Norges Bank Buys Shares of 408,612 Upstart Holdings, Inc. (NASDAQ:UPST)

Norges Bank purchased a new position in shares of Upstart Holdings, Inc. (NASDAQ:UPST) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 408,612 shares of the company’s stock, valued at approximately $25,158,000. Norges Bank owned approximately 0.45% of Upstart as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Blair William & Co. IL bought a new position in Upstart in the fourth quarter valued at about $222,000. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of Upstart in the 4th quarter valued at approximately $224,000. Prudential Financial Inc. grew its holdings in shares of Upstart by 76.7% during the 4th quarter. Prudential Financial Inc. now owns 10,803 shares of the company’s stock valued at $665,000 after purchasing an additional 4,688 shares during the last quarter. Vanguard Group Inc. increased its position in Upstart by 5.0% during the 4th quarter. Vanguard Group Inc. now owns 7,793,452 shares of the company’s stock worth $479,843,000 after purchasing an additional 369,640 shares in the last quarter. Finally, LPL Financial LLC lifted its stake in Upstart by 38.6% in the 4th quarter. LPL Financial LLC now owns 83,719 shares of the company’s stock valued at $5,155,000 after purchasing an additional 23,324 shares during the last quarter. 63.01% of the stock is currently owned by institutional investors.

Upstart Trading Down 10.1 %

Shares of Upstart stock opened at $34.80 on Monday. The business has a 50-day moving average price of $60.87 and a two-hundred day moving average price of $60.69. Upstart Holdings, Inc. has a 1-year low of $20.60 and a 1-year high of $96.43. The company has a market cap of $3.26 billion, a P/E ratio of -23.84 and a beta of 2.39.

Upstart (NASDAQ:UPST) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.02. Upstart had a negative net margin of 20.20% and a negative return on equity of 25.87%. Equities research analysts forecast that Upstart Holdings, Inc. will post -0.03 EPS for the current fiscal year.

Analysts Set New Price Targets

UPST has been the topic of a number of research reports. JPMorgan Chase & Co. raised shares of Upstart from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $57.00 to $79.00 in a research note on Wednesday, February 12th. Morgan Stanley upgraded Upstart from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $12.00 to $70.00 in a research report on Friday, February 14th. Needham & Company LLC increased their target price on Upstart from $100.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. The Goldman Sachs Group upped their price objective on Upstart from $13.50 to $15.00 and gave the company a “sell” rating in a research note on Wednesday, February 12th. Finally, Citigroup lifted their target price on shares of Upstart from $87.00 to $108.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $73.38.

Insider Activity at Upstart

In related news, CFO Sanjay Datta sold 16,070 shares of Upstart stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $79.02, for a total value of $1,269,851.40. Following the completion of the sale, the chief financial officer now owns 295,537 shares of the company’s stock, valued at approximately $23,353,333.74. This trade represents a 5.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Dave Girouard sold 41,667 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $62.60, for a total transaction of $2,608,354.20. Following the transaction, the chief executive officer now owns 57,138 shares in the company, valued at approximately $3,576,838.80. The trade was a 42.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 75,062 shares of company stock valued at $5,247,182 in the last three months. Corporate insiders own 18.06% 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.