Upstart (NASDAQ:UPST) Shares Gap Down to $36.25

Upstart Holdings, Inc. (NASDAQ:UPST) shares gapped down prior to trading on Monday . The stock had previously closed at $36.25, but opened at $35.39. Upstart shares last traded at $35.83, with a volume of 486,460 shares.

Analysts Set New Price Targets

UPST has been the topic of a number of analyst reports. JMP Securities reissued a “market perform” rating on shares of Upstart in a research note on Wednesday, April 17th. Piper Sandler lifted their price target on Upstart from $28.00 to $31.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. lifted their price target on Upstart from $24.00 to $27.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 7th. Barclays lifted their price target on Upstart from $25.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Upstart in a research note on Thursday, August 8th. Five analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $24.86.

Upstart Trading Up 10.7 %

The stock has a market capitalization of $3.32 billion, a price-to-earnings ratio of -18.36 and a beta of 1.97. The stock has a 50-day simple moving average of $25.96 and a 200 day simple moving average of $25.99.

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, beating the consensus estimate of ($0.39) by $0.22. The business had revenue of $127.63 million during the quarter, compared to analyst estimates 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 revenue was down 6.0% on a year-over-year basis. During the same period in the previous year, the company earned ($0.34) EPS. Sell-side analysts expect that Upstart Holdings, Inc. will post -2.7 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Dave Girouard sold 2,997 shares of Upstart stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $25.62, for a total transaction of $76,783.14. Following the completion of the sale, the chief executive officer now directly owns 64,873 shares in the company, valued at approximately $1,662,046.26. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Natalia Mirgorodskaya sold 1,188 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $25.61, for a total value of $30,424.68. Following the transaction, the insider now directly owns 27,977 shares of the company’s stock, valued at approximately $716,490.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Dave Girouard sold 2,997 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $25.62, for a total value of $76,783.14. Following the completion of the transaction, the chief executive officer now directly owns 64,873 shares in the company, valued at $1,662,046.26. The disclosure for this sale can be found here. Insiders sold a total of 91,610 shares of company stock worth $2,363,933 in the last three months. 18.06% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Upstart by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 7,128,975 shares of the company’s stock valued at $191,698,000 after acquiring an additional 115,057 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Upstart by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 573,176 shares of the company’s stock worth $23,420,000 after buying an additional 17,463 shares during the period. Norges Bank bought a new position in Upstart in the 4th quarter worth approximately $19,017,000. Liontrust Investment Partners LLP increased its position in Upstart by 26.1% in the 2nd quarter. Liontrust Investment Partners LLP now owns 290,000 shares of the company’s stock worth $6,841,000 after buying an additional 60,000 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Upstart by 15.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 272,430 shares of the company’s stock worth $6,427,000 after buying an additional 36,206 shares during the period. 63.01% of the stock is owned by 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.