Upstart (NASDAQ:UPST) Shares Up 6.3% – Here’s What Happened

Upstart Holdings, Inc. (NASDAQ:UPST) shares were up 6.3% during mid-day trading on Thursday . The company traded as high as $53.00 and last traded at $52.88. Approximately 1,058,538 shares traded hands during trading, a decline of 84% from the average daily volume of 6,652,180 shares. The stock had previously closed at $49.75.

Wall Street Analyst Weigh In

UPST has been the subject of several research reports. Piper Sandler raised their target price on Upstart from $28.00 to $31.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Barclays increased their price objective on shares of Upstart from $25.00 to $35.00 and gave the company an “equal weight” rating in a research note on Monday, August 12th. Mizuho lifted their target price on shares of Upstart from $33.00 to $48.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. Wedbush raised shares of Upstart from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $10.00 to $45.00 in a research report on Monday, October 14th. Finally, Needham & Company LLC restated a “hold” rating on shares of Upstart in a research note on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Upstart presently has a consensus rating of “Hold” and a consensus price target of $31.50.

Upstart Price Performance

The company’s 50 day simple moving average is $42.12 and its two-hundred day simple moving average is $31.27. The stock has a market capitalization of $4.53 billion, a P/E ratio of -21.62 and a beta of 2.01.

Upstart (NASDAQ:UPST) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.22. The business had revenue of $127.63 million for 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%. Upstart’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.34) EPS. On average, research analysts anticipate that Upstart Holdings, Inc. will post -2.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Upstart

In other news, insider Scott Darling sold 84,000 shares of the company’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 transaction, the insider now directly owns 152,043 shares in the company, valued at approximately $7,605,190.86. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Scott Darling sold 84,000 shares of the business’s 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 in the company, valued at $7,605,190.86. 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 link. Also, CEO Dave Girouard sold 3,361 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $38.35, for a total value of $128,894.35. Following the transaction, the chief executive officer now directly owns 61,512 shares in the company, valued at $2,358,985.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 313,459 shares of company stock worth $13,693,915. 18.06% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Upstart

Several institutional investors have recently modified their holdings of UPST. Vanguard Group Inc. boosted its stake in Upstart by 1.6% in the first 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 during the last quarter. Liontrust Investment Partners LLP boosted its position in shares of 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 purchasing an additional 60,000 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Upstart by 15.3% during the second quarter. Bank of New York Mellon Corp now owns 272,430 shares of the company’s stock worth $6,427,000 after purchasing an additional 36,206 shares during the period. Millennium Management LLC increased its holdings in Upstart by 1,792.9% in the second quarter. Millennium Management LLC now owns 262,396 shares of the company’s stock valued at $6,190,000 after purchasing an additional 277,896 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its stake in Upstart by 4,087.8% in the third quarter. International Assets Investment Management LLC now owns 233,258 shares of the company’s stock valued at $9,333,000 after buying an additional 227,688 shares during the period. Institutional investors and hedge funds 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.