Upstart Holdings, Inc. (NASDAQ:UPST) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its holdings in Upstart Holdings, Inc. (NASDAQ:UPST) by 15.3% in the second quarter, HoldingsChannel.com reports. The firm owned 272,430 shares of the company’s stock after buying an additional 36,206 shares during the quarter. Bank of New York Mellon Corp’s holdings in Upstart were worth $6,427,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of UPST. Benjamin F. Edwards & Company Inc. raised its holdings in Upstart by 80.6% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,743 shares of the company’s stock worth $47,000 after purchasing an additional 778 shares during the period. GAMMA Investing LLC raised its holdings in Upstart by 259.0% in the 2nd quarter. GAMMA Investing LLC now owns 2,204 shares of the company’s stock worth $52,000 after purchasing an additional 1,590 shares during the period. BOCHK Asset Management Ltd acquired a new position in Upstart in the 4th quarter worth about $61,000. Comerica Bank increased its stake in Upstart by 144.0% during the 1st quarter. Comerica Bank now owns 2,313 shares of the company’s stock worth $62,000 after buying an additional 1,365 shares in the last quarter. Finally, EMC Capital Management increased its stake in Upstart by 16.2% during the 1st quarter. EMC Capital Management now owns 4,300 shares of the company’s stock worth $109,000 after buying an additional 600 shares in the last quarter. Institutional investors and hedge funds own 63.01% of the company’s stock.

Wall Street Analysts Forecast Growth

UPST has been the subject of several research reports. BTIG Research initiated coverage on Upstart in a research note on Friday, June 7th. They set a “sell” rating and a $14.00 price objective for the company. Wedbush reiterated an “underperform” rating and set a $10.00 price objective on shares of Upstart in a research note on Wednesday, August 7th. Mizuho upgraded Upstart from an “underperform” rating to an “outperform” rating and upped their price target for the company from $17.00 to $31.00 in a research report on Wednesday, July 31st. Citigroup upgraded Upstart from a “sell” rating to a “neutral” rating and upped their price target for the company from $15.00 to $33.00 in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. upped their price target on Upstart from $27.00 to $30.00 and gave the company an “underweight” rating in a research report on Tuesday, August 20th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Upstart presently has a consensus rating of “Hold” and an average price target of $26.75.

Upstart Stock Up 4.4 %

NASDAQ:UPST opened at $35.14 on Thursday. The stock’s fifty day moving average is $32.46 and its two-hundred day moving average is $27.29. Upstart Holdings, Inc. has a 52 week low of $19.84 and a 52 week high of $49.62. The stock has a market capitalization of $3.09 billion, a price-to-earnings ratio of -17.06 and a beta of 2.02.

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. Upstart had a negative return on equity of 32.01% and a negative net margin of 38.05%. The company had revenue of $127.63 million for the quarter, compared to analysts’ expectations of $124.55 million. During the same period in the prior year, the firm earned ($0.34) earnings per share. The firm’s revenue was down 6.0% compared to the same quarter last year. On average, sell-side analysts expect that Upstart Holdings, Inc. will post -2.39 EPS for the current fiscal year.

Insider Activity

In other news, CFO Sanjay Datta sold 1,000 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $27.80, for a total value of $27,800.00. Following the sale, the chief financial officer now directly owns 374,398 shares in the company, valued at $10,408,264.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Sanjay Datta sold 1,000 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $27.80, for a total value of $27,800.00. Following the sale, the chief financial officer now directly owns 374,398 shares in the company, valued at $10,408,264.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Dave Girouard sold 3,361 shares of the 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 completion of the transaction, the chief executive officer now directly owns 61,512 shares in the company, valued at approximately $2,358,985.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 159,459 shares of company stock worth $5,990,694. Corporate insiders own 18.06% of the company’s stock.

Upstart 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.