Upstart (NASDAQ:UPST) Price Target Cut to $18.00 by Analysts at Citizens Jmp

Upstart (NASDAQ:UPST) had its price objective decreased by investment analysts at Citizens Jmp from $20.00 to $18.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “market underperform” rating on the stock. Citizens Jmp’s target price would suggest a potential downside of 20.35% from the company’s current price.

Other research analysts have also issued reports about the stock. Piper Sandler boosted their price objective on shares of Upstart from $46.00 to $51.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Needham & Company LLC reiterated a “buy” rating and issued a $42.00 target price on shares of Upstart in a research note on Tuesday, October 6th. The Goldman Sachs Group reduced their price target on Upstart from $39.00 to $28.00 and set a “neutral” rating for the company in a report on Tuesday. Citigroup reiterated a “market underperform” rating on shares of Upstart in a report on Thursday. Finally, Loop Capital started coverage on Upstart in a research report on Tuesday, September 8th. They set a “hold” rating and a $34.00 price target on the stock. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Upstart has a consensus rating of “Hold” and a consensus price target of $42.94.

Upstart Trading Down 0.6%

NASDAQ UPST opened at $22.60 on Thursday. The company has a market cap of $2.20 billion, a PE ratio of 46.20, a PEG ratio of 0.84 and a beta of 2.43. Upstart has a 12 month low of $22.21 and a 12 month high of $55.22. The stock has a 50 day moving average of $26.78 and a 200-day moving average of $29.15.

Upstart (NASDAQ:UPST) last issued its earnings results on Tuesday, August 4th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). The firm had revenue of $364.71 million for the quarter, compared to analyst estimates of $354.74 million. Upstart had a return on equity of 7.13% and a net margin of 4.84%. Upstart’s quarterly revenue was up 41.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.36 earnings per share. As a group, sell-side analysts predict that Upstart will post 0.72 EPS for the current fiscal year.

Insider Activity at Upstart

In related news, insider Natalia Mirgorodskaya sold 913 shares of Upstart stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $30.03, for a total transaction of $27,417.39. Following the completion of the sale, the insider owned 35,875 shares of the company’s stock, valued at approximately $1,077,326.25. The trade was a 2.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sanjay Datta sold 116,000 shares of Upstart stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $27.29, for a total transaction of $3,165,640.00. Following the sale, the insider directly owned 476,578 shares of the company’s stock, valued at $13,005,813.62. The trade was a 19.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 148,652 shares of company stock worth $4,133,720. 17.29% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Upstart

Institutional investors have recently made changes to their positions in the company. Osbon Capital Management LLC acquired a new position in shares of Upstart in the fourth quarter valued at approximately $49,000. Geneos Wealth Management Inc. lifted its holdings in Upstart by 274.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,842 shares of the company’s stock worth $47,000 after purchasing an additional 1,350 shares during the last quarter. Rakuten Securities Inc. acquired a new stake in Upstart during the 2nd quarter worth approximately $67,000. Hollencrest Capital Management acquired a new stake in Upstart during the 1st quarter worth approximately $51,000. Finally, Allworth Financial LP bought a new stake in Upstart in the 2nd quarter valued at $74,000. Institutional investors own 63.01% of the company’s stock.

About Upstart

Upstart Holdings, Inc (NASDAQ: UPST) operates an artificial intelligence-powered lending platform that connects consumers seeking credit with banks and credit unions. Its technology is designed to evaluate a broader range of borrower information than traditional credit-scoring methods, with the goal of helping lending partners assess risk and automate portions of the application and underwriting process.

The company’s platform supports lending products including personal loans, automotive loans and refinancing, and home equity lines of credit.