Upstart (NASDAQ:UPST) Stock Price Down 8.3% - Here's Why

Upstart Holdings, Inc. (NASDAQ:UPST - Get Free Report) shares dropped 8.3% on Tuesday . The stock traded as low as $56.92 and last traded at $56.55. Approximately 2,909,082 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 6,327,110 shares. The stock had previously closed at $61.69.

Wall Street Analyst Weigh In

UPST has been the subject of several research reports. Needham & Company LLC boosted their price objective on shares of Upstart from $100.00 to $108.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. Citigroup boosted their price objective on shares of Upstart from $87.00 to $108.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. Barclays boosted their price objective on shares of Upstart from $80.00 to $93.00 and gave the company an "equal weight" rating in a research note on Tuesday, February 18th. Redburn Atlantic raised shares of Upstart from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $37.00 to $95.00 in a research note on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. raised shares of Upstart from an "underweight" rating to a "neutral" rating and boosted their price objective for the company from $57.00 to $79.00 in a research note on Wednesday, February 12th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $73.38.

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Upstart Trading Down 3.2 %

The stock has a market capitalization of $5.03 billion, a PE ratio of -36.77 and a beta of 2.25. The business's 50-day moving average is $66.82 and its two-hundred day moving average is $58.99.

Upstart (NASDAQ:UPST - Get Free Report) last issued its quarterly earnings data 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 net margin of 20.20% and a negative return on equity of 25.87%. On average, analysts predict that Upstart Holdings, Inc. will post -0.03 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Sanjay Datta sold 16,070 shares of the stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $79.02, for a total transaction of $1,269,851.40. Following the transaction, the chief financial officer now owns 295,537 shares of the company's stock, valued at approximately $23,353,333.74. This trade represents a 5.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Dave Girouard sold 4,524 shares of the stock in a transaction dated 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 in the company, valued at $4,157,032.14. The trade was a 7.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 75,062 shares of company stock worth $5,247,182 in the last quarter. 18.06% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Upstart

Several large investors have recently modified their holdings of UPST. Rakuten Securities Inc. bought a new position in shares of Upstart during the fourth quarter worth about $31,000. Virtus Fund Advisers LLC bought a new position in shares of Upstart during the fourth quarter worth about $32,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Upstart during the third quarter worth about $35,000. BNP Paribas bought a new position in Upstart in the third quarter worth about $37,000. Finally, Hollencrest Capital Management bought a new position in Upstart in the third quarter worth about $40,000. 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.