Upstart (NASDAQ:UPST) Updates Q2 2022 Earnings Guidance

Upstart (NASDAQ:UPSTGet Rating) issued an update on its second quarter 2022 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $0.29-$0.31 for the period, compared to the consensus estimate of $0.54. The company issued revenue guidance of $295.00 million-$305.00 million, compared to the consensus revenue estimate of $334.81 million.Upstart also updated its FY 2022 guidance to EPS.

A number of equities analysts have recently commented on UPST shares. JMP Securities cut their target price on shares of Upstart from $315.00 to $245.00 and set a market outperform rating on the stock in a research note on Wednesday, February 16th. Loop Capital began coverage on shares of Upstart in a report on Tuesday, April 5th. They set a buy rating and a $140.00 price target on the stock. Morgan Stanley lowered their price objective on shares of Upstart from $115.00 to $88.00 in a research report on Wednesday, May 4th. FBN Securities initiated coverage on shares of Upstart in a research report on Tuesday, April 12th. They issued an outperform rating and a $150.00 target price for the company. Finally, Stephens downgraded shares of Upstart from an equal weight rating to an underweight rating and decreased their target price for the stock from $124.00 to $28.00 in a research report on Tuesday, May 10th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, Upstart currently has a consensus rating of Hold and an average target price of $114.00.

NASDAQ:UPST opened at $38.13 on Monday. The firm has a market capitalization of $3.23 billion, a PE ratio of 23.25 and a beta of 1.14. The stock has a 50-day simple moving average of $92.15 and a two-hundred day simple moving average of $138.10. Upstart has a 52-week low of $25.43 and a 52-week high of $401.49.

Upstart (NASDAQ:UPSTGet Rating) last announced its quarterly earnings data on Monday, May 9th. The company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.08. The company had revenue of $310.14 million for the quarter, compared to analysts’ expectations of $300.13 million. Upstart had a return on equity of 20.27% and a net margin of 15.23%. Upstart’s revenue was up 155.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.12 earnings per share. On average, equities analysts anticipate that Upstart will post 1.02 earnings per share for the current year.

In other news, CEO Dave Girouard sold 41,667 shares of the stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $80.00, for a total transaction of $3,333,360.00. Following the transaction, the chief executive officer now owns 87,114 shares in the company, valued at approximately $6,969,120. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Alison Nicoll sold 7,500 shares of Upstart stock in a transaction dated Wednesday, April 27th. The shares were sold at an average price of $73.22, for a total transaction of $549,150.00. Following the transaction, the general counsel now directly owns 186,367 shares of the company’s stock, valued at $13,645,791.74. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 207,708 shares of company stock worth $21,254,868. Insiders own 18.87% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in UPST. Vanguard Group Inc. lifted its stake in Upstart by 16.9% during the 1st quarter. Vanguard Group Inc. now owns 5,822,210 shares of the company’s stock valued at $635,145,000 after acquiring an additional 840,668 shares in the last quarter. BlackRock Inc. lifted its position in Upstart by 11.5% in the first quarter. BlackRock Inc. now owns 2,355,881 shares of the company’s stock valued at $257,003,000 after purchasing an additional 242,348 shares during the last quarter. Northern Trust Corp increased its stake in shares of Upstart by 26.4% during the first quarter. Northern Trust Corp now owns 433,243 shares of the company’s stock valued at $47,263,000 after buying an additional 90,383 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Upstart by 2.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 270,008 shares of the company’s stock worth $29,455,000 after purchasing an additional 5,960 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Upstart by 19.8% in the first quarter. Bank of New York Mellon Corp now owns 172,118 shares of the company’s stock worth $18,777,000 after acquiring an additional 28,494 shares during the last quarter. Institutional investors and hedge funds own 59.65% of the company’s stock.

About Upstart (Get Rating)

Upstart Holdings, Inc operates a cloud- based artificial intelligence (AI) lending platform in the United States. The company's platform aggregates consumer demand for loans and connects it to its network of the company's AI- enabled bank partners. Its platform connects consumers, banks, and institutional investors through a shared AI lending platform.

See Also

Earnings History and Estimates for Upstart (NASDAQ:UPST)

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