Upstart (NASDAQ:UPST) Issues Earnings Results, Beats Expectations By $0.22 EPS

Upstart (NASDAQ:UPST) released its quarterly earnings data on Tuesday. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.22, Briefing.com reports. The company had revenue of $127.63 million during the quarter, compared to analysts’ expectations of $124.55 million. Upstart had a negative net margin of 38.05% and a negative return on equity of 31.57%. The firm’s quarterly revenue was down 6.0% on a year-over-year basis. During the same period in the previous year, the company earned ($0.34) EPS. Upstart updated its Q3 2024 guidance to EPS.

Upstart Trading Up 6.0 %

Shares of UPST stock traded up $2.04 during trading hours on Friday, reaching $36.25. 17,041,497 shares of the company’s stock were exchanged, compared to its average volume of 6,434,901. Upstart has a 1 year low of $19.84 and a 1 year high of $49.62. The stock has a market cap of $3.19 billion, a PE ratio of -17.63 and a beta of 1.97. The stock’s fifty day moving average price is $25.26 and its two-hundred day moving average price is $26.06.

Insider Activity at Upstart

In other Upstart news, CEO Dave Girouard sold 2,997 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $25.62, for a total transaction of $76,783.14. Following the sale, the chief executive officer now owns 64,873 shares of the company’s stock, valued at approximately $1,662,046.26. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CTO Paul Gu sold 80,000 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $29.52, for a total value of $2,361,600.00. Following the completion of the transaction, the chief technology officer now owns 893,596 shares in the company, valued at approximately $26,378,953.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Dave Girouard sold 2,997 shares of Upstart stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $25.62, for a total value of $76,783.14. Following the sale, the chief executive officer now directly owns 64,873 shares of the company’s stock, valued at approximately $1,662,046.26. The disclosure for this sale can be found here. Insiders sold 171,610 shares of company stock valued at $4,725,533 in the last three months. 18.06% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

UPST has been the subject of several recent research reports. BTIG Research began coverage on Upstart in a report on Friday, June 7th. They issued a “sell” rating and a $14.00 price objective for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Upstart in a research report on Thursday. Citigroup raised shares of Upstart from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $15.00 to $33.00 in a research note on Wednesday. JMP Securities reaffirmed a “market perform” rating on shares of Upstart in a research report on Wednesday, April 17th. Finally, Piper Sandler lifted their price target on Upstart from $28.00 to $31.00 and gave the company a “neutral” rating in a report on Wednesday. Five research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $24.50.

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.