Gemmer Asset Management LLC Purchases 9,669 Shares of Upstart Holdings, Inc. (NASDAQ:UPST)

Gemmer Asset Management LLC lifted its position in shares of Upstart Holdings, Inc. (NASDAQ:UPST) by 110.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 18,461 shares of the company’s stock after acquiring an additional 9,669 shares during the quarter. Gemmer Asset Management LLC’s holdings in Upstart were worth $435,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in UPST. Norges Bank bought a new position in Upstart during the fourth quarter worth about $19,017,000. Vanguard Group Inc. boosted its holdings in Upstart by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 7,013,918 shares of the company’s stock worth $286,589,000 after buying an additional 157,719 shares during the period. Seven Eight Capital LP grew its stake in Upstart by 349.1% in the 1st quarter. Seven Eight Capital LP now owns 189,385 shares of the company’s stock valued at $5,093,000 after buying an additional 147,213 shares in the last quarter. SG Americas Securities LLC raised its holdings in Upstart by 442.1% during the 2nd quarter. SG Americas Securities LLC now owns 148,214 shares of the company’s stock valued at $3,496,000 after acquiring an additional 120,871 shares during the period. Finally, Magnetar Financial LLC raised its holdings in Upstart by 1,106.7% during the 1st quarter. Magnetar Financial LLC now owns 97,281 shares of the company’s stock valued at $2,616,000 after acquiring an additional 89,219 shares during the period. Hedge funds and other institutional investors own 63.01% of the company’s stock.

Upstart Stock Up 10.7 %

Shares of Upstart stock traded up $3.65 during trading on Tuesday, hitting $37.83. 9,402,274 shares of the stock traded hands, compared to its average volume of 6,466,307. The stock has a market cap of $3.39 billion, a price-to-earnings ratio of -17.61 and a beta of 1.97. Upstart Holdings, Inc. has a 52 week low of $19.84 and a 52 week high of $49.62. The firm’s fifty day moving average is $25.70 and its 200-day moving average is $25.95.

Upstart (NASDAQ:UPST) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.22. The business had revenue of $127.63 million for 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 32.01%. The business’s quarterly revenue was down 6.0% on a year-over-year basis. During the same period last year, the business earned ($0.34) earnings per share. On average, analysts forecast that Upstart Holdings, Inc. will post -2.7 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

UPST has been the subject of several recent research reports. Piper Sandler lifted their price target on Upstart from $28.00 to $31.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. BTIG Research initiated coverage on shares of Upstart in a research note on Friday, June 7th. They set a “sell” rating and a $14.00 price objective for the company. Redburn Atlantic upgraded shares of Upstart from a “sell” rating to a “neutral” rating and increased their target price for the stock from $22.50 to $25.50 in a research note on Tuesday, June 4th. Barclays boosted their price target on shares of Upstart from $25.00 to $35.00 and gave the company an “equal weight” rating in a research report on Monday. Finally, Wedbush reaffirmed an “underperform” rating and issued a $10.00 price target on shares of Upstart in a report on Wednesday, August 7th. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Upstart currently has a consensus rating of “Hold” and an average target price of $24.86.

Insider Buying and Selling

In related news, CFO Sanjay Datta sold 1,000 shares of the company’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $26.31, for a total transaction of $26,310.00. Following the completion of the sale, the chief financial officer now directly owns 372,398 shares in the company, valued at approximately $9,797,791.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CTO Paul Gu sold 80,000 shares of Upstart stock in a transaction that occurred 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 sale, the chief technology officer now directly owns 893,596 shares in the company, valued at approximately $26,378,953.92. 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 business’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $26.31, for a total value of $26,310.00. Following the transaction, the chief financial officer now directly owns 372,398 shares in the company, valued at $9,797,791.38. The disclosure for this sale can be found here. Insiders have sold a total of 171,610 shares of company stock worth $4,725,533 in the last ninety days. 18.06% of the stock is owned by insiders.

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.