Principal Financial Group Inc. Sells 3,248 Shares of Upstart Holdings, Inc. (NASDAQ:UPST)

Principal Financial Group Inc. lowered its holdings in Upstart Holdings, Inc. (NASDAQ:UPST) by 31.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,157 shares of the company’s stock after selling 3,248 shares during the quarter. Principal Financial Group Inc.’s holdings in Upstart were worth $286,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in 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 period. Liontrust Investment Partners LLP lifted its holdings in Upstart by 26.1% during the second quarter. Liontrust Investment Partners LLP now owns 290,000 shares of the company’s stock valued at $6,841,000 after purchasing an additional 60,000 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Upstart by 15.3% in the second quarter. Bank of New York Mellon Corp now owns 272,430 shares of the company’s stock worth $6,427,000 after purchasing an additional 36,206 shares during the period. Millennium Management LLC increased its stake in shares of Upstart by 1,792.9% in the second quarter. Millennium Management LLC now owns 262,396 shares of the company’s stock worth $6,190,000 after purchasing an additional 277,896 shares in the last quarter. Finally, International Assets Investment Management LLC raised its position in shares of Upstart by 4,087.8% during the 3rd quarter. International Assets Investment Management LLC now owns 233,258 shares of the company’s stock valued at $9,333,000 after purchasing an additional 227,688 shares during the period. 63.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on UPST shares. Piper Sandler raised Upstart from a “neutral” rating to an “overweight” rating and raised their price target for the company from $31.00 to $85.00 in a report on Friday, November 8th. Citigroup upgraded Upstart from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $56.00 to $87.00 in a research report on Friday, November 8th. BTIG Research upgraded Upstart from a “sell” rating to a “neutral” rating in a report on Monday, November 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Upstart in a research note on Thursday, August 8th. Finally, Wedbush increased their target price on Upstart from $45.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $46.83.

Insider Transactions at Upstart

In other news, CEO Dave Girouard sold 41,667 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $65.15, for a total value of $2,714,605.05. Following the transaction, the chief executive officer now directly owns 61,512 shares in the company, valued at approximately $4,007,506.80. This represents a 40.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Scott Darling sold 1,300 shares of the firm’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $40.01, for a total transaction of $52,013.00. Following the completion of the transaction, the insider now directly owns 161,043 shares in the company, valued at $6,443,330.43. This represents a 0.80 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 451,742 shares of company stock worth $24,719,949. 18.06% of the stock is currently owned by company insiders.

Upstart Trading Up 7.4 %

UPST stock opened at $79.52 on Tuesday. The stock has a market cap of $7.25 billion, a PE ratio of -41.20 and a beta of 1.97. Upstart Holdings, Inc. has a 12 month low of $20.60 and a 12 month high of $86.07. The company has a 50-day moving average price of $52.29 and a 200 day moving average price of $37.24.

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.