Upstart (NASDAQ:UPST) Trading Down 7.8%

Upstart Holdings, Inc. (NASDAQ:UPST)’s stock price traded down 7.8% during trading on Tuesday . The stock traded as low as $39.14 and last traded at $39.20. 2,432,495 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 6,478,309 shares. The stock had previously closed at $42.50.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Mizuho upgraded shares of Upstart from an “underperform” rating to an “outperform” rating and boosted their price target for the stock from $17.00 to $31.00 in a research note on Wednesday, July 31st. Barclays boosted their price target on shares of Upstart from $25.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Monday, August 12th. BTIG Research assumed coverage on shares of Upstart in a research note on Friday, June 7th. They issued a “sell” rating and a $14.00 price target for the company. Needham & Company LLC restated a “hold” rating on shares of Upstart in a research note on Thursday, August 8th. Finally, Redburn Atlantic upgraded shares of Upstart from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $22.50 to $25.50 in a research note on Tuesday, June 4th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $26.75.

Upstart Price Performance

The business’s 50 day moving average is $31.30 and its 200 day moving average is $26.94. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of -17.64 and a beta of 2.02.

Upstart (NASDAQ:UPST) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.22. Upstart had a negative net margin of 38.05% and a negative return on equity of 32.01%. The firm had revenue of $127.63 million during the quarter, compared to analysts’ expectations of $124.55 million. During the same period in the previous year, the company earned ($0.34) earnings per share. Upstart’s quarterly revenue was down 6.0% compared to the same quarter last year. As a group, analysts forecast that Upstart Holdings, Inc. will post -2.39 earnings per share for the current year.

Insider Activity at Upstart

In related news, CEO Dave Girouard sold 3,361 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $38.35, for a total value of $128,894.35. Following the completion of the sale, the chief executive officer now directly owns 61,512 shares of the company’s stock, valued at $2,358,985.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Dave Girouard sold 3,361 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $38.35, for a total value of $128,894.35. Following the completion of the sale, the chief executive officer now directly owns 61,512 shares of the company’s stock, valued at $2,358,985.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Natalia Mirgorodskaya sold 1,264 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $38.36, for a total transaction of $48,487.04. Following the completion of the sale, the insider now directly owns 24,557 shares of the company’s stock, valued at $942,006.52. The disclosure for this sale can be found here. Insiders sold a total of 50,205 shares of company stock valued at $1,565,083 over the last ninety days. Insiders own 18.06% of the company’s stock.

Institutional Investors Weigh In On Upstart

A number of institutional investors and hedge funds have recently made changes to their positions in UPST. Norges Bank purchased a new stake in shares of Upstart in the fourth quarter valued at about $19,017,000. Millennium Management LLC increased its stake in shares of Upstart by 1,792.9% during the second quarter. Millennium Management LLC now owns 262,396 shares of the company’s stock worth $6,190,000 after acquiring an additional 277,896 shares during the period. Vanguard Group Inc. increased its stake in shares of Upstart by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 7,013,918 shares of the company’s stock worth $286,589,000 after acquiring an additional 157,719 shares during the period. Seven Eight Capital LP increased its stake in shares of Upstart by 349.1% during the first quarter. Seven Eight Capital LP now owns 189,385 shares of the company’s stock worth $5,093,000 after acquiring an additional 147,213 shares during the period. Finally, SG Americas Securities LLC increased its stake in shares of Upstart by 442.1% during the second quarter. SG Americas Securities LLC now owns 148,214 shares of the company’s stock worth $3,496,000 after acquiring an additional 120,871 shares during the period. 63.01% of the stock is 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.