Upstart (NASDAQ:UPST) Cut to Underweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Upstart (NASDAQ:UPST) from a neutral rating to an underweight rating in a report issued on Monday morning, MarketBeat.com reports. They currently have $57.00 price objective on the stock, up from their previous price objective of $45.00.

A number of other equities research analysts have also recently commented on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Upstart in a report on Thursday, August 8th. BTIG Research raised shares of Upstart from a “sell” rating to a “neutral” rating in a report on Monday, November 11th. Wedbush lifted their price target on shares of Upstart from $45.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Mizuho lifted their price target on shares of Upstart from $33.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Finally, Barclays boosted their target price on shares of Upstart from $25.00 to $35.00 and gave the company an “equal weight” rating in a report on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Upstart currently has a consensus rating of “Hold” and an average price target of $57.56.

Upstart Stock Up 2.5 %

Upstart stock opened at $74.63 on Monday. Upstart has a 52 week low of $20.60 and a 52 week high of $86.07. The company’s 50 day moving average price is $56.74 and its two-hundred day moving average price is $39.31. The stock has a market cap of $6.81 billion, a P/E ratio of -38.67 and a beta of 2.19.

Insider Activity

In other news, Director Kerry Whorton Cooper sold 500 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $74.59, for a total transaction of $37,295.00. Following the completion of the transaction, the director now directly owns 17,961 shares in the company, valued at $1,339,710.99. The trade was a 2.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Paul Gu sold 87,600 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $69.39, for a total transaction of $6,078,564.00. Following the transaction, the chief technology officer now owns 863,065 shares of the company’s stock, valued at $59,888,080.35. This trade represents a 9.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 539,539 shares of company stock worth $32,897,079 in the last three months. Corporate insiders own 18.06% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Orion Capital Management LLC grew its position in Upstart by 5.1% in the third quarter. Orion Capital Management LLC now owns 5,560 shares of the company’s stock worth $222,000 after acquiring an additional 270 shares in the last quarter. Atomi Financial Group Inc. grew its position in Upstart by 0.7% in the second quarter. Atomi Financial Group Inc. now owns 59,009 shares of the company’s stock worth $1,392,000 after acquiring an additional 406 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in Upstart by 18.2% during the second quarter. Daiwa Securities Group Inc. now owns 2,657 shares of the company’s stock valued at $63,000 after buying an additional 409 shares during the period. Principal Financial Group Inc. boosted its position in Upstart by 4.2% during the second quarter. Principal Financial Group Inc. now owns 10,405 shares of the company’s stock valued at $245,000 after buying an additional 422 shares during the period. Finally, Inspire Advisors LLC boosted its position in Upstart by 3.0% during the second quarter. Inspire Advisors LLC now owns 16,623 shares of the company’s stock valued at $392,000 after buying an additional 480 shares during the period. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

About Upstart

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.