Upstart (NASDAQ:UPST) Shares Gap Down After Insider Selling

Shares of Upstart Holdings, Inc. (NASDAQ:UPST) gapped down prior to trading on Tuesday after an insider sold shares in the company. The stock had previously closed at $77.48, but opened at $71.10. Upstart shares last traded at $71.23, with a volume of 4,138,166 shares changing hands.

Specifically, CEO Dave Girouard sold 41,667 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $65.15, for a total transaction of $2,714,605.05. Following the completion of the sale, the chief executive officer now owns 61,512 shares of the company’s stock, valued at $4,007,506.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on UPST. Wedbush boosted their price objective on shares of Upstart from $45.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Mizuho upped their target price on shares of Upstart from $33.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. BTIG Research raised shares of Upstart from a “sell” rating to a “neutral” rating in a report on Monday. Piper Sandler raised shares of Upstart from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $31.00 to $85.00 in a report on Friday, November 8th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Upstart in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, Upstart currently has a consensus rating of “Hold” and an average price target of $46.83.

Upstart Stock Performance

The firm’s fifty day simple moving average is $46.54 and its 200 day simple moving average is $34.49. The firm has a market cap of $6.19 billion, a P/E ratio of -35.13 and a beta of 1.97.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Swiss National Bank lifted its holdings in shares of Upstart by 1.6% in the 1st quarter. Swiss National Bank now owns 142,700 shares of the company’s stock valued at $3,837,000 after acquiring an additional 2,200 shares during the last quarter. ProShare Advisors LLC lifted its stake in Upstart by 10.1% in the first quarter. ProShare Advisors LLC now owns 13,342 shares of the company’s stock worth $359,000 after purchasing an additional 1,219 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its stake in Upstart by 288.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 79,922 shares of the company’s stock worth $2,149,000 after purchasing an additional 59,346 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Upstart by 1.6% during the first quarter. Vanguard Group Inc. now owns 7,128,975 shares of the company’s stock worth $191,698,000 after acquiring an additional 115,057 shares during the period. Finally, Fiducient Advisors LLC purchased a new position in shares of Upstart during the first quarter worth approximately $296,000. 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.