Upstart (NASDAQ:UPST) Shares Gap Down to $24.47

Upstart Holdings, Inc. (NASDAQ:UPST) shares gapped down prior to trading on Wednesday . The stock had previously closed at $24.47, but opened at $20.90. Upstart shares last traded at $22.22, with a volume of 5,404,629 shares traded.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on UPST shares. JPMorgan Chase & Co. cut their price objective on shares of Upstart from $26.00 to $24.00 and set an “underweight” rating for the company in a research report on Wednesday, February 14th. Mizuho upped their price target on Upstart from $19.00 to $23.00 and gave the stock an “underperform” rating in a research report on Thursday, January 18th. Wedbush reiterated an “underperform” rating and set a $10.00 price objective on shares of Upstart in a research note on Wednesday. Piper Sandler reissued a “neutral” rating and issued a $28.00 target price on shares of Upstart in a report on Tuesday, March 19th. Finally, Bank of America began coverage on shares of Upstart in a research report on Thursday, April 4th. They issued an “underperform” rating and a $22.00 price target for the company. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Upstart currently has an average rating of “Hold” and a consensus target price of $26.00.

Upstart Price Performance

The stock has a 50-day moving average price of $24.74 and a two-hundred day moving average price of $29.20. The stock has a market cap of $2.00 billion, a PE ratio of -7.58 and a beta of 2.01.

Upstart (NASDAQ:UPST) last issued its quarterly earnings data on Tuesday, February 13th. The company reported ($0.51) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.05. Upstart had a negative return on equity of 35.47% and a negative net margin of 46.76%. The business had revenue of $140.31 million for the quarter, compared to analysts’ expectations of $135.28 million. Equities research analysts expect that Upstart Holdings, Inc. will post -2.19 earnings per share for the current year.

Insider Buying and Selling at Upstart

In other news, CFO Sanjay Datta sold 1,000 shares of Upstart stock in a transaction on Monday, February 12th. The stock was sold at an average price of $33.84, for a total transaction of $33,840.00. Following the completion of the sale, the chief financial officer now directly owns 354,090 shares in the company, valued at $11,982,405.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CTO Paul Gu sold 60,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $26.31, for a total value of $1,578,600.00. Following the completion of the transaction, the chief technology officer now directly owns 893,596 shares of the company’s stock, valued at approximately $23,510,510.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sanjay Datta sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $33.84, for a total transaction of $33,840.00. Following the sale, the chief financial officer now directly owns 354,090 shares in the company, valued at approximately $11,982,405.60. The disclosure for this sale can be found here. Insiders have sold a total of 66,419 shares of company stock worth $1,750,272 over the last ninety days. Company insiders own 18.06% of the company’s stock.

Institutional Investors Weigh In On Upstart

Large investors have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. grew its stake in Upstart by 7.1% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 26,074 shares of the company’s stock valued at $744,000 after purchasing an additional 1,730 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in Upstart by 62.4% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 79,935 shares of the company’s stock worth $2,281,000 after buying an additional 30,708 shares during the period. Stratos Wealth Partners LTD. raised its position in Upstart by 26.4% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 11,186 shares of the company’s stock worth $319,000 after buying an additional 2,337 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Upstart by 0.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 248,090 shares of the company’s stock valued at $7,080,000 after acquiring an additional 763 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Upstart by 14.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,356 shares of the company’s stock valued at $381,000 after acquiring an additional 1,668 shares during the last quarter. 63.01% of the stock is owned by hedge funds and other 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.