Legal & General Group Plc Reduces Position in Upstart Holdings, Inc. (NASDAQ:UPST)

Legal & General Group Plc decreased its holdings in Upstart Holdings, Inc. (NASDAQ:UPST - Free Report) by 8.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 77,620 shares of the company's stock after selling 6,906 shares during the period. Legal & General Group Plc owned about 0.09% of Upstart worth $4,779,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Invesco Ltd. grew its holdings in Upstart by 886.0% during the 4th quarter. Invesco Ltd. now owns 709,684 shares of the company's stock worth $43,695,000 after acquiring an additional 637,706 shares during the last quarter. Norges Bank bought a new stake in Upstart in the 4th quarter valued at approximately $25,158,000. Vanguard Group Inc. boosted its stake in shares of Upstart by 5.0% during the 4th quarter. Vanguard Group Inc. now owns 7,793,452 shares of the company's stock worth $479,843,000 after buying an additional 369,640 shares during the last quarter. Tidal Investments LLC boosted its holdings in shares of Upstart by 1,413.7% in the 3rd quarter. Tidal Investments LLC now owns 333,463 shares of the company's stock valued at $13,342,000 after buying an additional 311,434 shares during the last quarter. Finally, Wealthfront Advisers LLC acquired a new position in Upstart during the fourth quarter worth approximately $14,278,000. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

Upstart Stock Up 6.2 %

Shares of Upstart stock traded up $2.73 during trading on Thursday, reaching $46.71. 4,749,959 shares of the stock were exchanged, compared to its average volume of 6,559,430. Upstart Holdings, Inc. has a 1 year low of $20.60 and a 1 year high of $96.43. The firm has a market cap of $4.38 billion, a price-to-earnings ratio of -31.99 and a beta of 2.39. The stock's fifty day moving average is $51.91 and its 200 day moving average is $60.30.

Upstart (NASDAQ:UPST - Get Free Report) last released its earnings results on Tuesday, February 11th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.02. Upstart had a negative return on equity of 25.87% and a negative net margin of 20.20%. Equities analysts forecast that Upstart Holdings, Inc. will post -0.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Barclays reduced their price objective on shares of Upstart from $93.00 to $42.00 and set an "equal weight" rating on the stock in a research note on Monday, April 14th. B. Riley raised shares of Upstart from a "neutral" rating to a "buy" rating and increased their target price for the company from $49.00 to $105.00 in a research report on Wednesday, February 12th. The Goldman Sachs Group raised their target price on Upstart from $13.50 to $15.00 and gave the stock a "sell" rating in a research note on Wednesday, February 12th. Piper Sandler reissued an "overweight" rating and set a $105.00 target price (up from $85.00) on shares of Upstart in a research report on Wednesday, February 12th. Finally, JPMorgan Chase & Co. raised Upstart from an "underweight" rating to a "neutral" rating and increased their price target for the company from $57.00 to $79.00 in a research report on Wednesday, February 12th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $69.46.

Insider Buying and Selling at Upstart

In other news, CEO Dave Girouard sold 4,524 shares of the company's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $79.01, for a total value of $357,441.24. Following the completion of the sale, the chief executive officer now owns 52,614 shares of the company's stock, valued at approximately $4,157,032.14. This represents a 7.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Paul Gu sold 12,007 shares of the firm's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $79.02, for a total transaction of $948,793.14. Following the completion of the sale, the chief technology officer now owns 1,006,599 shares of the company's stock, valued at approximately $79,541,452.98. This trade represents a 1.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,395 shares of company stock valued at $2,638,828 over the last 90 days. 16.67% of the stock is currently owned by corporate insiders.

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.