Upstart (NASDAQ:UPST) Earns “Underperform” Rating from Wedbush

Wedbush reiterated their underperform rating on shares of Upstart (NASDAQ:UPST) in a report published on Wednesday morning, Benzinga reports. They currently have a $10.00 price objective on the stock.

Several other equities research analysts also recently weighed in on UPST. Citigroup raised shares of Upstart from a sell rating to a neutral rating and upped their target price for the stock from $15.00 to $33.00 in a research note on Wednesday. JMP Securities reaffirmed a market perform rating on shares of Upstart in a research note on Wednesday, April 17th. Piper Sandler upped their target price on shares of Upstart from $28.00 to $31.00 and gave the stock a neutral rating in a research note on Wednesday. Redburn Atlantic raised shares of Upstart from a sell rating to a neutral rating and upped their target price for the stock from $22.50 to $25.50 in a research note on Tuesday, June 4th. Finally, Mizuho raised shares of Upstart from an underperform rating to an outperform rating and upped their target price for the stock from $17.00 to $31.00 in a research note on Wednesday, July 31st. Five equities research 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 MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $24.50.

Upstart Price Performance

Shares of UPST stock traded up $2.04 during trading hours on Wednesday, hitting $36.25. The company had a trading volume of 17,062,470 shares, compared to its average volume of 6,434,901. The company’s fifty day moving average is $25.50 and its 200 day moving average is $26.06. Upstart has a fifty-two week low of $19.84 and a fifty-two week high of $49.62. The stock has a market capitalization of $3.19 billion, a PE ratio of -17.60 and a beta of 1.97.

Upstart (NASDAQ:UPST) last issued 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 31.57%. The firm had revenue of $127.63 million for the quarter, compared to analyst estimates of $124.55 million. During the same period in the prior year, the business posted ($0.34) EPS. The business’s revenue for the quarter was down 6.0% compared to the same quarter last year. Equities analysts forecast that Upstart will post -2.7 earnings per share for the current year.

Insider Transactions at Upstart

In related news, CFO Sanjay Datta sold 1,000 shares of the firm’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $26.31, for a total value of $26,310.00. Following the completion of the sale, the chief financial officer now owns 372,398 shares in the company, valued at $9,797,791.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CTO Paul Gu sold 80,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $29.52, for a total value of $2,361,600.00. Following the sale, the chief technology officer now directly owns 893,596 shares of the company’s stock, valued at $26,378,953.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sanjay Datta sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $26.31, for a total transaction of $26,310.00. Following the sale, the chief financial officer now owns 372,398 shares of the company’s stock, valued at $9,797,791.38. The disclosure for this sale can be found here. In the last quarter, insiders sold 171,610 shares of company stock worth $4,725,533. Company insiders own 18.06% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in UPST. Atomi Financial Group Inc. boosted its stake in Upstart by 0.7% during the 2nd quarter. Atomi Financial Group Inc. now owns 59,009 shares of the company’s stock valued at $1,392,000 after acquiring an additional 406 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Upstart by 18.2% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,657 shares of the company’s stock valued at $63,000 after purchasing an additional 409 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Upstart by 4.2% during the 2nd quarter. Principal Financial Group Inc. now owns 10,405 shares of the company’s stock valued at $245,000 after purchasing an additional 422 shares in the last quarter. Inspire Advisors LLC boosted its holdings in shares of Upstart by 3.0% in the second quarter. Inspire Advisors LLC now owns 16,623 shares of the company’s stock worth $392,000 after buying an additional 480 shares during the period. Finally, Cassady Schiller Wealth Management LLC boosted its holdings in shares of Upstart by 23.7% in the fourth quarter. Cassady Schiller Wealth Management LLC now owns 2,748 shares of the company’s stock worth $112,000 after buying an additional 527 shares during the period. 63.01% of the stock is currently owned by hedge funds and other 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.