quarter. Norges Bank purchased a new position in shares of Upstart in the 4th quarter valued at $19,017,000. Vanguard Group Inc. raised its stake in Upstart by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 7,013,918 shares of the company’s stock worth $286,589,000 after acquiring an additional 157,719 shares in the last quarter. Baader Bank Aktiengesellschaft lifted its position in Upstart by 273.8% in the second quarter. Baader Bank Aktiengesellschaft now owns 41,115 shares of the company’s stock valued at $969,000 after acquiring an additional 30,115 shares during the last quarter. Finally, Entropy Technologies LP acquired a new position in Upstart in the first quarter valued at $1,358,000. 63.01% of the stock is owned by institutional investors and hedge funds.

Upstart Company Profile

Upstart Holdings, Inc, together with its subsidiaries, operates a cloud-based artificial intelligence (AI) lending platform in the United States. Its platform includes personal loans, automotive retail and refinance loans, home equity lines of credit, and small dollar loans that connects consumer demand for loans to its to bank and credit unions.