Summit Financial Strategies Inc. Buys 1,223 Shares of Upstart Holdings, Inc. (NASDAQ:UPST)

Summit Financial Strategies Inc. increased its stake in Upstart Holdings, Inc. (NASDAQ:UPST) by 13.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,399 shares of the company’s stock after purchasing an additional 1,223 shares during the period. Summit Financial Strategies Inc.’s holdings in Upstart were worth $416,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Indiana Trust & Investment Management Co bought a new position in Upstart in the third quarter valued at about $43,000. Anfield Capital Management LLC bought a new position in Upstart in the second quarter valued at about $33,000. Benjamin F. Edwards & Company Inc. grew its position in Upstart by 80.6% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,743 shares of the company’s stock valued at $47,000 after acquiring an additional 778 shares during the last quarter. GAMMA Investing LLC grew its position in Upstart by 259.0% in the second quarter. GAMMA Investing LLC now owns 2,204 shares of the company’s stock valued at $52,000 after acquiring an additional 1,590 shares during the last quarter. Finally, Comerica Bank grew its position in Upstart by 144.0% in the first quarter. Comerica Bank now owns 2,313 shares of the company’s stock valued at $62,000 after acquiring an additional 1,365 shares during the last quarter. Institutional investors own 63.01% of the company’s stock.

Analyst Ratings Changes

UPST has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Upstart in a research report on Thursday, August 8th. Piper Sandler lifted their target price on Upstart from $28.00 to $31.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Barclays lifted their target price on Upstart from $25.00 to $35.00 and gave the company an “equal weight” rating in a research report on Monday, August 12th. JPMorgan Chase & Co. lifted their price target on Upstart from $27.00 to $30.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Finally, Mizuho lifted their price target on Upstart from $33.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Three 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. According to MarketBeat.com, Upstart has an average rating of “Hold” and an average target price of $31.50.

Upstart Price Performance

Shares of Upstart stock traded down $2.88 during midday trading on Thursday, reaching $51.50. The company had a trading volume of 3,148,782 shares, compared to its average volume of 6,684,097. The stock has a fifty day moving average price of $39.94 and a 200 day moving average price of $30.04. The firm has a market cap of $4.61 billion, a PE ratio of -23.24 and a beta of 2.01. Upstart Holdings, Inc. has a fifty-two week low of $19.84 and a fifty-two week high of $57.40.

Upstart (NASDAQ:UPST) last posted its quarterly earnings data 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 for 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 quarterly revenue was down 6.0% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.34) earnings per share. As a group, sell-side analysts forecast that Upstart Holdings, Inc. will post -2.39 EPS for the current year.

Insider Buying and Selling

In related news, insider Natalia Mirgorodskaya sold 1,264 shares of Upstart stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $38.36, for a total value of $48,487.04. Following the transaction, the insider now directly owns 24,557 shares of the company’s stock, valued at $942,006.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Upstart news, insider Natalia Mirgorodskaya sold 1,264 shares of Upstart stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $38.36, for a total value of $48,487.04. Following the completion of the sale, the insider now directly owns 24,557 shares in the company, valued at approximately $942,006.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Scott Darling sold 84,000 shares of Upstart stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $50.02, for a total value of $4,201,680.00. Following the completion of the sale, the insider now owns 152,043 shares of the company’s stock, valued at approximately $7,605,190.86. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 312,959 shares of company stock valued at $13,641,350 over the last ninety days. 18.06% of the stock is owned by company insiders.

Upstart 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.