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

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Needham & Company LLC raised shares of Upstart from a “hold” rating to a “buy” rating and set a $100.00 price objective on the stock in a research report on Friday, December 13th. JPMorgan Chase & Co. cut Upstart from a “neutral” rating to an “underweight” rating and boosted their price target for the company from $45.00 to $57.00 in a research report on Monday, December 2nd. BTIG Research raised Upstart from a “sell” rating to a “neutral” rating in a research note on Monday, November 11th. Citigroup upgraded Upstart from a “neutral” rating to a “buy” rating and lifted their target price for the company from $56.00 to $87.00 in a research note on Friday, November 8th. Finally, Piper Sandler upgraded Upstart from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $31.00 to $85.00 in a research note on Friday, November 8th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $61.80.

Upstart Price Performance

The company has a 50-day simple moving average of $69.08 and a 200-day simple moving average of $51.91. The stock has a market cap of $5.91 billion, a PE ratio of -33.55 and a beta of 2.26.

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

Insider Activity

In related news, CTO Paul Gu sold 87,600 shares of Upstart stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $69.39, for a total transaction of $6,078,564.00. Following the completion of the sale, the chief technology officer now owns 863,065 shares in the company, valued at approximately $59,888,080.35. This trade represents a 9.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Dave Girouard sold 41,667 shares of the company’s stock in a transaction dated 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 391,035 shares of company stock worth $26,890,777 over the last 90 days. 18.06% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Upstart

Hedge funds and other institutional investors have recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Upstart during the third quarter worth approximately $35,000. BNP Paribas acquired a new stake in shares of Upstart during the third quarter worth $37,000. Blue Trust Inc. grew its position in shares of Upstart by 125.3% in the third quarter. Blue Trust Inc. now owns 989 shares of the company’s stock valued at $40,000 after purchasing an additional 550 shares during the period. Hollencrest Capital Management acquired a new position in Upstart in the third quarter valued at $40,000. Finally, Indiana Trust & Investment Management Co purchased a new position in Upstart during the third quarter worth about $43,000. 63.01% of the stock is currently owned by hedge funds and other 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.