Upstart (NASDAQ:UPST) Trading Down 4.2% – What’s Next?

Upstart Holdings, Inc. (NASDAQ:UPST)’s share price was down 4.2% during trading on Thursday . The stock traded as low as $68.67 and last traded at $70.21. Approximately 3,399,695 shares traded hands during trading, a decline of 51% from the average daily volume of 6,868,693 shares. The stock had previously closed at $73.32.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Redburn Atlantic upgraded shares of Upstart from a “neutral” rating to a “buy” rating and raised their price objective for the company from $37.00 to $95.00 in a research note on Tuesday, December 3rd. BTIG Research upgraded Upstart from a “sell” rating to a “neutral” rating in a research report on Monday, November 11th. Citigroup raised Upstart from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $56.00 to $87.00 in a research note on Friday, November 8th. Piper Sandler raised 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 note on Friday, November 8th. Finally, Wedbush boosted their price target on shares of Upstart from $60.00 to $75.00 and gave the stock a “neutral” rating in a research report on Monday, December 2nd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $61.80.

Upstart Price Performance

The stock has a market cap of $6.25 billion, a price-to-earnings ratio of -35.50 and a beta of 2.19. The business has a fifty day moving average of $64.95 and a 200 day moving average of $43.34.

Insider Buying and Selling at Upstart

In other news, CEO Dave Girouard sold 41,667 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $65.15, for a total transaction of $2,714,605.05. Following the completion of the transaction, the chief executive officer now directly owns 61,512 shares in the company, valued at $4,007,506.80. The trade was a 40.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sanjay Datta sold 1,500 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $79.54, for a total transaction of $119,310.00. Following the transaction, the chief financial officer now owns 331,093 shares of the company’s stock, valued at approximately $26,335,137.22. The trade was a 0.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 533,368 shares of company stock worth $32,813,134 over the last three months. Corporate insiders own 18.06% of the company’s stock.

Hedge Funds Weigh In On Upstart

Several institutional investors and hedge funds have recently added to or reduced their stakes in UPST. Geode Capital Management LLC lifted its holdings in shares of Upstart by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,816,774 shares of the company’s stock worth $72,702,000 after acquiring an additional 29,482 shares during the period. Fred Alger Management LLC raised its stake in Upstart by 153.2% during the third quarter. Fred Alger Management LLC now owns 1,246,839 shares of the company’s stock worth $49,886,000 after acquiring an additional 754,416 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Upstart by 63.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 725,582 shares of the company’s stock valued at $29,031,000 after purchasing an additional 282,481 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Upstart by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 642,876 shares of the company’s stock worth $25,721,000 after buying an additional 32,052 shares in the last quarter. Finally, Two Sigma Advisers LP boosted its stake in Upstart by 689.5% in the third quarter. Two Sigma Advisers LP now owns 589,000 shares of the company’s stock worth $23,566,000 after purchasing an additional 514,400 shares in the last quarter. 63.01% of the stock is currently owned by 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.