Handelsbanken Fonder AB Cuts Stock Position in Upstart Holdings, Inc. (NASDAQ:UPST)

Handelsbanken Fonder AB trimmed its holdings in shares of Upstart Holdings, Inc. (NASDAQ:UPST) by 1.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,100 shares of the company’s stock after selling 300 shares during the quarter. Handelsbanken Fonder AB’s holdings in Upstart were worth $879,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vontobel Holding Ltd. purchased a new stake in Upstart in the 4th quarter worth $234,000. Blue Trust Inc. grew its position in shares of Upstart by 49.1% in the fourth quarter. Blue Trust Inc. now owns 1,475 shares of the company’s stock valued at $91,000 after purchasing an additional 486 shares during the period. Rhumbline Advisers increased its stake in shares of Upstart by 3.6% during the fourth quarter. Rhumbline Advisers now owns 112,147 shares of the company’s stock worth $6,905,000 after purchasing an additional 3,922 shares in the last quarter. Truist Financial Corp raised its position in shares of Upstart by 20.3% during the 4th quarter. Truist Financial Corp now owns 27,113 shares of the company’s stock worth $1,669,000 after purchasing an additional 4,567 shares during the last quarter. Finally, Atria Wealth Solutions Inc. boosted its holdings in Upstart by 186.7% in the 4th quarter. Atria Wealth Solutions Inc. now owns 19,009 shares of the company’s stock worth $1,170,000 after buying an additional 12,378 shares during the last quarter. Hedge funds and other institutional investors own 63.01% of the company’s stock.

Upstart Price Performance

NASDAQ:UPST opened at $52.02 on Monday. The company’s 50-day moving average is $47.21 and its two-hundred day moving average is $57.89. Upstart Holdings, Inc. has a 1-year low of $20.60 and a 1-year high of $96.43. The firm has a market capitalization of $4.95 billion, a price-to-earnings ratio of -35.63 and a beta of 2.29.

Upstart (NASDAQ:UPST) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.19 by $0.11. The firm had revenue of $213.37 million for the quarter, compared to analyst estimates of $201.08 million. Upstart had a negative net margin of 20.20% and a negative return on equity of 25.87%. The business’s revenue for the quarter was up 67.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.31) EPS. As a group, equities analysts anticipate that Upstart Holdings, Inc. will post -0.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

UPST has been the subject of a number of research analyst reports. Barclays increased their target price on Upstart from $42.00 to $47.00 and gave the company an “equal weight” rating in a report on Monday, May 12th. Stephens initiated coverage on Upstart in a research note on Thursday. They issued an “equal weight” rating and a $55.00 price objective for the company. Piper Sandler lowered their target price on shares of Upstart from $105.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 7th. The Goldman Sachs Group increased their target price on shares of Upstart from $15.00 to $16.50 and gave the company a “sell” rating in a research report on Thursday, May 8th. Finally, Morgan Stanley decreased their price target on shares of Upstart from $70.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Upstart presently has a consensus rating of “Hold” and a consensus target price of $66.96.

Insider Activity

In other Upstart news, insider Natalia Mirgorodskaya sold 764 shares of the business’s stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $46.96, for a total value of $35,877.44. Following the sale, the insider now owns 25,963 shares of the company’s stock, valued at $1,219,222.48. The trade was a 2.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Sanjay Datta sold 13,512 shares of the company’s stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $46.97, for a total value of $634,658.64. Following the transaction, the chief financial officer now owns 311,356 shares in the company, valued at $14,624,391.32. This trade represents a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 57,783 shares of company stock valued at $3,257,814 in the last quarter. Insiders own 16.67% 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.