Upstart (NASDAQ:UPST) Sees Strong Trading Volume

Upstart Holdings, Inc. (NASDAQ:UPST) saw an uptick in trading volume on Tuesday . 2,763,253 shares changed hands during trading, a decline of 57% from the previous session’s volume of 6,497,028 shares.The stock last traded at $34.96 and had previously closed at $35.12.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Mizuho raised 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. Citigroup raised shares of Upstart from a “sell” rating to a “neutral” rating and increased their target price for the company from $15.00 to $33.00 in a report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price target on shares of Upstart from $27.00 to $30.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 20th. 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. Finally, Redburn Atlantic upgraded Upstart from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $22.50 to $25.50 in a report on Tuesday, June 4th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $26.75.

Upstart Stock Performance

The firm has a market cap of $3.25 billion, a P/E ratio of -18.02 and a beta of 2.03. The business has a 50-day simple moving average of $33.25 and a 200 day simple moving average of $27.52.

Upstart (NASDAQ:UPST) last announced 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. The company had revenue of $127.63 million during the quarter, compared to analyst estimates of $124.55 million. Upstart had a negative return on equity of 32.01% and a negative net margin of 38.05%. The firm’s revenue was down 6.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.34) earnings per share. On average, research analysts expect that Upstart Holdings, Inc. will post -2.39 EPS for the current year.

Insider Activity

In related news, CTO Paul Gu sold 5,000 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $23.52, for a total value of $117,600.00. Following the completion of the transaction, the chief technology officer now directly owns 894,629 shares of the company’s stock, valued at $21,041,674.08. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Upstart news, Chief Legal Officer Scott Darling sold 24,000 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $40.00, for a total transaction of $960,000.00. Following the completion of the transaction, the insider now owns 184,060 shares of the company’s stock, valued at $7,362,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Paul Gu sold 5,000 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $23.52, for a total transaction of $117,600.00. Following the completion of the sale, the chief technology officer now directly owns 894,629 shares in the company, valued at $21,041,674.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 159,459 shares of company stock valued at $5,990,694. Corporate insiders own 18.06% of the company’s stock.

Institutional Investors Weigh In On Upstart

Hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of Upstart in the fourth quarter worth $19,017,000. Millennium Management LLC grew its position in Upstart by 1,792.9% during the 2nd quarter. Millennium Management LLC now owns 262,396 shares of the company’s stock valued at $6,190,000 after purchasing an additional 277,896 shares during the last quarter. Vanguard Group Inc. grew its position in Upstart by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 7,013,918 shares of the company’s stock valued at $286,589,000 after purchasing an additional 157,719 shares during the last quarter. Seven Eight Capital LP increased its stake in Upstart by 349.1% during the 1st quarter. Seven Eight Capital LP now owns 189,385 shares of the company’s stock valued at $5,093,000 after purchasing an additional 147,213 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in Upstart by 442.1% in the second quarter. SG Americas Securities LLC now owns 148,214 shares of the company’s stock worth $3,496,000 after buying an additional 120,871 shares during the last quarter. Institutional investors own 63.01% of the company’s stock.

Upstart Company 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.