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

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 trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have commented on UPST shares. JPMorgan Chase & Co. dropped their price target 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. Mizuho boosted their target price on Upstart from $19.00 to $23.00 and gave the company an “underperform” rating in a research note on Thursday, January 18th. Piper Sandler reiterated a “neutral” rating and set a $28.00 price target on shares of Upstart in a report on Tuesday, March 19th. JMP Securities reiterated a “market perform” rating on shares of Upstart in a research note on Wednesday, April 17th. Finally, Needham & Company LLC restated a “hold” rating on shares of Upstart in a report on Wednesday. Five equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $26.00.

Upstart Price Performance

The business’s 50 day simple moving average is $24.74 and its 200 day simple moving average is $29.20. The stock has a market cap of $2.00 billion, a P/E ratio of -7.58 and a beta of 2.01.

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

Insider Buying and Selling

In other Upstart news, CFO Sanjay Datta sold 1,000 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $33.84, for a total value of $33,840.00. Following the transaction, the chief financial officer now directly owns 354,090 shares in the company, valued at $11,982,405.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CTO Paul Gu sold 60,000 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $26.31, for a total transaction of $1,578,600.00. Following the completion of the sale, the chief technology officer now directly owns 893,596 shares in the company, valued at approximately $23,510,510.76. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Sanjay Datta sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $33.84, for a total transaction of $33,840.00. Following the transaction, the chief financial officer now owns 354,090 shares of the company’s stock, valued at $11,982,405.60. The disclosure for this sale can be found here. Insiders sold 66,419 shares of company stock worth $1,750,272 in the last quarter. 18.06% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of UPST. Heritage Wealth Advisors grew its position in Upstart by 20,137.0% during the 1st quarter. Heritage Wealth Advisors now owns 20,237 shares of the company’s stock worth $544,000 after acquiring an additional 20,137 shares during the last quarter. ProShare Advisors LLC boosted its stake in shares of Upstart by 10.1% during the first quarter. ProShare Advisors LLC now owns 13,342 shares of the company’s stock valued at $359,000 after purchasing an additional 1,219 shares in the last quarter. Headlands Technologies LLC boosted its position in Upstart by 598.6% during the 1st 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 period. Inspire Advisors LLC increased its position in Upstart by 5.8% in the 1st quarter. Inspire Advisors LLC now owns 16,143 shares of the company’s stock valued at $434,000 after acquiring an additional 890 shares during the period. Finally, TCI Wealth Advisors Inc. lifted its holdings in shares of Upstart by 18.0% during the first quarter. TCI Wealth Advisors Inc. now owns 39,971 shares of the company’s stock worth $1,075,000 after purchasing an additional 6,088 shares during the period. 63.01% of the stock is currently owned by institutional investors and hedge funds.

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.