Upstart (NASDAQ:UPST) Stock Price Down 4.2% – Here’s What Happened

Upstart Holdings, Inc. (NASDAQ:UPST)’s share price traded down 4.2% on Thursday . The stock traded as low as $68.67 and last traded at $70.21. 3,399,695 shares traded hands during trading, a decline of 51% from the average session volume of 6,868,693 shares. The stock had previously closed at $73.32.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Needham & Company LLC upgraded shares of Upstart from a “hold” rating to a “buy” rating and set a $100.00 target price for the company in a research report on Friday, December 13th. BTIG Research upgraded Upstart from a “sell” rating to a “neutral” rating in a report on Monday, November 11th. Wedbush boosted their target price on Upstart from $60.00 to $75.00 and gave the stock a “neutral” rating in a research report on Monday, December 2nd. JPMorgan Chase & Co. cut shares of Upstart from a “neutral” rating to an “underweight” rating and increased their price target for the company from $45.00 to $57.00 in a research report on Monday, December 2nd. Finally, Redburn Atlantic upgraded shares of Upstart from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $37.00 to $95.00 in a report on Tuesday, December 3rd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $61.80.

Upstart Trading Up 1.7 %

The firm has a market cap of $6.24 billion, a PE ratio of -35.44 and a beta of 2.19. The firm has a fifty day simple moving average of $65.86 and a two-hundred day simple moving average of $43.81.

Insider Buying and Selling

In other news, CEO Dave Girouard sold 41,667 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $65.15, for a total value of $2,714,605.05. Following the completion of the transaction, the chief executive officer now owns 61,512 shares of the company’s stock, valued at approximately $4,007,506.80. This represents a 40.38 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sanjay Datta sold 1,500 shares of Upstart stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $79.54, for a total value of $119,310.00. Following the sale, the chief financial officer now owns 331,093 shares in the company, valued at $26,335,137.22. This represents a 0.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 533,368 shares of company stock valued at $32,813,134 over the last quarter. 18.06% of the stock is owned by company insiders.

Hedge Funds Weigh In On Upstart

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Anfield Capital Management LLC purchased a new stake in shares of Upstart in the 2nd quarter worth approximately $33,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Upstart in the third quarter worth $35,000. BNP Paribas bought a new position in shares of Upstart during the third quarter valued at $37,000. Blue Trust Inc. boosted its stake in Upstart by 125.3% in the 3rd quarter. Blue Trust Inc. now owns 989 shares of the company’s stock worth $40,000 after purchasing an additional 550 shares in the last quarter. Finally, Hollencrest Capital Management purchased a new stake in Upstart during the 3rd quarter valued at about $40,000. Institutional investors own 63.01% of the company’s stock.

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.