Upstart (NASDAQ:UPST) Shares Gap Down – What’s Next?

Upstart Holdings, Inc. (NASDAQ:UPST)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $78.79, but opened at $74.66. Upstart shares last traded at $68.88, with a volume of 4,118,967 shares traded.

Analyst Upgrades and Downgrades

UPST has been the subject of a number of analyst reports. JPMorgan Chase & Co. downgraded Upstart from a “neutral” rating to an “underweight” rating and raised their price objective for the stock from $45.00 to $57.00 in a research report on Monday. Wedbush raised their price target on shares of Upstart from $60.00 to $75.00 and gave the stock a “neutral” rating in a report on Monday. Citigroup raised shares of Upstart from a “neutral” rating to a “buy” rating and upped their price objective for the company from $56.00 to $87.00 in a research note on Friday, November 8th. Piper Sandler raised shares of Upstart from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $31.00 to $85.00 in a research note on Friday, November 8th. Finally, Mizuho increased their price target on Upstart from $33.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $49.83.

Upstart Stock Performance

The stock’s fifty day moving average is $55.46 and its two-hundred day moving average is $38.68. The company has a market cap of $6.25 billion, a price-to-earnings ratio of -35.69 and a beta of 1.97.

Insider Transactions at Upstart

In other news, CTO Paul Gu sold 58,786 shares of Upstart stock in a transaction on Monday, November 25th. The stock was sold at an average price of $75.93, for a total transaction of $4,463,620.98. Following the sale, the chief technology officer now directly owns 863,065 shares in the company, valued at $65,532,525.45. The trade was a 6.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Dave Girouard sold 41,667 shares of Upstart stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $65.15, for a total transaction of $2,714,605.05. Following the completion of the sale, the chief executive officer now directly owns 61,512 shares in the company, valued at $4,007,506.80. This trade represents a 40.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 502,939 shares of company stock worth $28,887,725 in the last quarter. 18.06% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its position in Upstart by 7.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 42,350 shares of the company’s stock worth $1,139,000 after buying an additional 2,770 shares in the last quarter. Comerica Bank raised its stake in Upstart by 144.0% in the first quarter. Comerica Bank now owns 2,313 shares of the company’s stock valued at $62,000 after purchasing an additional 1,365 shares in the last quarter. Cetera Advisors LLC lifted its position in Upstart by 66.6% during the first quarter. Cetera Advisors LLC now owns 17,258 shares of the company’s stock valued at $464,000 after purchasing an additional 6,899 shares during the last quarter. GAMMA Investing LLC grew its position in Upstart by 259.0% in the second quarter. GAMMA Investing LLC now owns 2,204 shares of the company’s stock worth $52,000 after acquiring an additional 1,590 shares in the last quarter. Finally, Capital Advantage Inc. boosted its holdings in shares of Upstart by 15.2% in the 2nd quarter. Capital Advantage Inc. now owns 14,246 shares of the company’s stock worth $331,000 after purchasing an additional 1,881 shares in the last quarter. Hedge funds and other institutional investors own 63.01% of the company’s stock.

Upstart Company 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.