Commonwealth Equity Services LLC Reduces Holdings in Upstart Holdings, Inc. (NASDAQ:UPST)

Commonwealth Equity Services LLC trimmed its stake in Upstart Holdings, Inc. (NASDAQ:UPST – Get Rating) by 6.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 127,001 shares of the company’s stock after selling 8,304 shares during the period. Commonwealth Equity Services LLC owned approximately 0.16% of Upstart worth $2,640,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of UPST. Eaton Vance Management grew its position in Upstart by 12.1% during the 3rd quarter. Eaton Vance Management now owns 15,661 shares of the company’s stock worth $326,000 after purchasing an additional 1,691 shares during the last quarter. Cubist Systematic Strategies LLC grew its position in Upstart by 77.0% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 112,200 shares of the company’s stock worth $2,333,000 after purchasing an additional 48,819 shares during the last quarter. MML Investors Services LLC grew its position in Upstart by 56.4% during the 3rd quarter. MML Investors Services LLC now owns 22,722 shares of the company’s stock worth $472,000 after purchasing an additional 8,198 shares during the last quarter. Nuveen Asset Management LLC grew its position in Upstart by 18.4% during the 3rd quarter. Nuveen Asset Management LLC now owns 221,589 shares of the company’s stock worth $4,606,000 after purchasing an additional 34,441 shares during the last quarter. Finally, Freshford Capital Management LLC purchased a new position in Upstart during the 3rd quarter worth $5,925,000. 37.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Mizuho lowered their price objective on shares of Upstart from $16.00 to $14.00 and set an “underperform” rating on the stock in a research report on Tuesday, February 21st. Compass Point started coverage on shares of Upstart in a research note on Tuesday, March 7th. They issued a “sell” rating for the company. Barclays reduced their target price on shares of Upstart to $17.00 in a research note on Tuesday, November 15th. Citigroup cut shares of Upstart from a “neutral” rating to a “sell” rating in a research note on Wednesday, February 15th. Finally, Loop Capital upgraded shares of Upstart from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Wednesday, February 15th. Nine analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $31.69.

Insiders Place Their Bets

In other Upstart news, CFO Sanjay Datta sold 3,200 shares of Upstart stock in a transaction dated Tuesday, December 27th. The shares were sold at an average price of $12.99, for a total transaction of $41,568.00. Following the completion of the transaction, the chief financial officer now owns 275,585 shares in the company, valued at $3,579,849.15. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Upstart news, CFO Sanjay Datta sold 3,200 shares of Upstart stock in a transaction dated Tuesday, December 27th. The shares were sold at an average price of $12.99, for a total transaction of $41,568.00. Following the completion of the transaction, the chief financial officer now owns 275,585 shares in the company, valued at $3,579,849.15. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Paul Gu sold 9,674 shares of Upstart stock in a transaction dated Tuesday, February 21st. The stock was sold at an average price of $18.14, for a total transaction of $175,486.36. Following the transaction, the chief technology officer now owns 730,230 shares of the company’s stock, valued at approximately $13,246,372.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 60,484 shares of company stock worth $1,031,076. Insiders own 18.87% of the company’s stock.

Upstart Trading Down 4.4 %

Shares of NASDAQ UPST opened at $15.51 on Friday. Upstart Holdings, Inc. has a 52 week low of $12.01 and a 52 week high of $133.80. The firm has a 50-day moving average price of $17.51 and a 200 day moving average price of $19.64.

Upstart (NASDAQ:UPST – Get Rating) last announced its quarterly earnings data on Tuesday, February 14th. The company reported ($0.67) EPS for the quarter, beating the consensus estimate of ($0.98) by $0.31. The firm had revenue of $146.91 million during the quarter, compared to analysts’ expectations of $132.13 million. Upstart had a negative net margin of 12.90% and a negative return on equity of 14.37%. Analysts anticipate that Upstart Holdings, Inc. will post -2.86 EPS for the current fiscal year.

Upstart Company Profile

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Upstart Holdings, Inc, together with its subsidiaries, operates a cloud-based artificial intelligence (AI) lending platform in the United States. Its platform aggregates consumer demand for loans and connects it to its network of the company's AI-enabled bank partners. The company was founded in 2012 and is headquartered in San Mateo, California.