Mirae Asset Global Investments Co. Ltd. Decreases Stake in Upstart Holdings, Inc. (NASDAQ:UPST)

Posted by on May 22nd, 2023

Mirae Asset Global Investments Co. Ltd. lowered its stake in Upstart Holdings, Inc. (NASDAQ:UPST – Get Rating) by 7.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 687,524 shares of the company’s stock after selling 56,413 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.84% of Upstart worth $9,089,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. SkyView Investment Advisors LLC purchased a new position in shares of Upstart in the first quarter worth $45,000. Covestor Ltd increased its stake in shares of Upstart by 3,345.2% in the first quarter. Covestor Ltd now owns 1,068 shares of the company’s stock worth $117,000 after acquiring an additional 1,037 shares during the period. Geneos Wealth Management Inc. increased its stake in shares of Upstart by 62.6% in the first quarter. Geneos Wealth Management Inc. now owns 1,145 shares of the company’s stock worth $124,000 after acquiring an additional 441 shares during the period. Quantbot Technologies LP increased its stake in shares of Upstart by 85.7% in the third quarter. Quantbot Technologies LP now owns 1,300 shares of the company’s stock worth $27,000 after acquiring an additional 600 shares during the period. Finally, Salem Investment Counselors Inc. increased its stake in shares of Upstart by 38.6% in the first quarter. Salem Investment Counselors Inc. now owns 1,455 shares of the company’s stock worth $159,000 after acquiring an additional 405 shares during the period. Hedge funds and other institutional investors own 37.43% of the company’s stock.

Upstart Stock Down 6.3 %

Shares of NASDAQ UPST opened at $23.05 on Monday. The company’s 50-day simple moving average is $15.64 and its 200-day simple moving average is $16.79. Upstart Holdings, Inc. has a 52-week low of $11.93 and a 52-week high of $54.69. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of -6.98 and a beta of 1.46.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on UPST shares. Mizuho increased their price objective on shares of Upstart from $14.00 to $16.00 in a research note on Wednesday, May 10th. Citigroup lowered shares of Upstart from a “neutral” rating to a “sell” rating in a research note on Wednesday, February 15th. JPMorgan Chase & Co. started coverage on shares of Upstart in a research note on Tuesday, April 11th. They issued an “underweight” rating and a $11.00 price objective on the stock. Morgan Stanley increased their price objective on shares of Upstart from $10.00 to $13.00 in a research note on Wednesday, May 10th. Finally, Compass Point started coverage on shares of Upstart in a research report on Tuesday, March 7th. They set a “sell” rating on the stock. Nine equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $17.73.

Insider Activity

In other news, CEO Dave Girouard sold 4,048 shares of Upstart stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $18.14, for a total value of $73,430.72. Following the sale, the chief executive officer now owns 83,066 shares in the company, valued at $1,506,817.24. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CTO Paul Gu sold 9,674 shares of the firm’s stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $18.14, for a total value of $175,486.36. Following the transaction, the chief technology officer now directly owns 730,230 shares of the company’s stock, valued at $13,246,372.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Dave Girouard sold 4,048 shares of the firm’s stock in a transaction dated Tuesday, February 21st. The stock was sold at an average price of $18.14, for a total transaction of $73,430.72. Following the completion of the transaction, the chief executive officer now directly owns 83,066 shares in the company, valued at $1,506,817.24. The disclosure for this sale can be found here. Insiders have sold a total of 60,484 shares of company stock worth $1,003,204 over the last 90 days. 18.45% of the stock is currently owned by company insiders.

Upstart Company Profile

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Upstart Holdings, Inc, together with its subsidiaries, operates a cloud-based artificial intelligence (AI) lending platform in the United States. Its platform aggregates consumer demand for loans and connects it to its network of the company's AI-enabled bank partners. The company was founded in 2012 and is headquartered in San Mateo, California.

See Also

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Institutional Ownership by Quarter for Upstart (NASDAQ:UPST)

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