Upstart (NASDAQ:UPST) Shares Gap Down – Here’s What Happened

Upstart Holdings, Inc. (NASDAQ:UPST) shares gapped down prior to trading on Monday . The stock had previously closed at $78.79, but opened at $74.66. Upstart shares last traded at $68.88, with a volume of 4,118,967 shares traded.

Analysts Set New Price Targets

Several brokerages recently issued reports on UPST. JPMorgan Chase & Co. downgraded shares of Upstart from a “neutral” rating to an “underweight” rating and lifted their price target for the company from $45.00 to $57.00 in a report on Monday. Needham & Company LLC reiterated a “hold” rating on shares of Upstart in a research note on Thursday, August 8th. Barclays lifted their price objective on Upstart from $25.00 to $35.00 and gave the company an “equal weight” rating in a research report on Monday, August 12th. BTIG Research raised shares of Upstart from a “sell” rating to a “neutral” rating in a research note on Monday, November 11th. Finally, Mizuho lifted their price objective on Upstart from $33.00 to $48.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Upstart currently has an average rating of “Hold” and an average target price of $49.83.

Upstart Stock Down 13.0 %

The company has a market capitalization of $6.25 billion, a P/E ratio of -35.69 and a beta of 1.97. The business has a fifty day moving average price of $55.46 and a 200 day moving average price of $38.68.

Insider Transactions at Upstart

In other news, CFO Sanjay Datta sold 1,500 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $41.77, for a total transaction of $62,655.00. Following the transaction, the chief financial officer now directly owns 346,093 shares in the company, valued at $14,456,304.61. The trade was a 0.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Scott Darling sold 1,300 shares of Upstart stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $40.01, for a total value of $52,013.00. Following the transaction, the insider now owns 161,043 shares of the company’s stock, valued at $6,443,330.43. The trade was a 0.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 502,939 shares of company stock valued at $28,887,725 in the last ninety days. 18.06% of the stock is currently owned by corporate insiders.

Institutional Trading of Upstart

A number of institutional investors and hedge funds have recently made changes to their positions in UPST. Geode Capital Management LLC boosted its stake in Upstart by 1.6% in the third quarter. Geode Capital Management LLC now owns 1,816,774 shares of the company’s stock valued at $72,702,000 after buying an additional 29,482 shares in the last quarter. Fred Alger Management LLC boosted its position in Upstart by 153.2% in the third quarter. Fred Alger Management LLC now owns 1,246,839 shares of the company’s stock valued at $49,886,000 after buying an additional 754,416 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Upstart by 63.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 725,582 shares of the company’s stock worth $29,031,000 after buying an additional 282,481 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Upstart by 5.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 642,876 shares of the company’s stock worth $25,721,000 after buying an additional 32,052 shares in the last quarter. Finally, Two Sigma Advisers LP raised its position in Upstart by 689.5% in the third quarter. Two Sigma Advisers LP now owns 589,000 shares of the company’s stock valued at $23,566,000 after purchasing an additional 514,400 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.