Norges Bank Takes $67.78 Million Position in Upstart Holdings, Inc. $UPST

Norges Bank acquired a new stake in Upstart Holdings, Inc. (NASDAQ:UPST) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 1,047,875 shares of the company’s stock, valued at approximately $67,777,000.

Several other institutional investors have also made changes to their positions in UPST. Natixis Advisors LLC lifted its position in shares of Upstart by 48.0% during the 1st quarter. Natixis Advisors LLC now owns 30,649 shares of the company’s stock valued at $1,411,000 after acquiring an additional 9,946 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of Upstart by 385.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,950 shares of the company’s stock valued at $90,000 after acquiring an additional 1,548 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Upstart by 2.8% during the first quarter. Vanguard Group Inc. now owns 8,014,656 shares of the company’s stock valued at $368,915,000 after purchasing an additional 221,204 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Upstart by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,518 shares of the company’s stock worth $162,000 after buying an additional 353 shares during the period. Finally, Swiss National Bank lifted its holdings in shares of Upstart by 6.3% during the first quarter. Swiss National Bank now owns 159,100 shares of the company’s stock worth $7,323,000 after purchasing an additional 9,400 shares during the period. 63.01% of the stock is currently owned by institutional investors.

Insider Transactions at Upstart

In other news, insider Natalia Mirgorodskaya sold 821 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $36.62, for a total value of $30,065.02. Following the completion of the transaction, the insider owned 27,160 shares in the company, valued at $994,599.20. This trade represents a 2.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Paul Gu acquired 100,000 shares of the stock in a transaction on Tuesday, November 11th. The shares were purchased at an average cost of $39.23 per share, with a total value of $3,923,000.00. Following the transaction, the chief technology officer directly owned 80,000 shares of the company’s stock, valued at approximately $3,138,400. This trade represents a -500.00% increase in their position. The SEC filing for this purchase provides additional information. Insiders sold a total of 56,874 shares of company stock worth $3,263,519 over the last 90 days. 16.67% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have commented on UPST shares. Citigroup cut their price target on shares of Upstart from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. BTIG Research reaffirmed a “neutral” rating on shares of Upstart in a report on Wednesday, November 5th. Stephens decreased their target price on Upstart from $55.00 to $40.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 5th. Weiss Ratings reissued a “sell (d+)” rating on shares of Upstart in a report on Monday. Finally, JPMorgan Chase & Co. lowered their price target on Upstart from $88.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $60.50.

Upstart Trading Up 4.0%

Upstart stock opened at $47.13 on Friday. The firm has a market cap of $4.59 billion, a P/E ratio of 214.24 and a beta of 2.27. Upstart Holdings, Inc. has a 1-year low of $31.40 and a 1-year high of $96.43. The firm has a 50-day moving average of $46.03 and a 200-day moving average of $58.68.

Upstart (NASDAQ:UPST) last announced its earnings results on Tuesday, November 4th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.10. The company had revenue of $258.54 million during the quarter, compared to the consensus estimate of $288.94 million. Upstart had a return on equity of 3.68% and a net margin of 3.33%.The firm’s revenue for the quarter was up 70.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.07) earnings per share. Research analysts forecast that Upstart Holdings, Inc. will post -0.03 earnings per share for the current fiscal year.

Upstart 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.