Upstart (NASDAQ:UPST) Price Target Raised to $60.00

Upstart (NASDAQ:UPST) had its price objective increased by stock analysts at Wedbush from $45.00 to $60.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Wedbush’s price objective would suggest a potential downside of 20.37% from the company’s previous close.

Other equities analysts also recently issued reports about the company. JPMorgan Chase & Co. upgraded Upstart from an “underweight” rating to a “neutral” rating and raised their price target for the company from $30.00 to $45.00 in a report on Friday. Piper Sandler raised shares of Upstart from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $31.00 to $85.00 in a report on Friday. Mizuho boosted their target price on 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 reiterated a “hold” rating on shares of Upstart in a report on Thursday, August 8th. Finally, Citigroup upgraded Upstart from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $56.00 to $87.00 in a report on Friday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Upstart currently has a consensus rating of “Hold” and an average price target of $46.83.

Upstart Trading Up 35.8 %

Shares of UPST stock traded up $19.88 during trading hours on Friday, reaching $75.35. The stock had a trading volume of 12,655,040 shares, compared to its average volume of 6,667,130. Upstart has a 12 month low of $19.84 and a 12 month high of $77.38. The firm has a market capitalization of $6.74 billion, a PE ratio of -32.50 and a beta of 1.97. The stock’s fifty day simple moving average is $43.81 and its 200 day simple moving average is $32.99.

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

Insiders Place Their Bets

In other news, insider Scott Darling sold 84,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were 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 can be accessed through this hyperlink. In related news, CTO Paul Gu sold 10,000 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $40.01, for a total value of $400,100.00. Following the sale, the chief technology officer now owns 894,629 shares of the company’s stock, valued at $35,794,106.29. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Scott Darling sold 84,000 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $50.02, for a total transaction of $4,201,680.00. Following the sale, the insider now directly owns 152,043 shares in the company, valued at $7,605,190.86. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 312,959 shares of company stock worth $13,724,175 over the last ninety days. 18.06% of the stock is owned by company insiders.

Institutional Trading of Upstart

Several hedge funds have recently added to or reduced their stakes in UPST. Magnetar Financial LLC lifted its stake in shares of Upstart by 1,106.7% in the 1st quarter. Magnetar Financial LLC now owns 97,281 shares of the company’s stock valued at $2,616,000 after acquiring an additional 89,219 shares during the last quarter. SteelPeak Wealth LLC bought a new stake in Upstart during the 3rd quarter worth approximately $828,000. LifePro Asset Management purchased a new position in shares of Upstart in the 3rd quarter worth approximately $2,008,000. EMC Capital Management grew its position in shares of Upstart by 217.5% during the 3rd quarter. EMC Capital Management now owns 20,000 shares of the company’s stock valued at $800,000 after acquiring an additional 13,700 shares during the period. Finally, Baader Bank Aktiengesellschaft lifted its position in shares of Upstart by 273.8% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 41,115 shares of the company’s stock valued at $969,000 after buying an additional 30,115 shares during the last quarter. 63.01% of the stock is owned by institutional investors and hedge funds.

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.