Upstart (NASDAQ:UPST) Sets New 1-Year Low Following Analyst Downgrade

Upstart Holdings, Inc. (NASDAQ:UPST) shares reached a new 52-week low on Wednesday after The Goldman Sachs Group lowered their price target on the stock from $39.00 to $28.00. The Goldman Sachs Group currently has a neutral rating on the stock. Upstart traded as low as $22.21 and last traded at $22.6140, with a volume of 1,076,098 shares traded. The stock had previously closed at $23.83.

UPST has been the topic of several other reports. Needham & Company LLC restated a “buy” rating and set a $42.00 price objective on shares of Upstart in a research report on Tuesday, October 6th. Loop Capital assumed coverage on shares of Upstart in a report on Tuesday, September 8th. They issued a “hold” rating and a $34.00 target price for the company. Weiss Ratings downgraded shares of Upstart from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, September 28th. BTIG Research reiterated a “buy” rating and issued a $43.00 price target on shares of Upstart in a research note on Tuesday, September 22nd. Finally, Piper Sandler raised their price target on Upstart from $46.00 to $51.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Eight research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $43.06.

Insider Activity at Upstart

In related news, CEO Paul Gu bought 50,000 shares of the stock in a transaction dated Thursday, September 10th. The shares were purchased at an average price of $25.55 per share, with a total value of $1,277,500.00. Following the completion of the acquisition, the chief executive officer owned 130,000 shares of the company’s stock, valued at $3,321,500. This represents a 62.50% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sanjay Datta sold 116,000 shares of the business’s stock in a transaction on 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 completion of the transaction, the insider directly owned 476,578 shares in the company, valued at $13,005,813.62. This trade represents a 19.58% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 148,652 shares of company stock valued at $4,133,720. Corporate insiders own 17.29% of the company’s stock.

Institutional Trading of Upstart

Institutional investors and hedge funds have recently bought and sold shares of the stock. Farther Finance Advisors LLC increased its holdings in Upstart by 25.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 4,307 shares of the company’s stock valued at $99,000 after acquiring an additional 881 shares during the last quarter. Greenwich Wealth Management LLC bought a new position in shares of Upstart during the 2nd quarter valued at about $322,000. Sequoia Financial Advisors LLC purchased a new position in shares of Upstart during the second quarter valued at about $254,000. Gemmer Asset Management LLC grew its position in shares of Upstart by 17.0% during the second quarter. Gemmer Asset Management LLC now owns 29,707 shares of the company’s stock valued at $1,053,000 after purchasing an additional 4,314 shares in the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of Upstart during the second quarter valued at about $248,000. 63.01% of the stock is currently owned by institutional investors.

Upstart Stock Down 4.5%

The company has a fifty day moving average price of $26.93 and a 200-day moving average price of $29.17. The stock has a market capitalization of $2.21 billion, a P/E ratio of 46.34, a PEG ratio of 0.84 and a beta of 2.43.

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

Upstart Company Profile

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.