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

Principal Financial Group Inc. reduced its position in shares of Upstart Holdings, Inc. (NASDAQ:UPST) by 31.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Los Angeles Capital Management LLC bought a new stake in Upstart in the third quarter valued at approximately $334,000. Tyler Stone Wealth Management lifted its holdings in Upstart by 94.1% during the 3rd quarter. Tyler Stone Wealth Management now owns 55,534 shares of the company’s stock valued at $2,222,000 after purchasing an additional 26,917 shares during the last quarter. Intech Investment Management LLC bought a new position in Upstart during the third quarter worth $939,000. Quadrature Capital Ltd acquired a new position in shares of Upstart in the third quarter valued at $676,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Upstart by 63.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 725,582 shares of the company’s stock worth $29,031,000 after buying an additional 282,481 shares during the last quarter. Institutional investors own 63.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on UPST. Needham & Company LLC upgraded shares of Upstart from a “hold” rating to a “buy” rating and set a $100.00 price target on the stock in a research note on Friday, December 13th. Mizuho raised their price target on Upstart from $33.00 to $48.00 and gave the stock an “outperform” rating in a research report on Friday, September 20th. Citigroup raised shares of Upstart from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $56.00 to $87.00 in a research report on Friday, November 8th. BTIG Research raised shares of Upstart from a “sell” rating to a “neutral” rating in a report on Monday, November 11th. Finally, Piper Sandler raised shares of Upstart from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $31.00 to $85.00 in a report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $61.80.

Upstart Stock Performance

Shares of NASDAQ:UPST opened at $63.52 on Tuesday. Upstart Holdings, Inc. has a 52-week low of $20.60 and a 52-week high of $88.95. The company has a market capitalization of $5.79 billion, a PE ratio of -32.91 and a beta of 2.26. The company has a fifty day moving average of $68.76 and a 200-day moving average of $47.31.

Insiders Place Their Bets

In other Upstart news, insider Scott Darling sold 20,000 shares of the firm’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $45.00, for a total value of $900,000.00. Following the completion of the sale, the insider now directly owns 161,043 shares in the company, valued at approximately $7,246,935. This trade represents a 11.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Paul Gu sold 4,019 shares of the business’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $75.00, for a total transaction of $301,425.00. Following the sale, the chief technology officer now owns 863,065 shares of the company’s stock, valued at $64,729,875. This trade represents a 0.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 477,868 shares of company stock valued at $30,620,588 in the last 90 days. Corporate insiders own 18.06% of the company’s stock.

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.