PNC Financial Services Group Inc. Takes $133,000 Position in Upstart Holdings, Inc. (NASDAQ:UPST)

PNC Financial Services Group Inc. bought a new stake in shares of Upstart Holdings, Inc. (NASDAQ:UPST) in the 2nd quarter, Holdings Channel reports. The firm bought 1,063 shares of the company’s stock, valued at approximately $133,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Morgan Stanley raised its holdings in Upstart by 0.8% in the 1st quarter. Morgan Stanley now owns 2,530,724 shares of the company’s stock worth $326,109,000 after acquiring an additional 20,289 shares during the last quarter. Fred Alger Management LLC grew its position in Upstart by 21.1% in the 1st quarter. Fred Alger Management LLC now owns 1,601,365 shares of the company’s stock worth $206,352,000 after purchasing an additional 279,256 shares during the period. Ameriprise Financial Inc. grew its position in shares of Upstart by 101.8% during the 1st quarter. Ameriprise Financial Inc. now owns 776,153 shares of the company’s stock valued at $99,994,000 after acquiring an additional 391,627 shares during the period. BlackRock Inc. grew its position in shares of Upstart by 130.8% during the 1st quarter. BlackRock Inc. now owns 592,594 shares of the company’s stock valued at $76,361,000 after acquiring an additional 335,850 shares during the period. Finally, Amundi Asset Management US Inc. bought a new stake in shares of Upstart during the 1st quarter valued at $34,392,000. Institutional investors own 49.24% of the company’s stock.

In other news, General Counsel Alison Nicoll sold 22,500 shares of the stock in a transaction that occurred on Wednesday, September 15th. The shares were sold at an average price of $270.88, for a total transaction of $6,094,800.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Natalia Mirgorodskaya sold 16,351 shares of the stock in a transaction that occurred on Thursday, August 12th. The shares were sold at an average price of $167.62, for a total transaction of $2,740,754.62. The disclosure for this sale can be found here. Insiders sold a total of 2,053,966 shares of company stock worth $431,274,500 over the last 90 days. Insiders own 25.20% of the company’s stock.

Shares of NASDAQ:UPST opened at $293.47 on Tuesday. Upstart Holdings, Inc. has a 12 month low of $22.61 and a 12 month high of $308.78. The firm’s 50-day moving average is $188.57 and its 200 day moving average is $142.59.

Upstart (NASDAQ:UPST) last issued its quarterly earnings results on Tuesday, August 10th. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.25 by $0.37. The firm had revenue of $193.95 million for the quarter, compared to the consensus estimate of $157.75 million. The company’s revenue for the quarter was up 1017.7% on a year-over-year basis. On average, equities analysts forecast that Upstart Holdings, Inc. will post 0.87 EPS for the current year.

Several brokerages recently weighed in on UPST. Atlantic Securities began coverage on shares of Upstart in a report on Monday, September 6th. They issued an “overweight” rating and a $290.00 target price for the company. Piper Sandler upped their target price on shares of Upstart from $192.00 to $300.00 and gave the stock an “overweight” rating in a report on Wednesday, September 8th. The Goldman Sachs Group began coverage on shares of Upstart in a report on Monday, July 12th. They issued a “buy” rating and a $147.00 target price for the company. Citigroup downgraded shares of Upstart from a “buy” rating to a “neutral” rating and set a $350.00 target price for the company. in a report on Monday. Finally, Barclays upped their target price on shares of Upstart from $230.00 to $345.00 and gave the stock an “overweight” rating in a report on Monday. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $213.55.

Upstart Company Profile

Upstart Holdings, Inc operates a cloud- based artificial intelligence (AI) lending platform. The company's platform aggregates consumer demand for loans and connects it to its network of the company's AI- enabled bank partners. Its platform connects consumers, banks, and institutional investors through a shared AI lending platform.

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Institutional Ownership by Quarter for Upstart (NASDAQ:UPST)

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