Upstart (NASDAQ:UPST) Shares Gap Up to $42.08

Shares of Upstart Holdings, Inc. (NASDAQ:UPST) gapped up prior to trading on Thursday . The stock had previously closed at $42.08, but opened at $43.73. Upstart shares last traded at $43.58, with a volume of 1,165,460 shares traded.

Analysts Set New Price Targets

UPST has been the subject of a number of recent analyst reports. Barclays upped their price objective on Upstart from $25.00 to $35.00 and gave the company an “equal weight” rating in a research note on Monday, August 12th. Citigroup upgraded shares of Upstart from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $15.00 to $33.00 in a report on Wednesday, August 7th. Piper Sandler boosted their target price on shares of Upstart from $28.00 to $31.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. increased their target price on shares of Upstart from $27.00 to $30.00 and gave the company an “underweight” rating in a research report on Tuesday, August 20th. Finally, Redburn Atlantic raised shares of Upstart from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $22.50 to $25.50 in a report on Tuesday, June 4th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Upstart has a consensus rating of “Hold” and a consensus target price of $26.75.

Upstart Stock Performance

The business has a 50 day moving average of $29.50 and a 200-day moving average of $26.56. The company has a market capitalization of $4.01 billion, a P/E ratio of -21.76 and a beta of 1.97.

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 the consensus estimate of ($0.39) by $0.22. The firm had revenue of $127.63 million for the quarter, compared to analysts’ expectations of $124.55 million. Upstart had a negative return on equity of 32.01% and a negative net margin of 38.05%. The company’s revenue was down 6.0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.34) earnings per share. As a group, equities analysts forecast that Upstart Holdings, Inc. will post -2.39 EPS for the current fiscal year.

Insider Activity

In related news, insider Natalia Mirgorodskaya sold 2,080 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $40.02, for a total value of $83,241.60. Following the sale, the insider now owns 22,477 shares in the company, valued at $899,529.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CFO Sanjay Datta sold 1,500 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $37.00, for a total transaction of $55,500.00. Following the sale, the chief financial officer now owns 368,398 shares in the company, valued at approximately $13,630,726. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Natalia Mirgorodskaya sold 2,080 shares of Upstart stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $40.02, for a total transaction of $83,241.60. Following the sale, the insider now directly owns 22,477 shares of the company’s stock, valued at $899,529.54. The disclosure for this sale can be found here. Insiders sold 69,205 shares of company stock worth $2,044,893 in the last three months. Corporate insiders own 18.06% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. GAMMA Investing LLC bought a new position in shares of Upstart during the 4th quarter valued at $25,000. Anfield Capital Management LLC bought a new stake in shares of Upstart in the 2nd quarter valued at about $33,000. Benjamin F. Edwards & Company Inc. boosted its holdings in Upstart by 80.6% during the 1st 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 period. Strs Ohio bought a new position in Upstart during the 4th quarter worth approximately $57,000. Finally, BOCHK Asset Management Ltd bought a new stake in Upstart in the fourth quarter valued at approximately $61,000. 63.01% of the stock is owned by hedge funds and other institutional investors.

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.