Upstart (NASDAQ:UPST) Reaches New 52-Week High After Analyst Upgrade

Upstart Holdings, Inc. (NASDAQ:UPST) shares hit a new 52-week high on Friday after Wedbush raised their price target on the stock from $45.00 to $60.00. Wedbush currently has a neutral rating on the stock. Upstart traded as high as $64.30 and last traded at $64.30, with a volume of 1035751 shares changing hands. The stock had previously closed at $55.47.

Several other research analysts also recently weighed in on the company. Mizuho boosted their price target on Upstart from $33.00 to $48.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Piper Sandler upgraded Upstart from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $31.00 to $85.00 in a report on Friday. Barclays increased their price objective on shares of Upstart from $25.00 to $35.00 and gave the stock an “equal weight” rating in a report on Monday, August 12th. Needham & Company LLC restated a “hold” rating on shares of Upstart in a report on Thursday, August 8th. Finally, Citigroup upgraded Upstart from a “neutral” rating to a “buy” rating and increased their target price for the company from $56.00 to $87.00 in a research note on Friday. Two analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $46.83.

Insider Buying and Selling

In other Upstart news, CFO Sanjay Datta sold 1,500 shares of the business’s stock in a transaction dated 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 approximately $17,272,608.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Upstart news, insider Scott Darling sold 84,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The shares were 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 directly owns 152,043 shares of the company’s stock, valued at $7,605,190.86. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Sanjay Datta sold 1,500 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $51.70, for a total transaction of $77,550.00. Following the transaction, the chief financial officer now owns 334,093 shares in the company, valued at $17,272,608.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 312,959 shares of company stock worth $13,724,175 in the last ninety days. 18.06% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Upstart

Hedge funds have recently bought and sold shares of the business. Anfield Capital Management LLC bought a new position in Upstart during the second quarter worth $33,000. Blue Trust Inc. raised its position in shares of Upstart by 125.3% during the third quarter. Blue Trust Inc. now owns 989 shares of the company’s stock valued at $40,000 after buying an additional 550 shares during the last quarter. Hollencrest Capital Management bought a new stake in shares of Upstart in the third quarter valued at about $40,000. Indiana Trust & Investment Management Co acquired a new stake in Upstart during the third quarter worth about $43,000. Finally, GAMMA Investing LLC lifted its position in shares of Upstart by 259.0% in the 2nd quarter. GAMMA Investing LLC now owns 2,204 shares of the company’s stock worth $52,000 after acquiring an additional 1,590 shares during the period. 63.01% of the stock is owned by institutional investors and hedge funds.

Upstart Stock Performance

The firm’s 50-day moving average price is $43.81 and its two-hundred day moving average price is $32.99. The firm has a market capitalization of $7.02 billion, a price-to-earnings ratio of -32.50 and a beta of 1.97.

Upstart (NASDAQ:UPST) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.22. The firm had revenue of $127.63 million for the quarter, compared to the consensus estimate of $124.55 million. Upstart had a negative return on equity of 32.01% and a negative net margin of 38.05%. The business’s revenue for the quarter was down 6.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.34) EPS. As a group, equities research analysts anticipate that Upstart Holdings, Inc. will post -2.39 EPS for the current year.

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.