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

Shares of Upstart Holdings, Inc. (NASDAQ:UPST) gapped down before the market opened on Thursday . The stock had previously closed at $52.87, but opened at $51.14. Upstart shares last traded at $50.59, with a volume of 1,299,008 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on UPST. Needham & Company LLC raised their price objective on shares of Upstart from $100.00 to $108.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Wedbush raised their target price on shares of Upstart from $60.00 to $75.00 and gave the stock a “neutral” rating in a research report on Monday, December 2nd. Redburn Atlantic upgraded Upstart from a “neutral” rating to a “buy” rating and boosted their price target for the company from $37.00 to $95.00 in a report on Tuesday, December 3rd. Barclays lifted their target price on Upstart from $80.00 to $93.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 18th. Finally, Morgan Stanley upgraded Upstart from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $12.00 to $70.00 in a research note on Friday, February 14th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $73.38.

Upstart Stock Down 5.5 %

The company’s 50 day simple moving average is $63.81 and its two-hundred day simple moving average is $60.12. The company has a market capitalization of $4.68 billion, a price-to-earnings ratio of -34.51 and a beta of 2.25.

Upstart (NASDAQ:UPST) last announced its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.02. Upstart had a negative net margin of 20.20% and a negative return on equity of 25.87%. Analysts anticipate that Upstart Holdings, Inc. will post -0.03 EPS for the current year.

Insider Transactions at Upstart

In other Upstart news, CEO Dave Girouard sold 4,524 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $79.01, for a total transaction of $357,441.24. Following the completion of the transaction, the chief executive officer now directly owns 52,614 shares of the company’s stock, valued at approximately $4,157,032.14. This trade represents a 7.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Natalia Mirgorodskaya sold 794 shares of the company’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $79.02, for a total transaction of $62,741.88. Following the completion of the sale, the insider now directly owns 21,985 shares in the company, valued at $1,737,254.70. This trade represents a 3.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,062 shares of company stock worth $5,247,182 over the last three months. 18.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Upstart

A number of institutional investors have recently modified their holdings of the stock. Natixis Advisors LLC acquired a new stake in Upstart during the third quarter worth about $654,000. Swiss National Bank grew its stake in shares of Upstart by 1.0% during the 3rd quarter. Swiss National Bank now owns 145,900 shares of the company’s stock worth $5,837,000 after purchasing an additional 1,400 shares during the period. Quest Partners LLC increased its holdings in shares of Upstart by 1,424.8% during the 3rd quarter. Quest Partners LLC now owns 1,723 shares of the company’s stock valued at $69,000 after purchasing an additional 1,610 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of Upstart in the 3rd quarter valued at $939,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in 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. Hedge funds and other institutional investors own 63.01% of the company’s stock.

Upstart Company 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.