Upstart (NASDAQ:UPST) Upgraded to Neutral by Citigroup

Citigroup upgraded shares of Upstart (NASDAQ:UPST) from a sell rating to a neutral rating in a research report report published on Wednesday, Marketbeat reports. The brokerage currently has $33.00 price objective on the stock, up from their prior price objective of $15.00.

A number of other research analysts have also commented on the company. JMP Securities reiterated a market perform rating on shares of Upstart in a research report on Wednesday, April 17th. Needham & Company LLC reiterated a hold rating on shares of Upstart in a research report on Wednesday, May 8th. Wedbush restated an underperform rating and set a $10.00 price objective on shares of Upstart in a report on Wednesday, May 8th. 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 report on Tuesday, June 4th. Finally, Mizuho raised Upstart from an underperform rating to an outperform rating and boosted their target price for the company from $17.00 to $31.00 in a research note on Wednesday, July 31st. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $24.50.

Upstart Stock Performance

Shares of NASDAQ UPST opened at $36.25 on Wednesday. The business has a fifty day moving average of $25.50 and a two-hundred day moving average of $26.00. Upstart has a 52-week low of $19.84 and a 52-week high of $49.62. The stock has a market cap of $3.19 billion, a PE ratio of -17.60 and a beta of 1.97.

Upstart (NASDAQ:UPST) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.22. The firm had revenue of $127.63 million during the quarter, compared to analysts’ expectations of $124.55 million. Upstart had a negative return on equity of 31.57% and a negative net margin of 38.05%. The business’s revenue was down 6.0% on a year-over-year basis. During the same period last year, the firm posted ($0.34) EPS. Analysts predict that Upstart will post -2.7 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Sanjay Datta sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $26.31, for a total value of $26,310.00. Following the completion of the sale, the chief financial officer now directly owns 372,398 shares of the company’s stock, valued at $9,797,791.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Upstart news, CTO Paul Gu sold 10,000 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $30.05, for a total value of $300,500.00. Following the transaction, the chief technology officer now directly owns 894,629 shares of the company’s stock, valued at approximately $26,883,601.45. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Sanjay Datta sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $26.31, for a total value of $26,310.00. Following the sale, the chief financial officer now owns 372,398 shares of the company’s stock, valued at approximately $9,797,791.38. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 171,610 shares of company stock worth $4,725,533. Company insiders own 18.06% of the company’s stock.

Hedge Funds Weigh In On Upstart

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC bought a new position in Upstart during the 4th quarter worth $25,000. Strs Ohio acquired a new stake in shares of Upstart during the 4th quarter worth approximately $57,000. Anfield Capital Management LLC bought a new position in Upstart in the second quarter valued at approximately $33,000. ICA Group Wealth Management LLC acquired a new position in Upstart during the fourth quarter valued at approximately $61,000. Finally, BOCHK Asset Management Ltd bought a new stake in Upstart during the fourth quarter worth $61,000. 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.