Needham & Company LLC Forecasts Strong Price Appreciation for Upstart (NASDAQ:UPST) Stock

Upstart (NASDAQ:UPST) had its target price increased by Needham & Company LLC from $100.00 to $108.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also recently issued research reports about the stock. B. Riley upgraded shares of Upstart from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $49.00 to $105.00 in a research report on Wednesday. Citigroup upgraded Upstart from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $56.00 to $87.00 in a report on Friday, November 8th. BTIG Research raised Upstart from a “sell” rating to a “neutral” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. upgraded Upstart from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $57.00 to $79.00 in a research report on Wednesday. Finally, Piper Sandler upgraded Upstart from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $31.00 to $85.00 in a research report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $67.08.

Upstart Trading Up 31.8 %

Shares of Upstart stock opened at $88.77 on Wednesday. Upstart has a 12 month low of $20.60 and a 12 month high of $90.44. The business’s 50-day moving average price is $67.78 and its 200-day moving average price is $54.62.

Upstart (NASDAQ:UPST) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. Upstart had a negative net margin of 30.15% and a negative return on equity of 32.57%. As a group, sell-side analysts anticipate that Upstart will post -2.18 earnings per share for the current fiscal year.

Insider Activity at Upstart

In related news, CEO Dave Girouard sold 41,667 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $62.60, for a total transaction of $2,608,354.20. Following the transaction, the chief executive officer now owns 57,138 shares in the company, valued at $3,576,838.80. The trade was a 42.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Paul Gu sold 4,019 shares of the stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $75.00, for a total transaction of $301,425.00. Following the completion of the transaction, the chief technology officer now directly owns 863,065 shares of the company’s stock, valued at approximately $64,729,875. The trade was a 0.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 347,868 shares of company stock worth $24,056,862 over the last quarter. 18.06% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Los Angeles Capital Management LLC bought a new position in Upstart in the third quarter worth $334,000. Tyler Stone Wealth Management grew its position in shares of Upstart by 94.1% in the 3rd quarter. Tyler Stone Wealth Management now owns 55,534 shares of the company’s stock worth $2,222,000 after buying an additional 26,917 shares during the period. Intech Investment Management LLC purchased a new stake in shares of Upstart in the 3rd quarter worth about $939,000. Quadrature Capital Ltd bought a new position in shares of Upstart in the 3rd quarter worth about $676,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Upstart by 63.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 725,582 shares of the company’s stock valued at $29,031,000 after acquiring an additional 282,481 shares during the period. Hedge funds and other institutional investors own 63.01% of the company’s stock.

About Upstart

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.