Upstart (NASDAQ:UPST) Shares Down 4.6% – Here’s What Happened

Upstart Holdings, Inc. (NASDAQ:UPST) dropped 4.6% during trading on Wednesday . The stock traded as low as $62.81 and last traded at $63.48. Approximately 1,052,195 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 4,001,682 shares. The stock had previously closed at $66.52.

Analysts Set New Price Targets

UPST has been the topic of several analyst reports. JPMorgan Chase & Co. cut Upstart from a “neutral” rating to an “underweight” rating and upped their price target for the company from $45.00 to $57.00 in a research report on Monday, December 2nd. Wedbush increased their target price on shares of Upstart from $60.00 to $75.00 and gave the stock a “neutral” rating in a research note on Monday, December 2nd. Citigroup upgraded shares of Upstart from a “neutral” rating to a “buy” rating and boosted their price target for the company from $56.00 to $87.00 in a research report on Friday, November 8th. BTIG Research upgraded Upstart from a “sell” rating to a “neutral” rating in a research report on Monday, November 11th. Finally, Redburn Atlantic upgraded Upstart from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $37.00 to $95.00 in a research report on Tuesday, December 3rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Upstart has a consensus rating of “Hold” and an average price target of $61.80.

Upstart Trading Down 0.5 %

The company has a market cap of $6.04 billion, a P/E ratio of -34.30 and a beta of 2.26. The company’s fifty day moving average is $69.26 and its 200 day moving average is $51.70.

Upstart (NASDAQ:UPST) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.31). The business had revenue of $162.14 million for the quarter, compared to analysts’ expectations of $149.94 million. Upstart had a negative net margin of 30.15% and a negative return on equity of 32.57%. During the same quarter in the previous year, the company earned ($0.48) earnings per share. Analysts anticipate that Upstart Holdings, Inc. will post -2.18 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Sanjay Datta sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $79.54, for a total transaction of $119,310.00. Following the completion of the transaction, the chief financial officer now owns 331,093 shares in the company, valued at $26,335,137.22. This represents a 0.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Dave Girouard sold 41,667 shares of Upstart stock in a transaction on Friday, November 8th. The shares were sold at an average price of $65.15, for a total transaction of $2,714,605.05. Following the completion of the sale, the chief executive officer now owns 61,512 shares in the company, valued at approximately $4,007,506.80. This trade represents a 40.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 391,035 shares of company stock valued at $26,890,777 in the last ninety days. Company insiders own 18.06% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Bristlecone Advisors LLC increased its position in shares of Upstart by 125.0% during the fourth quarter. Bristlecone Advisors LLC now owns 14,520 shares of the company’s stock valued at $894,000 after buying an additional 8,066 shares during the period. Apollon Wealth Management LLC boosted its position in Upstart by 10.0% during the 4th quarter. Apollon Wealth Management LLC now owns 16,978 shares of the company’s stock valued at $1,045,000 after acquiring an additional 1,547 shares in the last quarter. Kercheville Advisors LLC grew its holdings in shares of Upstart by 49.8% during the 4th quarter. Kercheville Advisors LLC now owns 15,050 shares of the company’s stock worth $927,000 after acquiring an additional 5,000 shares during the period. Jennison Associates LLC bought a new position in shares of Upstart in the 4th quarter worth approximately $560,000. Finally, Keudell Morrison Wealth Management bought a new stake in shares of Upstart during the fourth quarter valued at approximately $212,000. 63.01% of the stock is currently owned by 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.