Upstart (NASDAQ:UPST) Shares Gap Down Following Insider Selling

Upstart Holdings, Inc. (NASDAQ:UPST) shares gapped down before the market opened on Tuesday after an insider sold shares in the company. The stock had previously closed at $77.48, but opened at $71.10. Upstart shares last traded at $71.23, with a volume of 4,138,166 shares changing hands.

Specifically, CEO Dave Girouard sold 41,667 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $65.15, for a total value of $2,714,605.05. Following the completion of the transaction, the chief executive officer now owns 61,512 shares of the company’s stock, valued at $4,007,506.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised shares of Upstart from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $30.00 to $45.00 in a report on Friday, November 8th. Wedbush upped their price objective on Upstart from $45.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Piper Sandler raised Upstart from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $31.00 to $85.00 in a report on Friday, November 8th. Barclays boosted their target price on Upstart from $25.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Monday, August 12th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Upstart in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $46.83.

Upstart Trading Down 2.3 %

The stock’s fifty day moving average is $46.54 and its 200 day moving average is $34.49. The company has a market capitalization of $6.19 billion, a P/E ratio of -35.13 and a beta of 1.97.

Institutional Trading of Upstart

Large investors have recently modified their holdings of the business. Tyler Stone Wealth Management lifted its position in shares of Upstart by 94.1% in the 3rd quarter. Tyler Stone Wealth Management now owns 55,534 shares of the company’s stock worth $2,222,000 after purchasing an additional 26,917 shares during the period. Magnetar Financial LLC raised its position in shares of Upstart by 1,106.7% in the 1st quarter. Magnetar Financial LLC now owns 97,281 shares of the company’s stock worth $2,616,000 after acquiring an additional 89,219 shares in the last quarter. SteelPeak Wealth LLC bought a new stake in shares of Upstart during the third quarter valued at approximately $828,000. LifePro Asset Management purchased a new stake in Upstart in the third quarter worth $2,008,000. Finally, EMC Capital Management raised its holdings in Upstart by 217.5% in the third quarter. EMC Capital Management now owns 20,000 shares of the company’s stock worth $800,000 after purchasing an additional 13,700 shares in the last quarter. 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.