Upstart (NASDAQ:UPST) Shares Up 5.2% – Here’s What Happened

Shares of Upstart Holdings, Inc. (NASDAQ:UPST) traded up 5.2% during mid-day trading on Thursday . The stock traded as high as $85.29 and last traded at $82.50. 2,380,779 shares traded hands during trading, a decline of 65% from the average session volume of 6,839,264 shares. The stock had previously closed at $78.40.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Piper Sandler upgraded Upstart from a “neutral” rating to an “overweight” rating and raised their target price for the company from $31.00 to $85.00 in a research report on Friday, November 8th. Mizuho raised their price objective on Upstart from $33.00 to $48.00 and gave the company an “outperform” rating in a report on Friday, September 20th. Redburn Atlantic upgraded Upstart from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $37.00 to $95.00 in a research report on Tuesday, December 3rd. 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 report on Friday, November 8th. Finally, JPMorgan Chase & Co. cut shares of Upstart from a “neutral” rating to an “underweight” rating and lifted their price target for the company from $45.00 to $57.00 in a research note on Monday, December 2nd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Upstart presently has a consensus rating of “Hold” and a consensus price target of $61.80.

Upstart Stock Up 9.6 %

The company has a 50-day moving average of $62.68 and a 200 day moving average of $42.03. The stock has a market capitalization of $7.71 billion, a PE ratio of -43.76 and a beta of 2.19.

Insiders Place Their Bets

In other news, CFO Sanjay Datta sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $34.42, for a total transaction of $51,630.00. Following the transaction, the chief financial officer now directly owns 343,093 shares in the company, valued at $11,809,261.06. The trade was a 0.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Paul Gu sold 36,200 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $39.22, for a total value of $1,419,764.00. Following the completion of the sale, the chief technology officer now directly owns 878,565 shares of the company’s stock, valued at $34,457,319.30. This trade represents a 3.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 534,868 shares of company stock valued at $32,864,764 in the last 90 days. 18.06% of the stock is owned by insiders.

Hedge Funds Weigh In On Upstart

Several large investors have recently modified their holdings of the business. Los Angeles Capital Management LLC acquired a new stake in shares of Upstart during the third quarter valued at about $334,000. Tyler Stone Wealth Management boosted its position in shares of Upstart by 94.1% during the third quarter. Tyler Stone Wealth Management now owns 55,534 shares of the company’s stock worth $2,222,000 after buying an additional 26,917 shares during the period. Intech Investment Management LLC acquired a new stake in shares of Upstart in the third quarter valued at $939,000. Quadrature Capital Ltd purchased a new stake in shares of Upstart in the 3rd quarter valued at $676,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Upstart by 63.8% during the 3rd 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.

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.