Upstart (NASDAQ:UPST) Shares Gap Up – What’s Next?

Upstart Holdings, Inc. (NASDAQ:UPST)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $57.00, but opened at $62.08. Upstart shares last traded at $63.16, with a volume of 2,183,512 shares traded.

Analysts Set New Price Targets

A number of equities analysts have commented on UPST shares. Piper Sandler upgraded shares of Upstart from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $31.00 to $85.00 in a research report on Friday, November 8th. Mizuho upped their price objective on shares of Upstart from $33.00 to $48.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Needham & Company LLC raised shares of Upstart from a “hold” rating to a “buy” rating and set a $100.00 price target on the stock in a research note on Friday, December 13th. JPMorgan Chase & Co. cut shares of Upstart from a “neutral” rating to an “underweight” rating and upped their price target for the stock from $45.00 to $57.00 in a research note on Monday, December 2nd. Finally, Redburn Atlantic raised shares of Upstart from a “neutral” rating to a “buy” rating and upped their price target for the stock from $37.00 to $95.00 in a research note on Tuesday, December 3rd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $61.80.

Upstart Trading Up 2.9 %

The stock has a market capitalization of $5.88 billion, a price-to-earnings ratio of -33.42 and a beta of 2.26. The stock’s 50 day moving average is $70.20 and its 200 day moving average is $49.02.

Insider Activity at Upstart

In related news, Director Kerry Whorton Cooper sold 500 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $74.59, for a total value of $37,295.00. Following the sale, the director now directly owns 17,961 shares of the company’s stock, valued at approximately $1,339,710.99. This represents a 2.71 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Sanjay Datta sold 1,500 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $79.54, for a total transaction of $119,310.00. Following the completion of the transaction, the chief financial officer now owns 331,093 shares in the company, valued at approximately $26,335,137.22. This trade represents a 0.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 352,368 shares of company stock valued at $24,440,688. Insiders own 18.06% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mandatum Life Insurance Co Ltd purchased a new position in Upstart in the 4th quarter valued at about $372,000. Merit Financial Group LLC purchased a new position in Upstart in the 4th quarter valued at about $271,000. Wealthcare Advisory Partners LLC purchased a new position in Upstart in the 4th quarter valued at about $219,000. Harbor Capital Advisors Inc. lifted its holdings in shares of Upstart by 12.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 11,721 shares of the company’s stock worth $722,000 after acquiring an additional 1,303 shares during the period. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in shares of Upstart during the 4th quarter worth about $313,000. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

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.