Upstart (NASDAQ:UPST) Trading 7.9% Higher – Here’s What Happened

Upstart Holdings, Inc. (NASDAQ:UPST)’s stock price rose 7.9% during mid-day trading on Monday . The stock traded as high as $73.94 and last traded at $73.77. Approximately 3,583,892 shares changed hands during trading, a decline of 48% from the average daily volume of 6,892,290 shares. The stock had previously closed at $68.36.

Analysts Set New Price Targets

UPST has been the topic of a number of research analyst reports. Wedbush increased their target price on Upstart from $45.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Citigroup upgraded shares of Upstart from a “neutral” rating to a “buy” rating and increased their price target for the company from $56.00 to $87.00 in a research report on Friday, November 8th. BTIG Research upgraded shares of Upstart from a “sell” rating to a “neutral” rating in a report on Monday, November 11th. Mizuho boosted their price target on shares of Upstart from $33.00 to $48.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Upstart in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $46.83.

Upstart Stock Performance

The firm has a fifty day moving average price of $47.85 and a two-hundred day moving average price of $35.21. The stock has a market capitalization of $6.23 billion, a P/E ratio of -38.22 and a beta of 1.97.

Insider Activity

In other news, insider Natalia Mirgorodskaya sold 1,264 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 24,557 shares of the company’s stock, valued at $942,006.52. This represents a 4.90 % 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, Chief Legal Officer Scott Darling sold 9,000 shares of Upstart stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $45.00, for a total transaction of $405,000.00. Following the sale, the insider now owns 164,870 shares in the company, valued at approximately $7,419,150. The trade was a 5.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 320,626 shares of company stock valued at $15,142,490 in the last 90 days. Company insiders own 18.06% of the company’s stock.

Institutional Trading of Upstart

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in UPST. Anfield Capital Management LLC bought a new stake in shares of Upstart in the 2nd quarter valued at about $33,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Upstart in the 3rd quarter worth $35,000. BNP Paribas purchased a new position in Upstart in the third quarter valued at about $37,000. Blue Trust Inc. raised its holdings in shares of Upstart by 125.3% in the third quarter. Blue Trust Inc. now owns 989 shares of the company’s stock worth $40,000 after buying an additional 550 shares during the last quarter. Finally, Hollencrest Capital Management purchased a new stake in shares of Upstart during the third quarter valued at $40,000. 63.01% of the stock is owned by hedge funds and other institutional investors.

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.