Upstart (NASDAQ:UPST) Sees Unusually-High Trading Volume Following Analyst Upgrade

Posted by Defense World Staff on May 25th, 2023

Upstart Holdings, Inc. (NASDAQ:UPST – Get Rating) saw unusually-strong trading volume on Tuesday after Compass Point raised their price target on the stock from $6.00 to $8.00. Approximately 3,889,122 shares were traded during trading, a decline of 43% from the previous session’s volume of 6,806,203 shares.The stock last traded at $29.20 and had previously closed at $27.65.

Other equities analysts have also issued reports about the stock. Piper Sandler lifted their target price on shares of Upstart from $16.00 to $17.00 in a report on Wednesday, May 10th. Loop Capital raised Upstart from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Wednesday, February 15th. Morgan Stanley lifted their price target on shares of Upstart from $10.00 to $13.00 in a research note on Wednesday, May 10th. Citigroup cut shares of Upstart from a “neutral” rating to a “sell” rating in a research report on Wednesday, February 15th. Finally, Mizuho lifted their target price on shares of Upstart from $14.00 to $16.00 in a research report on Wednesday, May 10th. Nine investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $16.92.

Insider Transactions at Upstart

In related news, CFO Sanjay Datta sold 3,200 shares of the company’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $13.25, for a total value of $42,400.00. Following the completion of the sale, the chief financial officer now owns 463,268 shares of the company’s stock, valued at $6,138,301. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 32,000 shares of company stock worth $487,744 in the last quarter. Company insiders own 18.45% of the company’s stock.

Institutional Investors Weigh In On Upstart

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. SkyView Investment Advisors LLC purchased a new stake in Upstart in the 1st quarter valued at about $45,000. Covestor Ltd raised its stake in shares of Upstart by 3,345.2% in the 1st quarter. Covestor Ltd now owns 1,068 shares of the company’s stock valued at $117,000 after acquiring an additional 1,037 shares during the period. Geneos Wealth Management Inc. boosted its position in shares of Upstart by 62.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,145 shares of the company’s stock worth $124,000 after purchasing an additional 441 shares during the period. Quantbot Technologies LP increased its holdings in Upstart by 85.7% in the 3rd quarter. Quantbot Technologies LP now owns 1,300 shares of the company’s stock valued at $27,000 after purchasing an additional 600 shares during the last quarter. Finally, Salem Investment Counselors Inc. raised its position in Upstart by 38.6% in the first quarter. Salem Investment Counselors Inc. now owns 1,455 shares of the company’s stock valued at $159,000 after purchasing an additional 405 shares during the period. Hedge funds and other institutional investors own 37.43% of the company’s stock.

Upstart Stock Performance

The business has a 50 day simple moving average of $16.35 and a 200 day simple moving average of $16.96.

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.