Upstart (NASDAQ:UPST) Stock Price Up 4.9% Following Analyst Upgrade

Upstart Holdings, Inc. (NASDAQ:UPST)’s share price was up 4.9% during trading on Tuesday after Redburn Atlantic upgraded the stock from a neutral rating to a buy rating. Redburn Atlantic now has a $95.00 price target on the stock, up from their previous price target of $37.00. Upstart traded as high as $71.90 and last traded at $70.69. Approximately 2,541,008 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 6,874,937 shares. The stock had previously closed at $67.39.

Other research analysts also recently issued research reports about the stock. Citigroup upgraded shares of Upstart from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $56.00 to $87.00 in a research report on Friday, November 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Upstart in a research report on Thursday, August 8th. Barclays lifted their price objective on Upstart from $25.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Monday, August 12th. Wedbush upped their target price on Upstart from $60.00 to $75.00 and gave the company a “neutral” rating in a research report on Monday. Finally, JPMorgan Chase & Co. downgraded Upstart from a “neutral” rating to an “underweight” rating and lifted their target price for the stock from $45.00 to $57.00 in a report on Monday. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Upstart presently has a consensus rating of “Hold” and a consensus target price of $57.56.

Insider Activity

In related news, insider Scott Darling sold 84,000 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $50.02, for a total value of $4,201,680.00. Following the sale, the insider now owns 152,043 shares in the company, valued at $7,605,190.86. This represents a 35.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Sanjay Datta sold 1,500 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $34.85, for a total transaction of $52,275.00. Following the completion of the transaction, the chief financial officer now directly owns 344,593 shares in the company, valued at approximately $12,009,066.05. The trade was a 0.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 451,439 shares of company stock worth $26,781,220 over the last quarter. 18.06% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Upstart

Several institutional investors have recently bought and sold shares of UPST. Point72 Asia Singapore Pte. Ltd. purchased a new position in Upstart during the 3rd quarter worth $35,000. BNP Paribas bought a new position in shares of Upstart during the third quarter valued at about $37,000. Blue Trust Inc. boosted its holdings in Upstart by 125.3% during the third quarter. Blue Trust Inc. now owns 989 shares of the company’s stock worth $40,000 after purchasing an additional 550 shares during the last quarter. Hollencrest Capital Management bought a new stake in Upstart in the 3rd quarter worth about $40,000. Finally, Indiana Trust & Investment Management Co purchased a new stake in Upstart in the 3rd quarter valued at about $43,000. Institutional investors own 63.01% of the company’s stock.

Upstart Trading Up 8.0 %

The company’s 50-day simple moving average is $56.03 and its 200 day simple moving average is $38.97. The stock has a market cap of $6.64 billion, a P/E ratio of -37.71 and a beta of 2.19.

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.