Upstart (NASDAQ:UPST) Shares Down 4.6%

Upstart Holdings, Inc. (NASDAQ:UPST) shares dropped 4.6% on Thursday . The company traded as low as $23.83 and last traded at $23.84. Approximately 1,459,181 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 6,257,381 shares. The stock had previously closed at $24.98.

Analysts Set New Price Targets

A number of equities analysts have commented on UPST shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Upstart in a research report on Wednesday, May 8th. JMP Securities reiterated a “market perform” rating on shares of Upstart in a research note on Wednesday, April 17th. Bank of America initiated coverage on shares of Upstart in a research report on Thursday, April 4th. They set an “underperform” rating and a $22.00 price objective for the company. JPMorgan Chase & Co. decreased their target price on Upstart from $26.00 to $24.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 14th. Finally, Piper Sandler reissued a “neutral” rating and set a $28.00 price target on shares of Upstart in a report on Tuesday, March 19th. Six analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $21.65.

Upstart Trading Down 6.5 %

The stock has a market capitalization of $2.05 billion, a P/E ratio of -11.39 and a beta of 2.01. The business has a 50-day moving average price of $24.31 and a two-hundred day moving average price of $29.25.

Upstart (NASDAQ:UPST) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($0.74) earnings per share for the quarter, topping the consensus estimate of ($0.80) by $0.06. The business had revenue of $127.79 million during the quarter, compared to analysts’ expectations of $124.82 million. Upstart had a negative net margin of 32.59% and a negative return on equity of 27.89%. On average, sell-side analysts forecast that Upstart Holdings, Inc. will post -2.67 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Upstart news, insider Scott Darling sold 3,000 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $25.44, for a total value of $76,320.00. Following the sale, the insider now owns 196,993 shares of the company’s stock, valued at approximately $5,011,501.92. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Scott Darling sold 3,000 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $25.44, for a total value of $76,320.00. Following the completion of the transaction, the insider now owns 196,993 shares of the company’s stock, valued at $5,011,501.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Dave Girouard sold 2,997 shares of the firm’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 completion of the sale, the chief executive officer now owns 64,873 shares in the company, valued at $1,662,046.26. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 199,610 shares of company stock worth $5,455,273. Corporate insiders own 18.06% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Cassady Schiller Wealth Management LLC grew its position in Upstart by 23.7% during the 4th quarter. Cassady Schiller Wealth Management LLC now owns 2,748 shares of the company’s stock worth $112,000 after acquiring an additional 527 shares during the last quarter. New York State Common Retirement Fund grew its holdings in shares of Upstart by 1.8% during the third quarter. New York State Common Retirement Fund now owns 30,588 shares of the company’s stock worth $873,000 after purchasing an additional 535 shares during the last quarter. EMC Capital Management increased its stake in shares of Upstart by 16.2% in the first quarter. EMC Capital Management now owns 4,300 shares of the company’s stock valued at $109,000 after buying an additional 600 shares during the period. GAMMA Investing LLC bought a new position in Upstart in the 4th quarter valued at approximately $25,000. Finally, Stratos Wealth Partners LTD. boosted its position in Upstart by 5.5% during the 4th quarter. Stratos Wealth Partners LTD. now owns 11,805 shares of the company’s stock worth $482,000 after buying an additional 619 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.