Summit Financial Strategies Inc. Has $416,000 Stock Position in Upstart Holdings, Inc. (NASDAQ:UPST)

Summit Financial Strategies Inc. increased its stake in shares of Upstart Holdings, Inc. (NASDAQ:UPST) by 13.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,399 shares of the company’s stock after buying an additional 1,223 shares during the period. Summit Financial Strategies Inc.’s holdings in Upstart were worth $416,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Anfield Capital Management LLC acquired a new position in Upstart during the 2nd quarter valued at about $33,000. Indiana Trust & Investment Management Co bought a new stake in shares of Upstart in the 3rd quarter valued at about $43,000. Benjamin F. Edwards & Company Inc. increased its stake in shares of Upstart by 80.6% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,743 shares of the company’s stock valued at $47,000 after acquiring an additional 778 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Upstart by 259.0% in the 2nd quarter. GAMMA Investing LLC now owns 2,204 shares of the company’s stock valued at $52,000 after acquiring an additional 1,590 shares during the last quarter. Finally, Comerica Bank increased its stake in shares of Upstart by 144.0% in the 1st quarter. Comerica Bank now owns 2,313 shares of the company’s stock valued at $62,000 after acquiring an additional 1,365 shares during the last quarter. Institutional investors and hedge funds own 63.01% of the company’s stock.

Upstart Price Performance

Upstart stock traded down $2.88 during mid-day trading on Thursday, hitting $51.50. 3,148,782 shares of the company’s stock traded hands, compared to its average volume of 6,684,097. The firm has a 50 day simple moving average of $39.94 and a two-hundred day simple moving average of $30.04. Upstart Holdings, Inc. has a fifty-two week low of $19.84 and a fifty-two week high of $57.40. The stock has a market cap of $4.61 billion, a price-to-earnings ratio of -23.24 and a beta of 2.01.

Upstart (NASDAQ:UPST) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.22. Upstart had a negative return on equity of 32.01% and a negative net margin of 38.05%. The business had revenue of $127.63 million during the quarter, compared to the consensus estimate of $124.55 million. During the same quarter last year, the firm posted ($0.34) EPS. The company’s quarterly revenue was down 6.0% on a year-over-year basis. On average, research analysts anticipate that Upstart Holdings, Inc. will post -2.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Upstart

In other Upstart news, CEO Dave Girouard sold 3,361 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $38.35, for a total transaction of $128,894.35. Following the completion of the sale, the chief executive officer now owns 61,512 shares of the company’s stock, valued at $2,358,985.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Upstart news, CFO Sanjay Datta sold 1,000 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $28.15, for a total transaction of $28,150.00. Following the transaction, the chief financial officer now owns 373,398 shares in the company, valued at $10,511,153.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Dave Girouard sold 3,361 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $38.35, for a total value of $128,894.35. Following the transaction, the chief executive officer now owns 61,512 shares in the company, valued at $2,358,985.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 312,959 shares of company stock valued at $13,641,350 in the last quarter. 18.06% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on UPST shares. Wedbush raised Upstart from an “underperform” rating to a “neutral” rating and upped their price target for the company from $10.00 to $45.00 in a research note on Monday. Piper Sandler increased their target price on Upstart from $28.00 to $31.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Upstart in a research report on Thursday, August 8th. Citigroup raised Upstart from a “sell” rating to a “neutral” rating and upped their price target for the stock from $15.00 to $33.00 in a research report on Wednesday, August 7th. Finally, Mizuho upped their price target on Upstart from $33.00 to $48.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned 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 $31.50.

Upstart 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.