BTIG Research Reaffirms Neutral Rating for Upstart (NASDAQ:UPST)

Upstart (NASDAQ:UPST)‘s stock had its “neutral” rating reiterated by analysts at BTIG Research in a research report issued on Wednesday,Benzinga reports.

Several other research firms have also issued reports on UPST. Bank of America reduced their price target on Upstart from $81.00 to $71.00 and set a “neutral” rating on the stock in a research report on Wednesday. Morgan Stanley reissued an “equal weight” rating on shares of Upstart in a research note on Wednesday, August 6th. Needham & Company LLC decreased their target price on shares of Upstart from $82.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday. Piper Sandler set a $80.00 price target on shares of Upstart in a research report on Monday, October 20th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Upstart in a research note on Wednesday, October 8th. Six analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Upstart currently has an average rating of “Hold” and an average target price of $64.58.

Upstart Stock Down 9.7%

Shares of NASDAQ:UPST opened at $37.72 on Wednesday. The stock has a market cap of $3.63 billion, a PE ratio of 171.46 and a beta of 2.26. The company’s fifty day moving average is $56.34 and its 200 day moving average is $59.77. Upstart has a 52 week low of $31.40 and a 52 week high of $96.43.

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

Insiders Place Their Bets

In other news, CTO Paul Gu sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $68.61, for a total value of $343,050.00. Following the completion of the transaction, the chief technology officer owned 1,147,156 shares of the company’s stock, valued at approximately $78,706,373.16. This represents a 0.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sanjay Datta sold 13,473 shares of Upstart stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $61.12, for a total value of $823,469.76. Following the sale, the chief financial officer owned 297,904 shares in the company, valued at $18,207,892.48. This represents a 4.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 106,214 shares of company stock valued at $6,803,558 over the last ninety days. 16.67% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Upstart

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Caprock Group LLC purchased a new stake in shares of Upstart in the 3rd quarter worth about $332,000. Wealthfront Advisers LLC lifted its position in Upstart by 49.3% during the 3rd quarter. Wealthfront Advisers LLC now owns 5,703 shares of the company’s stock valued at $290,000 after acquiring an additional 1,882 shares during the period. Oppenheimer Asset Management Inc. boosted its stake in Upstart by 3.8% during the third quarter. Oppenheimer Asset Management Inc. now owns 11,112 shares of the company’s stock worth $564,000 after acquiring an additional 411 shares in the last quarter. New York Life Investment Management LLC purchased a new stake in Upstart in the third quarter worth about $431,000. Finally, Cornerstone Planning Group LLC increased its stake in shares of Upstart by 9,454.5% during the third quarter. Cornerstone Planning Group LLC now owns 1,051 shares of the company’s stock valued at $49,000 after purchasing an additional 1,040 shares in the last quarter. Hedge funds and other institutional investors 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.