Upstart (NASDAQ:UPST) Shares Gap Down to $38.03

Upstart Holdings, Inc. (NASDAQ:UPST) gapped down before the market opened on Monday . The stock had previously closed at $38.03, but opened at $34.42. Upstart shares last traded at $33.22, with a volume of 1,525,191 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Citigroup raised shares of Upstart from a “sell” rating to a “neutral” rating and increased their target price for the company from $15.00 to $33.00 in a research note on Wednesday, August 7th. Piper Sandler increased their price objective on shares of Upstart from $28.00 to $31.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. BTIG Research initiated coverage on Upstart in a research report on Friday, June 7th. They set a “sell” rating and a $14.00 target price for the company. JPMorgan Chase & Co. upped their target price on Upstart from $27.00 to $30.00 and gave the company an “underweight” rating in a research note on Tuesday, August 20th. Finally, Wedbush reissued an “underperform” rating and set a $10.00 price target on shares of Upstart in a research note on Wednesday, August 7th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Upstart presently has a consensus rating of “Hold” and an average target price of $26.75.

Upstart Stock Down 4.6 %

The stock’s 50 day moving average is $33.02 and its two-hundred day moving average is $27.46. The company has a market capitalization of $3.19 billion, a PE ratio of -16.13 and a beta of 2.03.

Upstart (NASDAQ:UPST) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.22. Upstart had a negative return on equity of 32.01% and a negative net margin of 38.05%. The business had revenue of $127.63 million for the quarter, compared to the consensus estimate of $124.55 million. During the same period last year, the business posted ($0.34) EPS. The business’s revenue was down 6.0% compared to the same quarter last year. On average, sell-side analysts predict that Upstart Holdings, Inc. will post -2.39 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Natalia Mirgorodskaya sold 1,264 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $38.36, for a total transaction of $48,487.04. Following the completion of the sale, the insider now owns 24,557 shares in the company, valued at approximately $942,006.52. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Natalia Mirgorodskaya sold 1,264 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $38.36, for a total transaction of $48,487.04. Following the transaction, the insider now owns 24,557 shares in the company, valued at $942,006.52. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CTO Paul Gu sold 5,000 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $23.52, for a total transaction of $117,600.00. Following the completion of the transaction, the chief technology officer now directly owns 894,629 shares of the company’s stock, valued at $21,041,674.08. The disclosure for this sale can be found here. Insiders sold a total of 159,459 shares of company stock worth $5,990,694 in the last 90 days. 18.06% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Upstart

Hedge funds have recently made changes to their positions in the company. Anfield Capital Management LLC purchased a new position in Upstart during the 2nd quarter worth approximately $33,000. Benjamin F. Edwards & Company Inc. lifted its position in Upstart by 80.6% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,743 shares of the company’s stock valued at $47,000 after purchasing an additional 778 shares during the period. GAMMA Investing LLC lifted its position in Upstart by 259.0% during the second quarter. GAMMA Investing LLC now owns 2,204 shares of the company’s stock valued at $52,000 after purchasing an additional 1,590 shares during the period. BOCHK Asset Management Ltd purchased a new stake in Upstart in the fourth quarter valued at $61,000. Finally, Comerica Bank grew its position in Upstart by 144.0% during the 1st quarter. Comerica Bank now owns 2,313 shares of the company’s stock worth $62,000 after purchasing an additional 1,365 shares during the period. 63.01% of the stock is owned by institutional investors and hedge funds.

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.