Citigroup Upgrades Upstart (NASDAQ:UPST) to Buy

Upstart (NASDAQ:UPST) was upgraded by stock analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued on Friday, Marketbeat.com reports. The firm presently has a $87.00 price target on the stock, up from their previous price target of $56.00. Citigroup’s target price indicates a potential upside of 7.41% from the stock’s current price.

A number of other research firms also recently commented on UPST. JPMorgan Chase & Co. upgraded Upstart from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $30.00 to $45.00 in a research report on Friday. Barclays upped their price objective on Upstart from $25.00 to $35.00 and gave the company an “equal weight” rating in a research report on Monday, August 12th. Piper Sandler upgraded Upstart from a “neutral” rating to an “overweight” rating and upped their target price for the company from $31.00 to $85.00 in a research note on Friday. Mizuho upped their target price on Upstart from $33.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Finally, Wedbush upgraded Upstart from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $10.00 to $45.00 in a research note on Monday, October 14th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Upstart presently has a consensus rating of “Hold” and a consensus price target of $46.83.

Upstart Price Performance

Upstart stock opened at $81.00 on Friday. Upstart has a 1-year low of $19.84 and a 1-year high of $82.25. The company has a market cap of $7.25 billion, a PE ratio of -34.62 and a beta of 1.97. The stock’s 50 day moving average price is $44.58 and its 200 day moving average price is $33.47.

Insider Activity at Upstart

In related news, CTO Paul Gu sold 10,000 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $40.01, for a total value of $400,100.00. Following the completion of the transaction, the chief technology officer now owns 894,629 shares of the company’s stock, valued at approximately $35,794,106.29. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CFO Sanjay Datta sold 1,500 shares of the stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $53.81, for a total transaction of $80,715.00. Following the sale, the chief financial officer now directly owns 335,593 shares in the company, valued at approximately $18,058,259.33. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Paul Gu sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $40.01, for a total value of $400,100.00. Following the completion of the sale, the chief technology officer now owns 894,629 shares in the company, valued at approximately $35,794,106.29. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 312,959 shares of company stock valued at $13,724,175. Insiders own 18.06% of the company’s stock.

Institutional Trading of Upstart

Large investors have recently added to or reduced their stakes in the business. Anfield Capital Management LLC acquired a new stake in Upstart in the 2nd quarter valued at approximately $33,000. Blue Trust Inc. boosted its stake in shares of Upstart by 125.3% during the 3rd quarter. Blue Trust Inc. now owns 989 shares of the company’s stock worth $40,000 after acquiring an additional 550 shares in the last quarter. Hollencrest Capital Management bought a new stake in shares of Upstart during the 3rd quarter worth $40,000. Indiana Trust & Investment Management Co bought a new stake in shares of Upstart during the 3rd quarter worth $43,000. Finally, Prospera Private Wealth LLC acquired a new stake in shares of Upstart in the third quarter worth $47,000. 63.01% of the stock is currently owned by institutional investors and hedge funds.

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.