Bank of America Has Lowered Expectations for Upstart (NASDAQ:UPST) Stock Price

Upstart (NASDAQ:UPST) had its price objective reduced by equities research analysts at Bank of America from $81.00 to $71.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s price target would indicate a potential upside of 88.23% from the company’s current price.

A number of other research firms have also recently commented on UPST. Weiss Ratings reiterated a “sell (e+)” rating on shares of Upstart in a report on Wednesday, October 8th. JPMorgan Chase & Co. raised Upstart from a “neutral” rating to an “overweight” rating and cut their price objective for the company from $93.00 to $88.00 in a research report on Wednesday, August 20th. Piper Sandler set a $80.00 target price on Upstart in a research note on Monday, October 20th. The Goldman Sachs Group dropped their price target on Upstart from $78.00 to $54.00 and set a “sell” rating on the stock in a research note on Monday, October 13th. Finally, Needham & Company LLC cut their price target on Upstart from $82.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday. Six equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $64.58.

Upstart Trading Down 9.7%

NASDAQ UPST opened at $37.72 on Wednesday. The firm has a market capitalization of $3.63 billion, a P/E ratio of 171.46 and a beta of 2.26. The firm’s fifty day moving average price is $56.34 and its two-hundred day moving average price is $59.77. Upstart has a 1 year low of $31.40 and a 1 year high of $96.43.

Upstart (NASDAQ:UPST) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.09. The company had revenue of $257.29 million during the quarter, compared to the consensus estimate of $225.35 million. Upstart had a net margin of 3.33% and a return on equity of 3.68%. The company’s quarterly revenue was up 101.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.17) EPS. On average, research analysts anticipate that Upstart will post -0.03 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Kerry Whorton Cooper sold 500 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $69.21, for a total transaction of $34,605.00. Following the completion of the sale, the director owned 25,434 shares of the company’s stock, valued at $1,760,287.14. This represents a 1.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Paul Gu sold 5,000 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $68.61, for a total transaction of $343,050.00. Following the sale, the chief technology officer owned 1,147,156 shares in the company, valued at $78,706,373.16. The trade was a 0.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 106,214 shares of company stock valued at $6,803,558 over the last 90 days. 16.67% of the stock is owned by company insiders.

Institutional Trading of Upstart

Several large investors have recently made changes to their positions in the company. Cresset Asset Management LLC grew its holdings in shares of Upstart by 3.3% during the second quarter. Cresset Asset Management LLC now owns 5,241 shares of the company’s stock worth $339,000 after purchasing an additional 169 shares during the last quarter. Jennison Associates LLC boosted its position in Upstart by 1.8% during the 2nd quarter. Jennison Associates LLC now owns 11,382 shares of the company’s stock worth $736,000 after buying an additional 205 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Upstart by 3.0% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 7,448 shares of the company’s stock worth $386,000 after acquiring an additional 218 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in Upstart by 29.1% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,068 shares of the company’s stock worth $69,000 after acquiring an additional 241 shares during the last quarter. Finally, Advisory Services Network LLC increased its position in Upstart by 5.3% in the 2nd quarter. Advisory Services Network LLC now owns 5,399 shares of the company’s stock valued at $349,000 after acquiring an additional 272 shares during the period. Institutional investors and hedge funds 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.