Upstart (NASDAQ:UPST) Shares Up 11.4%

Upstart Holdings, Inc. (NASDAQ:UPSTGet Rating) shot up 11.4% during trading on Tuesday . The company traded as high as $39.33 and last traded at $39.14. 73,270 shares changed hands during trading, a decline of 99% from the average session volume of 7,432,361 shares. The stock had previously closed at $35.14.

A number of brokerages have recently commented on UPST. Citigroup cut Upstart from a “buy” rating to a “neutral” rating and dropped their price target for the company from $180.00 to $50.00 in a research report on Tuesday, May 10th. Wedbush dropped their price target on Upstart from $70.00 to $35.00 in a research report on Tuesday, May 10th. Atlantic Securities cut Upstart from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $245.00 to $45.00 in a report on Wednesday, May 11th. Piper Sandler cut Upstart from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $230.00 to $44.00 in a report on Tuesday, May 10th. Finally, FBN Securities began coverage on Upstart in a report on Tuesday, April 12th. They set an “outperform” rating and a $150.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $97.77.

The firm has a market capitalization of $3.29 billion, a P/E ratio of 23.72 and a beta of 1.23. The business has a 50 day simple moving average of $57.36 and a two-hundred day simple moving average of $99.99.

Upstart (NASDAQ:UPSTGet Rating) last announced its earnings results on Monday, May 9th. The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.09. The business had revenue of $310.14 million for the quarter, compared to analyst estimates of $300.13 million. Upstart had a return on equity of 20.27% and a net margin of 15.23%. The company’s quarterly revenue was up 155.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.12 EPS. On average, analysts predict that Upstart Holdings, Inc. will post 0.51 EPS for the current year.

In related news, CEO Dave Girouard sold 83,333 shares of the stock in a transaction dated Friday, April 1st. The stock was sold at an average price of $108.39, for a total transaction of $9,032,463.87. Following the completion of the sale, the chief executive officer now directly owns 87,114 shares in the company, valued at approximately $9,442,286.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Alison Nicoll sold 7,500 shares of the stock in a transaction dated Wednesday, March 23rd. The shares were sold at an average price of $121.94, for a total value of $914,550.00. The disclosure for this sale can be found here. Insiders have sold a total of 193,383 shares of company stock worth $18,085,483 over the last quarter. Corporate insiders own 18.87% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Upstart by 16.9% in the 1st quarter. Vanguard Group Inc. now owns 5,822,210 shares of the company’s stock worth $635,145,000 after buying an additional 840,668 shares during the period. Vulcan Value Partners LLC lifted its holdings in Upstart by 14.0% in the 4th quarter. Vulcan Value Partners LLC now owns 4,845,315 shares of the company’s stock worth $733,096,000 after buying an additional 594,854 shares during the period. BlackRock Inc. lifted its holdings in Upstart by 11.5% in the 1st quarter. BlackRock Inc. now owns 2,355,881 shares of the company’s stock worth $257,003,000 after buying an additional 242,348 shares during the period. Renaissance Technologies LLC lifted its holdings in Upstart by 34.2% in the 4th quarter. Renaissance Technologies LLC now owns 1,238,437 shares of the company’s stock worth $187,376,000 after buying an additional 315,537 shares during the period. Finally, Allianz Asset Management GmbH lifted its holdings in Upstart by 3.6% in the 1st quarter. Allianz Asset Management GmbH now owns 1,005,087 shares of the company’s stock worth $109,645,000 after buying an additional 35,074 shares during the period. Institutional investors own 59.65% of the company’s stock.

About Upstart (NASDAQ:UPST)

Upstart Holdings, Inc operates a cloud- based artificial intelligence (AI) lending platform in the United States. The company's platform aggregates consumer demand for loans and connects it to its network of the company's AI- enabled bank partners. Its platform connects consumers, banks, and institutional investors through a shared AI lending platform.

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