Upstart (NASDAQ:UPST) Trading 8.2% Higher – Here’s Why

Upstart Holdings, Inc. (NASDAQ:UPST)’s share price was up 8.2% during trading on Tuesday . The company traded as high as $51.46 and last traded at $51.12. Approximately 2,079,293 shares were traded during trading, a decline of 68% from the average daily volume of 6,582,157 shares. The stock had previously closed at $47.24.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on UPST shares. Needham & Company LLC reiterated a “hold” rating on shares of Upstart in a report on Thursday, August 8th. Piper Sandler lifted their price target on Upstart from $28.00 to $31.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Wedbush upgraded Upstart from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $10.00 to $45.00 in a report on Monday, October 14th. Barclays lifted their price target on Upstart from $25.00 to $35.00 and gave the stock an “equal weight” rating in a report on Monday, August 12th. Finally, Citigroup upgraded Upstart from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $15.00 to $33.00 in a report on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $31.50.

Upstart Stock Up 6.7 %

The company has a market capitalization of $4.83 billion, a PE ratio of -23.07 and a beta of 1.97. The company has a 50-day moving average price of $43.32 and a two-hundred day moving average price of $32.69.

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

Insider Activity at Upstart

In related news, insider Scott Darling sold 84,000 shares of Upstart stock in a transaction on Monday, October 14th. The stock was sold at an average price of $50.02, for a total transaction of $4,201,680.00. Following the completion of the sale, the insider now owns 152,043 shares of the company’s stock, valued at approximately $7,605,190.86. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Upstart news, insider Scott Darling sold 84,000 shares of Upstart stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $50.02, for a total transaction of $4,201,680.00. Following the completion of the sale, the insider now owns 152,043 shares of the company’s stock, valued at $7,605,190.86. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Paul Gu sold 10,000 shares of Upstart stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $40.01, for a total value of $400,100.00. Following the sale, the chief technology officer now directly owns 894,629 shares of the company’s stock, valued at approximately $35,794,106.29. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 312,959 shares of company stock valued at $13,724,175. Company insiders own 18.06% of the company’s stock.

Institutional Investors Weigh In On Upstart

Several hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in shares of Upstart by 125.3% in the 3rd quarter. Blue Trust Inc. now owns 989 shares of the company’s stock valued at $40,000 after acquiring an additional 550 shares during the last quarter. Hollencrest Capital Management bought a new stake in shares of Upstart in the 3rd quarter valued at about $40,000. Indiana Trust & Investment Management Co bought a new stake in shares of Upstart in the 3rd quarter valued at about $43,000. Anfield Capital Management LLC bought a new stake in shares of Upstart in the 2nd quarter valued at about $33,000. Finally, Castleview Partners LLC lifted its stake in shares of Upstart by 21,610.0% in the 3rd quarter. Castleview Partners LLC now owns 2,171 shares of the company’s stock valued at $87,000 after acquiring an additional 2,161 shares during the last quarter. Institutional investors own 63.01% of the company’s stock.

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.