Upstart (NASDAQ:UPST) Sets New 12-Month Low – Here’s Why

Upstart Holdings, Inc. (NASDAQ:UPST) shares hit a new 52-week low during mid-day trading on Thursday. The stock traded as low as $22.67 and last traded at $22.6470, with a volume of 768440 shares changing hands. The stock had previously closed at $22.99.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. The Goldman Sachs Group upped their price objective on shares of Upstart from $32.00 to $39.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Citigroup dropped their price target on shares of Upstart from $80.00 to $61.00 and set a “buy” rating on the stock in a research note on Wednesday, July 22nd. Needham & Company LLC increased their price target on shares of Upstart from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. BTIG Research reissued a “buy” rating and set a $43.00 price target on shares of Upstart in a report on Tuesday, September 22nd. Finally, Wall Street Zen upgraded shares of Upstart from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Eight investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $43.75.

Upstart Price Performance

The company has a 50-day simple moving average of $27.67 and a 200-day simple moving average of $29.36. The stock has a market cap of $2.24 billion, a PE ratio of 47.02, a PEG ratio of 0.82 and a beta of 2.16.

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

Insider Activity at Upstart

In related news, CEO Paul Gu acquired 50,000 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at approximately $3,321,500. This represents a 62.50% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Natalia Mirgorodskaya sold 913 shares of the company’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $30.03, for a total transaction of $27,417.39. Following the transaction, the insider owned 35,875 shares in the company, valued at $1,077,326.25. The trade was a 2.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 148,652 shares of company stock worth $4,133,720 in the last ninety days. Corporate insiders own 17.29% of the company’s stock.

Institutional Investors Weigh In On Upstart

A number of institutional investors and hedge funds have recently modified their holdings of the company. Versant Capital Management Inc grew its holdings in Upstart by 26.7% in the second quarter. Versant Capital Management Inc now owns 2,905 shares of the company’s stock valued at $103,000 after purchasing an additional 612 shares during the last quarter. State of Wyoming boosted its position in shares of Upstart by 10.8% in the 1st quarter. State of Wyoming now owns 6,901 shares of the company’s stock worth $177,000 after buying an additional 674 shares in the last quarter. Clearstead Advisors LLC grew its stake in Upstart by 200.0% in the 4th quarter. Clearstead Advisors LLC now owns 1,500 shares of the company’s stock valued at $66,000 after acquiring an additional 1,000 shares during the last quarter. Pictet Asset Management Holding SA increased its holdings in Upstart by 7.5% during the 1st quarter. Pictet Asset Management Holding SA now owns 14,528 shares of the company’s stock valued at $373,000 after acquiring an additional 1,018 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new position in Upstart during the fourth quarter worth about $48,000. Institutional investors and hedge funds own 63.01% of the company’s stock.

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.