Upstart (NASDAQ:UPST) Price Target Cut to $17.00

Upstart (NASDAQ:UPST) had its price objective lowered by stock analysts at Mizuho from $23.00 to $17.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “underperform” rating on the stock. Mizuho’s price objective would indicate a potential downside of 26.44% from the stock’s current price.

A number of other equities analysts have also weighed in on the company. Needham & Company LLC reiterated a “hold” rating on shares of Upstart in a research report on Wednesday. Wedbush reiterated an “underperform” rating and issued a $10.00 target price on shares of Upstart in a report on Wednesday. JMP Securities restated a “market perform” rating on shares of Upstart in a report on Wednesday, April 17th. Bank of America started coverage on shares of Upstart in a research report on Thursday, April 4th. They issued an “underperform” rating and a $22.00 price target for the company. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Upstart from $26.00 to $24.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 14th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $25.40.

Upstart Price Performance

NASDAQ UPST opened at $23.11 on Thursday. Upstart has a 12 month low of $13.00 and a 12 month high of $72.58. The company has a market capitalization of $2.03 billion, a P/E ratio of -7.97 and a beta of 2.01. The company’s 50 day simple moving average is $24.69 and its 200 day simple moving average is $29.16.

Upstart (NASDAQ:UPST) last posted its quarterly earnings results on Tuesday, February 13th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.05. The company had revenue of $140.31 million for the quarter, compared to analysts’ expectations of $135.28 million. Upstart had a negative return on equity of 35.47% and a negative net margin of 46.76%. On average, analysts anticipate that Upstart will post -2.19 earnings per share for the current year.

Insider Activity at Upstart

In other Upstart news, CTO Paul Gu sold 60,000 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $26.31, for a total value of $1,578,600.00. Following the transaction, the chief technology officer now directly owns 893,596 shares of the company’s stock, valued at approximately $23,510,510.76. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CFO Sanjay Datta sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $27.50, for a total value of $27,500.00. Following the completion of the sale, the chief financial officer now directly owns 400,536 shares in the company, valued at approximately $11,014,740. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Paul Gu sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $26.31, for a total value of $1,578,600.00. Following the sale, the chief technology officer now directly owns 893,596 shares of the company’s stock, valued at approximately $23,510,510.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,419 shares of company stock valued at $1,750,272. Insiders own 18.06% of the company’s stock.

Institutional Trading of Upstart

Institutional investors and hedge funds have recently modified their holdings of the company. State Board of Administration of Florida Retirement System boosted its holdings in Upstart by 288.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 79,922 shares of the company’s stock valued at $2,149,000 after acquiring an additional 59,346 shares during the period. Entropy Technologies LP bought a new stake in Upstart during the 1st quarter valued at approximately $1,358,000. Heritage Wealth Advisors grew its holdings in Upstart by 20,137.0% in the 1st quarter. Heritage Wealth Advisors now owns 20,237 shares of the company’s stock valued at $544,000 after buying an additional 20,137 shares during the last quarter. ProShare Advisors LLC increased its position in Upstart by 10.1% in the 1st quarter. ProShare Advisors LLC now owns 13,342 shares of the company’s stock worth $359,000 after buying an additional 1,219 shares during the period. Finally, Headlands Technologies LLC lifted its holdings in shares of Upstart by 598.6% during the first quarter. Headlands Technologies LLC now owns 36,181 shares of the company’s stock worth $973,000 after buying an additional 31,002 shares during the last quarter. 63.01% of the stock is currently owned by institutional investors and hedge funds.

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.