Seven Eight Capital LP Buys 34,223 Shares of Upstart Holdings, Inc. (NASDAQ:UPST)

Seven Eight Capital LP grew its stake in shares of Upstart Holdings, Inc. (NASDAQ:UPST) by 18.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 223,608 shares of the company’s stock after purchasing an additional 34,223 shares during the period. Upstart makes up 0.6% of Seven Eight Capital LP’s investment portfolio, making the stock its 19th largest holding. Seven Eight Capital LP owned approximately 0.25% of Upstart worth $5,275,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Upstart by 1.6% during the first quarter. Vanguard Group Inc. now owns 7,128,975 shares of the company’s stock worth $191,698,000 after acquiring an additional 115,057 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Upstart by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 573,176 shares of the company’s stock worth $23,420,000 after acquiring an additional 17,463 shares in the last quarter. Norges Bank purchased a new stake in shares of Upstart during the fourth quarter valued at approximately $19,017,000. Liontrust Investment Partners LLP raised its holdings 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 acquiring an additional 60,000 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Upstart by 15.3% in 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 last quarter. Institutional investors own 63.01% of the company’s stock.

Upstart Stock Up 7.3 %

NASDAQ UPST opened at $37.69 on Wednesday. The company has a fifty day moving average of $33.52 and a two-hundred day moving average of $27.60. The firm has a market capitalization of $3.31 billion, a price-to-earnings ratio of -18.30 and a beta of 2.03. Upstart Holdings, Inc. has a 52 week low of $19.84 and a 52 week high of $49.62.

Upstart (NASDAQ:UPST) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate 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 company had revenue of $127.63 million during the quarter, compared to analyst estimates of $124.55 million. During the same period in the previous year, the firm earned ($0.34) earnings per share. Upstart’s quarterly revenue was down 6.0% compared to the same quarter last year. Equities research analysts anticipate that Upstart Holdings, Inc. will post -2.39 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on UPST. Mizuho raised Upstart from an “underperform” rating to an “outperform” rating and boosted their target price for the stock from $17.00 to $31.00 in a research report on Wednesday, July 31st. JPMorgan Chase & Co. increased their price target on Upstart from $27.00 to $30.00 and gave the company an “underweight” rating in a report on Tuesday, August 20th. Needham & Company LLC reaffirmed a “hold” rating on shares of Upstart in a report on Thursday, August 8th. Wedbush reissued an “underperform” rating and issued a $10.00 target price on shares of Upstart in a report on Wednesday, August 7th. Finally, Barclays upped their price target on shares of Upstart from $25.00 to $35.00 and gave the company an “equal weight” rating in a research report on Monday, August 12th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $26.75.

Insider Transactions at Upstart

In other news, CFO Sanjay Datta sold 1,500 shares of Upstart stock in a transaction on Monday, September 9th. The stock was sold at an average price of $34.85, for a total transaction of $52,275.00. Following the completion of the sale, the chief financial officer now directly owns 344,593 shares in the company, valued at $12,009,066.05. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Natalia Mirgorodskaya sold 1,264 shares of Upstart stock in a transaction dated 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 $942,006.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Sanjay Datta sold 1,500 shares of Upstart stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $34.85, for a total value of $52,275.00. Following the completion of the sale, the chief financial officer now owns 344,593 shares of the company’s stock, valued at $12,009,066.05. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 159,459 shares of company stock worth $5,990,694. 18.06% of the stock is currently owned by insiders.

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.