Magnetar Financial LLC Purchases 89,219 Shares of Upstart Holdings, Inc. (NASDAQ:UPST)

Magnetar Financial LLC lifted its position in shares of Upstart Holdings, Inc. (NASDAQ:UPST) by 1,106.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 97,281 shares of the company’s stock after purchasing an additional 89,219 shares during the quarter. Magnetar Financial LLC owned about 0.11% of Upstart worth $2,616,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in UPST. Seven Eight Capital LP boosted its holdings in shares of Upstart by 349.1% during the 1st quarter. Seven Eight Capital LP now owns 189,385 shares of the company’s stock valued at $5,093,000 after buying an additional 147,213 shares in the last quarter. Orion Capital Management LLC boosted its stake in Upstart by 26.3% during the first quarter. Orion Capital Management LLC now owns 7,200 shares of the company’s stock worth $194,000 after acquiring an additional 1,500 shares in the last quarter. Edgestream Partners L.P. grew its holdings in Upstart by 173.2% in the first quarter. Edgestream Partners L.P. now owns 82,737 shares of the company’s stock worth $2,225,000 after purchasing an additional 52,457 shares during the period. Fiducient Advisors LLC bought a new position in shares of Upstart during the first quarter valued at approximately $296,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Upstart by 1.6% during the first quarter. Vanguard Group Inc. now owns 7,128,975 shares of the company’s stock valued at $191,698,000 after purchasing an additional 115,057 shares during the last quarter. 63.01% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Upstart

In other Upstart news, CTO Paul Gu sold 80,000 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $29.52, for a total transaction of $2,361,600.00. Following the sale, the chief technology officer now directly owns 893,596 shares of the company’s stock, valued at approximately $26,378,953.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CTO Paul Gu sold 80,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $29.52, for a total value of $2,361,600.00. Following the sale, the chief technology officer now owns 893,596 shares in the company, valued at $26,378,953.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Sanjay Datta sold 18,138 shares of Upstart stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $25.61, for a total value of $464,514.18. Following the transaction, the chief financial officer now owns 382,398 shares of the company’s stock, valued at $9,793,212.78. The disclosure for this sale can be found here. Insiders have sold 169,610 shares of company stock worth $4,678,243 over the last 90 days. 18.06% of the stock is currently owned by company insiders.

Upstart Price Performance

Shares of Upstart stock traded up $0.35 during trading hours on Friday, reaching $26.11. The company’s stock had a trading volume of 3,934,220 shares, compared to its average volume of 5,105,376. Upstart Holdings, Inc. has a one year low of $19.84 and a one year high of $72.58. The firm has a 50 day moving average price of $24.69 and a 200-day moving average price of $26.34. The stock has a market cap of $2.29 billion, a P/E ratio of -12.67 and a beta of 1.97.

Upstart (NASDAQ:UPST) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($0.74) EPS for the quarter, topping the consensus estimate of ($0.80) by $0.06. Upstart had a negative return on equity of 27.89% and a negative net margin of 32.59%. The company had revenue of $127.79 million for the quarter, compared to the consensus estimate of $124.82 million. As a group, sell-side analysts forecast that Upstart Holdings, Inc. will post -2.7 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on UPST shares. Bank of America initiated coverage on Upstart in a research note on Thursday, April 4th. They issued an “underperform” rating and a $22.00 price target on the stock. JMP Securities reissued a “market perform” rating on shares of Upstart in a report on Wednesday, April 17th. Mizuho decreased their price objective on Upstart from $23.00 to $17.00 and set an “underperform” rating on the stock in a research note on Thursday, May 9th. Wedbush reiterated an “underperform” rating and set a $10.00 price objective on shares of Upstart in a research note on Wednesday, May 8th. Finally, BTIG Research began coverage on shares of Upstart in a research note on Friday, June 7th. They set a “sell” rating and a $14.00 target price on the stock. Six investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $21.65.

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.