Redburn Atlantic Upgrades Upstart (NASDAQ:UPST) to “Buy”

Upstart (NASDAQ:UPST) was upgraded by research analysts at Redburn Atlantic from a “neutral” rating to a “buy” rating in a research report issued on Tuesday, Marketbeat reports. The brokerage presently has a $95.00 target price on the stock, up from their prior target price of $37.00. Redburn Atlantic’s target price indicates a potential upside of 39.21% from the stock’s previous close.

Other analysts also recently issued reports about the stock. Citigroup raised shares of Upstart from a “neutral” rating to a “buy” rating and upped their price objective for the company from $56.00 to $87.00 in a report on Friday, November 8th. Piper Sandler raised shares of Upstart from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $31.00 to $85.00 in a research note on Friday, November 8th. Mizuho boosted their target price on Upstart from $33.00 to $48.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. BTIG Research upgraded Upstart from a “sell” rating to a “neutral” rating in a research note on Monday, November 11th. Finally, Barclays upped their target price on Upstart from $25.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $57.56.

Upstart Stock Up 1.3 %

Shares of NASDAQ:UPST opened at $68.24 on Tuesday. The firm’s 50 day moving average price is $55.46 and its 200-day moving average price is $38.68. Upstart has a twelve month low of $20.60 and a twelve month high of $86.07. The stock has a market capitalization of $6.23 billion, a PE ratio of -34.92 and a beta of 2.18.

Insider Activity at Upstart

In related news, Chief Legal Officer Scott Darling sold 7,190 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $39.15, for a total transaction of $281,464.77. Following the completion of the transaction, the insider now directly owns 176,870 shares in the company, valued at $6,923,876.83. This represents a 3.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sanjay Datta sold 1,500 shares of Upstart stock in a transaction on Monday, November 11th. The shares were sold at an average price of $79.54, for a total transaction of $119,310.00. Following the completion of the sale, the chief financial officer now owns 331,093 shares of the company’s stock, valued at $26,335,137.22. This represents a 0.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 451,439 shares of company stock worth $26,781,220 in the last ninety days. 18.06% of the stock is currently owned by insiders.

Institutional Trading of Upstart

Several institutional investors and hedge funds have recently modified their holdings of UPST. Fred Alger Management LLC increased its position in Upstart by 153.2% during the 3rd quarter. Fred Alger Management LLC now owns 1,246,839 shares of the company’s stock valued at $49,886,000 after buying an additional 754,416 shares in the last quarter. Two Sigma Advisers LP grew its stake in Upstart by 689.5% in the third quarter. Two Sigma Advisers LP now owns 589,000 shares of the company’s stock worth $23,566,000 after purchasing an additional 514,400 shares in the last quarter. Tidal Investments LLC raised its stake in shares of Upstart by 1,413.7% during the 3rd quarter. Tidal Investments LLC now owns 333,463 shares of the company’s stock worth $13,342,000 after acquiring an additional 311,434 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Upstart by 63.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 725,582 shares of the company’s stock worth $29,031,000 after purchasing an additional 282,481 shares during the period. Finally, Millennium Management LLC boosted its stake in shares of Upstart by 1,792.9% during the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 63.01% of the company’s stock.

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.