Merit Financial Group LLC bought a new position in shares of Upstart Holdings, Inc. (NASDAQ:UPST – Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,396 shares of the company’s stock, valued at approximately $271,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC acquired a new stake in Upstart in the third quarter valued at about $334,000. Tyler Stone Wealth Management lifted its holdings 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 valued at $2,222,000 after buying an additional 26,917 shares during the period. Intech Investment Management LLC purchased a new stake in shares of Upstart in the third quarter valued at approximately $939,000. Quadrature Capital Ltd acquired a new position in Upstart during the third quarter worth $676,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in Upstart by 63.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 725,582 shares of the company’s stock worth $29,031,000 after acquiring an additional 282,481 shares in the last quarter. Institutional investors and hedge funds own 63.01% of the company’s stock.
Insider Buying and Selling
In other news, CFO Sanjay Datta sold 1,500 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $51.70, for a total transaction of $77,550.00. Following the sale, the chief financial officer now owns 334,093 shares in the company, valued at $17,272,608.10. This trade represents a 0.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Dave Girouard sold 41,667 shares of Upstart stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $62.60, for a total value of $2,608,354.20. Following the completion of the sale, the chief executive officer now directly owns 57,138 shares of the company’s stock, valued at approximately $3,576,838.80. This represents a 42.17 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 392,535 shares of company stock worth $26,968,327. 18.06% of the stock is owned by insiders.
Upstart Stock Down 2.7 %
Upstart (NASDAQ:UPST – Get Free Report) last released its earnings results on Thursday, November 7th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.31). The firm had revenue of $162.14 million during the quarter, compared to analysts’ expectations of $149.94 million. Upstart had a negative net margin of 30.15% and a negative return on equity of 32.57%. During the same quarter last year, the company posted ($0.48) earnings per share. As a group, analysts anticipate that Upstart Holdings, Inc. will post -2.18 EPS for the current year.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently weighed in on UPST shares. JPMorgan Chase & Co. cut shares of Upstart from a “neutral” rating to an “underweight” rating and upped their price target for the stock from $45.00 to $57.00 in a research note on Monday, December 2nd. BTIG Research raised shares of Upstart from a “sell” rating to a “neutral” rating in a report on Monday, November 11th. Needham & Company LLC raised Upstart from a “hold” rating to a “buy” rating and set a $100.00 price target on the stock in a research note on Friday, December 13th. Redburn Atlantic raised Upstart from a “neutral” rating to a “buy” rating and raised their price objective for the company from $37.00 to $95.00 in a research note on Tuesday, December 3rd. Finally, Wedbush boosted their target price on Upstart from $60.00 to $75.00 and gave the stock a “neutral” rating in a research report on Monday, December 2nd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $61.80.
Check Out Our Latest Stock Report on UPST
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.
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