Upstart (NASDAQ:UPST) Stock Price Down 5.9% – What’s Next?

Upstart Holdings, Inc. (NASDAQ:UPST)’s share price traded down 5.9% during trading on Tuesday. The stock traded as low as $20.54 and last traded at $20.9330. 1,017,537 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 4,678,499 shares. The stock had previously closed at $22.25.

Analyst Ratings Changes

A number of brokerages have issued reports on UPST. The Goldman Sachs Group decreased their price target on Upstart from $28.00 to $24.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 4th. B. Riley Financial reaffirmed a “buy” rating and set a $42.00 price objective (down from $54.00) on shares of Upstart in a research note on Wednesday, November 4th. Loop Capital assumed coverage on shares of Upstart in a report on Tuesday, September 8th. They set a “hold” rating and a $34.00 price objective on the stock. Morgan Stanley decreased their target price on shares of Upstart from $35.00 to $24.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 4th. Finally, Mizuho set a $35.00 target price on shares of Upstart in a report on Wednesday, November 4th. Seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $32.40.

Upstart Stock Down 11.2%

The stock has a market cap of $1.95 billion, a price-to-earnings ratio of 33.57, a PEG ratio of 1.19 and a beta of 2.48. The stock has a fifty day moving average of $24.36 and a two-hundred day moving average of $29.28.

Upstart (NASDAQ:UPST) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.20 by $0.13. The company had revenue of $370.52 million during the quarter, compared to analyst estimates of $362.68 million. Upstart had a return on equity of 9.67% and a net margin of 4.86%. The firm’s revenue was up 33.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.23 earnings per share. Equities research analysts anticipate that Upstart Holdings, Inc. will post 0.72 EPS for the current fiscal year.

Insider Buying and Selling at Upstart

In other news, insider Sanjay Datta sold 116,000 shares of the firm’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $27.29, for a total value of $3,165,640.00. Following the transaction, the insider owned 476,578 shares of the company’s stock, valued at approximately $13,005,813.62. This trade represents a 19.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Paul Gu bought 50,000 shares of Upstart stock in a transaction that occurred on Thursday, September 10th. The shares were acquired at an average price of $25.55 per share, for a total transaction of $1,277,500.00. Following the acquisition, the chief executive officer directly owned 130,000 shares in the company, valued at approximately $3,321,500. This represents a 62.50% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 148,652 shares of company stock valued at $4,133,720 in the last ninety days. Corporate insiders own 17.29% of the company’s stock.

Hedge Funds Weigh In On Upstart

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Edgestream Partners L.P. acquired a new stake in shares of Upstart during the third quarter worth approximately $287,000. Banco Santander S.A. grew its holdings in Upstart by 383.1% during the 3rd quarter. Banco Santander S.A. now owns 445,800 shares of the company’s stock worth $10,249,000 after acquiring an additional 353,520 shares in the last quarter. Fulcrum Asset Management LLP grew its holdings in Upstart by 54,430.1% during the 3rd quarter. Fulcrum Asset Management LLP now owns 95,973 shares of the company’s stock worth $2,221,000 after acquiring an additional 95,797 shares in the last quarter. Parallel Advisors LLC increased its position in shares of Upstart by 76.7% in the 3rd quarter. Parallel Advisors LLC now owns 1,656 shares of the company’s stock worth $38,000 after purchasing an additional 719 shares during the last quarter. Finally, Asset Management One Co. Ltd. increased its position in shares of Upstart by 33.2% in the 3rd quarter. Asset Management One Co. Ltd. now owns 1,790 shares of the company’s stock worth $41,000 after purchasing an additional 446 shares during the last quarter. Hedge funds and other institutional investors own 63.01% of the company’s stock.

Upstart Company Profile

Upstart Holdings, Inc. operates an artificial intelligence–based lending marketplace that connects consumers seeking loans with banks and credit unions. Its platform uses machine-learning models and borrower data to help lending partners assess credit risk and make lending decisions. The company’s offerings include personal loans and technology for auto lending, including auto retail and refinancing. Upstart was founded in 2012 by Dave Girouard, Paul Gu and Anna Counselman. Girouard serves as the company’s chief executive officer.