Upstart (NASDAQ:UPST) Stock Price Down 4.7%

Upstart Holdings, Inc. (NASDAQ:UPST)’s stock price was down 4.7% on Tuesday . The stock traded as low as $36.39 and last traded at $36.73. Approximately 2,177,727 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 6,585,195 shares. The stock had previously closed at $38.53.

Analyst Ratings Changes

UPST has been the subject of several research reports. Needham & Company LLC restated a “hold” rating on shares of Upstart in a research note on Thursday, August 8th. Piper Sandler upped their price target on shares of Upstart from $28.00 to $31.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Redburn Atlantic raised Upstart from a “sell” rating to a “neutral” rating and increased their price target for the stock from $22.50 to $25.50 in a research report on Tuesday, June 4th. JPMorgan Chase & Co. boosted their price objective on Upstart from $27.00 to $30.00 and gave the company an “underweight” rating in a report on Tuesday, August 20th. Finally, Citigroup raised shares of Upstart from a “sell” rating to a “neutral” rating and lifted their target price for the company from $15.00 to $33.00 in a report on Wednesday, August 7th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Upstart presently has an average rating of “Hold” and an average price target of $27.61.

Upstart Trading Down 3.0 %

The stock has a market cap of $3.29 billion, a price-to-earnings ratio of -18.70 and a beta of 2.03. The firm’s 50-day moving average is $34.48 and its two-hundred day moving average is $27.99.

Upstart (NASDAQ:UPST) last announced its earnings results on Tuesday, August 6th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.22. The business 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 business’s revenue was down 6.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.34) earnings per share. On average, analysts predict that Upstart Holdings, Inc. will post -2.39 earnings per share for the current year.

Insider Buying and Selling at Upstart

In other news, 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 transaction of $128,894.35. Following the completion of the sale, the chief executive officer now owns 61,512 shares of the company’s stock, valued at $2,358,985.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Upstart news, insider Natalia Mirgorodskaya sold 1,264 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $38.36, for a total value of $48,487.04. Following the completion of the sale, the insider now directly owns 24,557 shares in the company, valued at approximately $942,006.52. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Dave Girouard sold 3,361 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $38.35, for a total value of $128,894.35. Following the completion of the sale, the chief executive officer now directly owns 61,512 shares of the company’s stock, valued at $2,358,985.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 159,959 shares of company stock worth $6,020,644. Corporate insiders own 18.06% of the company’s stock.

Institutional Investors Weigh In On Upstart

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Anfield Capital Management LLC acquired a new stake in shares of Upstart during the 2nd quarter worth approximately $33,000. Benjamin F. Edwards & Company Inc. raised its position in Upstart by 80.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,743 shares of the company’s stock valued at $47,000 after purchasing an additional 778 shares during the period. GAMMA Investing LLC raised its position in Upstart by 259.0% in the second quarter. GAMMA Investing LLC now owns 2,204 shares of the company’s stock valued at $52,000 after purchasing an additional 1,590 shares during the period. BOCHK Asset Management Ltd acquired a new position in shares of Upstart in the 4th quarter valued at $61,000. Finally, Comerica Bank grew its holdings in shares of Upstart by 144.0% during the 1st quarter. Comerica Bank now owns 2,313 shares of the company’s stock worth $62,000 after purchasing an additional 1,365 shares during the period. 63.01% of the stock is currently 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.