SteelPeak Wealth LLC Trims Stake in Upstart Holdings, Inc. (NASDAQ:UPST)

SteelPeak Wealth LLC lowered its stake in shares of Upstart Holdings, Inc. (NASDAQ:UPST - Free Report) by 24.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,637 shares of the company's stock after selling 5,064 shares during the quarter. SteelPeak Wealth LLC's holdings in Upstart were worth $963,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Millennium Management LLC boosted its stake in Upstart by 1,792.9% in the second quarter. Millennium Management LLC now owns 262,396 shares of the company's stock valued at $6,190,000 after acquiring an additional 277,896 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Upstart by 7.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 44,301 shares of the company's stock valued at $1,045,000 after purchasing an additional 2,976 shares in the last quarter. Algert Global LLC bought a new position in Upstart in the 2nd quarter worth about $255,000. Newbridge Financial Services Group Inc. raised its stake in Upstart by 10.4% in the second quarter. Newbridge Financial Services Group Inc. now owns 9,589 shares of the company's stock valued at $226,000 after purchasing an additional 900 shares in the last quarter. Finally, Keeler & Nadler Financial Planning & Wealth Management bought a new position in Upstart in the third quarter valued at $280,000. Hedge funds and other institutional investors own 63.01% of the company's stock.

Upstart Stock Up 1.9 %

NASDAQ:UPST traded up $1.25 on Thursday, reaching $67.32. 2,971,976 shares of the company's stock traded hands, compared to its average volume of 4,108,738. The stock has a 50-day simple moving average of $69.17 and a 200-day simple moving average of $51.80. The firm has a market cap of $6.14 billion, a PE ratio of -34.88 and a beta of 2.26. Upstart Holdings, Inc. has a 12 month low of $20.60 and a 12 month high of $88.95.

Upstart (NASDAQ:UPST - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported ($0.45) EPS for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.31). Upstart had a negative return on equity of 32.57% and a negative net margin of 30.15%. The firm had revenue of $162.14 million during the quarter, compared to analysts' expectations of $149.94 million. During the same quarter in the prior year, the firm posted ($0.48) earnings per share. On average, equities analysts anticipate that Upstart Holdings, Inc. will post -2.18 earnings per share for the current year.

Insider Activity at Upstart

In related news, CEO Dave Girouard sold 41,667 shares of Upstart stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $65.41, for a total value of $2,725,438.47. Following the completion of the sale, the chief executive officer now directly owns 61,512 shares in the company, valued at $4,023,499.92. The trade was a 40.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Sanjay Datta sold 1,500 shares of Upstart stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $79.54, for a total transaction of $119,310.00. Following the transaction, the chief financial officer now directly owns 331,093 shares in the company, valued at approximately $26,335,137.22. The trade was a 0.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 391,035 shares of company stock worth $26,890,777. Company insiders own 18.06% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. JPMorgan Chase & Co. downgraded shares of Upstart from a "neutral" rating to an "underweight" rating and lifted their price target for the stock from $45.00 to $57.00 in a research note on Monday, December 2nd. Needham & Company LLC raised Upstart from a "hold" rating to a "buy" rating and set a $100.00 price objective on the stock in a research report on Friday, December 13th. BTIG Research upgraded shares of Upstart from a "sell" rating to a "neutral" rating in a research note on Monday, November 11th. Wedbush lifted their price target on Upstart from $60.00 to $75.00 and gave the stock a "neutral" rating in a research report on Monday, December 2nd. Finally, Redburn Atlantic upgraded Upstart from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $37.00 to $95.00 in a research note on Tuesday, December 3rd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $61.80.

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.