Upstart (NASDAQ:UPST) Trading Down 6.8%

Upstart Holdings, Inc. (NASDAQ:UPST)’s stock price was down 6.8% during trading on Monday . The stock traded as low as $22.06 and last traded at $22.20. Approximately 3,198,010 shares changed hands during trading, a decline of 54% from the average daily volume of 7,021,260 shares. The stock had previously closed at $23.82.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Mizuho boosted their price target on Upstart from $19.00 to $23.00 and gave the company an “underperform” rating in a report on Thursday, January 18th. Bank of America initiated coverage on Upstart in a research note on Thursday, April 4th. They set an “underperform” rating and a $22.00 target price on the stock. Piper Sandler reaffirmed a “neutral” rating and issued a $28.00 price target on shares of Upstart in a research note on Tuesday, March 19th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Upstart from $26.00 to $24.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 14th. Five research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $26.00.

Upstart Price Performance

The company’s 50 day moving average is $26.30 and its 200-day moving average is $29.67.

Upstart (NASDAQ:UPST) last posted its quarterly earnings data on Tuesday, February 13th. The company reported ($0.51) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.05. The company had revenue of $140.31 million during the quarter, compared to analyst estimates of $135.28 million. Upstart had a negative return on equity of 35.47% and a negative net margin of 46.76%. On average, analysts anticipate that Upstart Holdings, Inc. will post -2.19 earnings per share for the current year.

Insider Activity

In other Upstart news, CFO Sanjay Datta sold 1,000 shares of the firm’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $33.71, for a total transaction of $33,710.00. Following the completion of the sale, the chief financial officer now directly owns 357,090 shares in the company, valued at approximately $12,037,503.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Upstart news, CFO Sanjay Datta sold 1,000 shares of the stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $33.71, for a total transaction of $33,710.00. Following the sale, the chief financial officer now directly owns 357,090 shares in the company, valued at approximately $12,037,503.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Scott Darling sold 1,298 shares of Upstart stock in a transaction on Monday, January 29th. The stock was sold at an average price of $35.38, for a total value of $45,923.24. Following the completion of the sale, the insider now directly owns 169,527 shares of the company’s stock, valued at approximately $5,997,865.26. The disclosure for this sale can be found here. Insiders sold 69,777 shares of company stock worth $1,864,629 over the last three months. 18.06% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Upstart

Several hedge funds and other institutional investors have recently bought and sold shares of UPST. Norges Bank bought a new position in Upstart during the fourth quarter valued at approximately $11,225,000. Vanguard Group Inc. raised its stake in Upstart by 16.9% during the 1st quarter. Vanguard Group Inc. now owns 5,822,210 shares of the company’s stock valued at $635,145,000 after buying an additional 840,668 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Upstart by 65.6% during the 3rd quarter. Morgan Stanley now owns 1,914,933 shares of the company’s stock valued at $54,652,000 after buying an additional 758,669 shares during the period. Northern Trust Corp boosted its stake in shares of Upstart by 141.6% in the 2nd quarter. Northern Trust Corp now owns 710,654 shares of the company’s stock worth $25,449,000 after buying an additional 416,513 shares during the last quarter. Finally, Pathstone Family Office LLC bought a new stake in shares of Upstart in the third quarter worth $11,332,000. 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.