408,612 Shares in Upstart Holdings, Inc. (NASDAQ:UPST) Purchased by Norges Bank

Norges Bank bought a new position in Upstart Holdings, Inc. (NASDAQ:UPST - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 408,612 shares of the company's stock, valued at approximately $25,158,000. Norges Bank owned 0.45% of Upstart as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Upstart by 5.0% in the fourth quarter. Vanguard Group Inc. now owns 7,793,452 shares of the company's stock valued at $479,843,000 after purchasing an additional 369,640 shares during the period. Geode Capital Management LLC raised its position in Upstart by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,816,774 shares of the company's stock valued at $72,702,000 after purchasing an additional 29,482 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Upstart by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 657,118 shares of the company's stock worth $40,459,000 after buying an additional 14,242 shares during the period. Two Sigma Advisers LP grew its position in shares of Upstart by 689.5% during the 3rd quarter. Two Sigma Advisers LP now owns 589,000 shares of the company's stock worth $23,566,000 after buying an additional 514,400 shares in the last quarter. Finally, Tidal Investments LLC grew its position in shares of Upstart by 1,413.7% during the 3rd quarter. Tidal Investments LLC now owns 333,463 shares of the company's stock worth $13,342,000 after buying an additional 311,434 shares in the last quarter. 63.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

UPST has been the subject of several recent research reports. Citigroup lifted their price objective on Upstart from $87.00 to $108.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. Piper Sandler restated an "overweight" rating and issued a $105.00 price target (up previously from $85.00) on shares of Upstart in a report on Wednesday, February 12th. JPMorgan Chase & Co. upgraded shares of Upstart from an "underweight" rating to a "neutral" rating and increased their price objective for the company from $57.00 to $79.00 in a research note on Wednesday, February 12th. Morgan Stanley raised shares of Upstart from an "underweight" rating to an "equal weight" rating and lifted their price objective for the company from $12.00 to $70.00 in a report on Friday, February 14th. Finally, B. Riley raised 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. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $73.38.

Insider Activity at Upstart

In related news, CTO Paul Gu sold 12,007 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $79.02, for a total value of $948,793.14. Following the transaction, the chief technology officer now owns 1,006,599 shares in the company, valued at approximately $79,541,452.98. This represents a 1.18 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Dave Girouard sold 4,524 shares of the firm's stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $79.01, for a total transaction of $357,441.24. Following the transaction, the chief executive officer now directly owns 52,614 shares of the company's stock, valued at $4,157,032.14. This represents a 7.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 75,062 shares of company stock valued at $5,247,182 in the last ninety days. Company insiders own 18.06% of the company's stock.

Upstart Stock Up 1.1 %

Shares of UPST traded up $0.44 during mid-day trading on Friday, hitting $38.99. 4,917,517 shares of the company traded hands, compared to its average volume of 6,543,648. The company has a market capitalization of $3.65 billion, a PE ratio of -26.71 and a beta of 2.39. The business has a 50 day moving average of $57.21 and a 200 day moving average of $60.38. Upstart Holdings, Inc. has a 1-year low of $20.60 and a 1-year high of $96.43.

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