Upstart (NASDAQ:UPST) Shares Gap Down to $36.25

Upstart Holdings, Inc. (NASDAQ:UPST)’s share price gapped down before the market opened on Monday . The stock had previously closed at $36.25, but opened at $35.39. Upstart shares last traded at $35.83, with a volume of 486,460 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on UPST shares. Citigroup upgraded Upstart from a “sell” rating to a “neutral” rating and increased their price target for the company from $15.00 to $33.00 in a research report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their target price on shares of Upstart from $24.00 to $27.00 and gave the company an “underweight” rating in a research note on Wednesday, August 7th. Redburn Atlantic raised shares of Upstart from a “sell” rating to a “neutral” rating and increased their price target for the stock from $22.50 to $25.50 in a research report on Tuesday, June 4th. Piper Sandler boosted their price target on shares of Upstart from $28.00 to $31.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Mizuho upgraded Upstart from an “underperform” rating to an “outperform” rating and increased their price objective for the stock from $17.00 to $31.00 in a report on Wednesday, July 31st. Five analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $24.86.

Upstart Stock Performance

The firm has a 50 day moving average price of $25.50 and a 200-day moving average price of $25.94. The company has a market cap of $3.02 billion, a P/E ratio of -16.46 and a beta of 1.97.

Upstart (NASDAQ:UPST) last released its earnings results on Tuesday, August 6th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.22. The firm had revenue of $127.63 million during the quarter, compared to analyst estimates of $124.55 million. Upstart had a negative net margin of 38.05% and a negative return on equity of 31.57%. The business’s revenue was down 6.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.34) EPS. On average, sell-side analysts forecast that Upstart Holdings, Inc. will post -2.7 EPS for the current fiscal year.

Insider Transactions at Upstart

In other news, CFO Sanjay Datta sold 1,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $25.49, for a total transaction of $25,490.00. Following the completion of the transaction, the chief financial officer now owns 380,398 shares of the company’s stock, valued at $9,696,345.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Upstart news, CEO Dave Girouard sold 2,997 shares of Upstart stock in a transaction on Monday, May 20th. The shares were sold at an average price of $25.62, for a total transaction of $76,783.14. Following the sale, the chief executive officer now owns 64,873 shares in the company, valued at $1,662,046.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Sanjay Datta sold 1,000 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $25.49, for a total transaction of $25,490.00. Following the completion of the sale, the chief financial officer now directly owns 380,398 shares in the company, valued at approximately $9,696,345.02. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 171,610 shares of company stock worth $4,725,533. Insiders own 18.06% of the company’s stock.

Institutional Trading of Upstart

A number of institutional investors and hedge funds have recently added to or reduced their stakes in UPST. Atomi Financial Group Inc. grew its position in Upstart by 0.7% in the second quarter. Atomi Financial Group Inc. now owns 59,009 shares of the company’s stock valued at $1,392,000 after acquiring an additional 406 shares during the period. Daiwa Securities Group Inc. grew its holdings in shares of Upstart by 18.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 2,657 shares of the company’s stock worth $63,000 after purchasing an additional 409 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Upstart by 4.2% in the 2nd quarter. Principal Financial Group Inc. now owns 10,405 shares of the company’s stock worth $245,000 after purchasing an additional 422 shares during the last quarter. Inspire Advisors LLC increased its position in shares of Upstart by 3.0% during the 2nd quarter. Inspire Advisors LLC now owns 16,623 shares of the company’s stock worth $392,000 after purchasing an additional 480 shares in the last quarter. Finally, Cassady Schiller Wealth Management LLC lifted its holdings in Upstart by 23.7% during the 4th quarter. Cassady Schiller Wealth Management LLC now owns 2,748 shares of the company’s stock valued at $112,000 after purchasing an additional 527 shares during the last quarter. Institutional investors own 63.01% of the company’s stock.

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.