Upstart Holdings, Inc. (NASDAQ:UPST) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its stake in Upstart Holdings, Inc. (NASDAQ:UPST) by 12.1% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 241,211 shares of the company’s stock after selling 33,271 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.25% of Upstart worth $11,103,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Virtus Fund Advisers LLC acquired a new stake in shares of Upstart in the 4th quarter worth about $32,000. Farther Finance Advisors LLC grew its position in Upstart by 24.2% in the 4th quarter. Farther Finance Advisors LLC now owns 882 shares of the company’s stock worth $54,000 after purchasing an additional 172 shares during the last quarter. Mackenzie Financial Corp acquired a new stake in shares of Upstart in the fourth quarter valued at approximately $62,000. GAMMA Investing LLC increased its stake in shares of Upstart by 23.3% in the first quarter. GAMMA Investing LLC now owns 1,662 shares of the company’s stock valued at $77,000 after purchasing an additional 314 shares during the period. Finally, Asset Management One Co. Ltd. raised its holdings in shares of Upstart by 71.2% during the first quarter. Asset Management One Co. Ltd. now owns 2,010 shares of the company’s stock valued at $93,000 after buying an additional 836 shares during the last quarter. Institutional investors and hedge funds own 63.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on UPST shares. Stephens assumed coverage on Upstart in a report on Thursday, June 12th. They issued an “equal weight” rating and a $55.00 price objective for the company. Bank of America raised Upstart from an “underperform” rating to a “neutral” rating and set a $53.00 price target for the company in a research note on Tuesday, April 29th. Barclays lifted their price objective on shares of Upstart from $42.00 to $47.00 and gave the company an “equal weight” rating in a research note on Monday, May 12th. Morgan Stanley reduced their price objective on shares of Upstart from $70.00 to $50.00 and set an “equal weight” rating for the company in a report on Wednesday, May 7th. Finally, Piper Sandler raised shares of Upstart to an “overweight” rating and set a $75.00 target price on the stock in a research note on Tuesday, June 24th. One 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 company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $71.62.

Insider Activity at Upstart

In other Upstart news, insider Natalia Mirgorodskaya sold 4,000 shares of the business’s stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $80.07, for a total transaction of $320,280.00. Following the sale, the insider directly owned 24,623 shares of the company’s stock, valued at $1,971,563.61. The trade was a 13.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Dave Girouard sold 41,667 shares of Upstart stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $75.07, for a total value of $3,127,941.69. Following the transaction, the chief executive officer owned 52,614 shares in the company, valued at $3,949,732.98. This represents a 44.19% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 151,650 shares of company stock worth $9,665,841. 16.67% of the stock is owned by corporate insiders.

Upstart Price Performance

UPST stock opened at $78.36 on Monday. The firm has a market cap of $7.46 billion, a PE ratio of -104.48 and a beta of 2.37. Upstart Holdings, Inc. has a 12 month low of $20.60 and a 12 month high of $96.43. The firm has a 50 day simple moving average of $59.38 and a 200 day simple moving average of $57.30.

Upstart (NASDAQ:UPST) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.11. The company had revenue of $213.37 million during the quarter, compared to the consensus estimate of $201.08 million. Upstart had a negative return on equity of 15.27% and a negative net margin of 9.20%. The company’s quarterly revenue was up 67.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.31) EPS. As a group, sell-side analysts expect that Upstart Holdings, Inc. will post -0.03 earnings per share for the current year.

Upstart 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.