Upstart (NASDAQ:UPST) Shares Gap Down to $24.47

Shares of Upstart Holdings, Inc. (NASDAQ:UPST) gapped down before the market opened on Wednesday . The stock had previously closed at $24.47, but opened at $20.90. Upstart shares last traded at $22.22, with a volume of 5,404,629 shares traded.

Analyst Upgrades and Downgrades

UPST has been the topic of a number of research reports. Wedbush reaffirmed an “underperform” rating and set a $10.00 target price on shares of Upstart in a research report on Wednesday. JMP Securities reiterated a “market perform” rating on shares of Upstart in a research report on Wednesday, April 17th. Needham & Company LLC reiterated a “hold” rating on shares of Upstart in a research report on Wednesday. JPMorgan Chase & Co. decreased their target price 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. Finally, Bank of America started coverage on shares of Upstart in a research report on Thursday, April 4th. They set an “underperform” rating and a $22.00 target price on the stock. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $25.40.

Upstart Price Performance

The company has a market capitalization of $2.30 billion, a P/E ratio of -9.02 and a beta of 2.01. The stock’s 50 day simple moving average is $24.69 and its two-hundred 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 for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.05. The business had revenue of $140.31 million during the quarter, compared to the consensus estimate of $135.28 million. Upstart had a negative net margin of 46.76% and a negative return on equity of 35.47%. As a group, equities research analysts expect that Upstart Holdings, Inc. will post -2.19 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Sanjay Datta sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $33.84, for a total transaction of $33,840.00. Following the completion of the transaction, the chief financial officer now owns 354,090 shares in the company, valued at $11,982,405.60. The sale was disclosed in a filing with the SEC, which can be accessed 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, February 12th. The shares were sold at an average price of $33.84, for a total transaction of $33,840.00. Following the completion of the transaction, the chief financial officer now owns 354,090 shares in the company, valued at $11,982,405.60. The sale 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 shares were sold at an average price of $26.31, for a total transaction of $1,578,600.00. Following the completion of the transaction, the chief technology officer now 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. Insiders sold a total of 66,419 shares of company stock valued at $1,750,272 over the last ninety days. Insiders own 18.06% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Cassady Schiller Wealth Management LLC boosted its holdings in shares of Upstart by 23.7% in the fourth quarter. Cassady Schiller Wealth Management LLC now owns 2,748 shares of the company’s stock valued at $112,000 after buying an additional 527 shares during the period. New York State Common Retirement Fund lifted its position in shares of Upstart by 1.8% in the third quarter. New York State Common Retirement Fund now owns 30,588 shares of the company’s stock worth $873,000 after purchasing an additional 535 shares in the last quarter. GAMMA Investing LLC bought a new stake in shares of Upstart in the fourth quarter worth $25,000. Stratos Wealth Partners LTD. lifted its position in shares of Upstart by 5.5% in the fourth quarter. Stratos Wealth Partners LTD. now owns 11,805 shares of the company’s stock worth $482,000 after purchasing an additional 619 shares in the last quarter. Finally, Gemmer Asset Management LLC lifted its position in shares of Upstart by 8.2% in the first quarter. Gemmer Asset Management LLC now owns 8,792 shares of the company’s stock worth $236,000 after purchasing an additional 666 shares in the last quarter. Institutional investors and hedge funds 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.