Upstart (NASDAQ:UPST) Reaches New 52-Week Low – Time to Sell?

Upstart Holdings, Inc. (NASDAQ:UPST)’s share price hit a new 52-week low during trading on Thursday. The stock traded as low as $19.61 and last traded at $19.50, with a volume of 866,965 shares trading hands. The stock had previously closed at $20.56.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Stephens began coverage on Upstart in a report on Wednesday, November 4th. They issued an “equal weight” rating and a $24.00 price objective for the company. Mizuho set a $35.00 price target on shares of Upstart in a report on Wednesday, November 4th. Citizens Jmp reduced their price target on shares of Upstart from $20.00 to $18.00 and set a “market underperform” rating for the company in a report on Thursday, October 15th. Bank of America reaffirmed a “neutral” rating and issued a $28.00 price target on shares of Upstart in a research report on Wednesday, November 4th. Finally, Morgan Stanley dropped their price objective on shares of Upstart from $35.00 to $24.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 4th. Seven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $32.40.

Upstart Price Performance

The firm has a market capitalization of $1.94 billion, a P/E ratio of 33.30, a P/E/G ratio of 1.98 and a beta of 2.48. The stock’s fifty day simple moving average is $24.06 and its 200 day simple moving average is $29.03.

Upstart (NASDAQ:UPST) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.13. Upstart had a net margin of 4.86% and a return on equity of 9.67%. The business had revenue of $370.52 million for the quarter, compared to analysts’ expectations of $362.68 million. During the same period last year, the business earned $0.23 EPS. The company’s revenue was up 33.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Upstart Holdings, Inc. will post 0.38 EPS for the current fiscal year.

Insider Activity

In other Upstart news, insider Natalia Mirgorodskaya sold 913 shares of Upstart stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $30.03, for a total value of $27,417.39. Following the transaction, the insider directly owned 35,875 shares of the company’s stock, valued at approximately $1,077,326.25. The trade was a 2.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Paul Gu purchased 50,000 shares of Upstart stock in a transaction dated Thursday, September 10th. The shares were acquired at an average cost of $25.55 per share, for a total transaction of $1,277,500.00. Following the completion of the transaction, the chief executive officer owned 130,000 shares of the company’s stock, valued at approximately $3,321,500. This represents a 62.50% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders sold 148,652 shares of company stock worth $4,133,720. 17.29% of the stock is currently owned by insiders.

Institutional Trading of Upstart

A number of institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its position in Upstart by 267.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,022,780 shares of the company’s stock valued at $26,234,000 after buying an additional 744,190 shares in the last quarter. Banco Santander S.A. boosted its holdings in Upstart by 383.1% in the third quarter. Banco Santander S.A. now owns 445,800 shares of the company’s stock worth $10,249,000 after acquiring an additional 353,520 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Upstart in the second quarter worth about $9,681,000. First Trust Advisors LP grew its stake in shares of Upstart by 17.2% during the first quarter. First Trust Advisors LP now owns 373,455 shares of the company’s stock worth $9,579,000 after acquiring an additional 54,908 shares during the last quarter. Finally, GC Wealth Management RIA LLC grew its stake in shares of Upstart by 38.1% during the first quarter. GC Wealth Management RIA LLC now owns 344,646 shares of the company’s stock worth $8,840,000 after acquiring an additional 95,172 shares during the last quarter. Institutional investors and hedge funds own 63.01% of the company’s stock.

About Upstart

Upstart Holdings, Inc. operates an artificial intelligence–based lending marketplace that connects consumers seeking loans with banks and credit unions. Its platform uses machine-learning models and borrower data to help lending partners assess credit risk and make lending decisions. The company’s offerings include personal loans and technology for auto lending, including auto retail and refinancing. Upstart was founded in 2012 by Dave Girouard, Paul Gu and Anna Counselman. Girouard serves as the company’s chief executive officer.