Upstart (NASDAQ:UPST) Rating Downgraded to Neutral at Bank of America

Upstart (NASDAQ:UPST – Get Rating) was downgraded by analysts at Bank of America from a “buy” rating to a “neutral” rating in a research report released Tuesday to clients and investors, reports The Fly.

A number of other analysts have also recently commented on the stock. Loop Capital initiated coverage of Upstart shares in a Tuesday, April 5 report. They issued a “buy” rating and a target price of $140.00 on the stock. Stephens downgraded Upstart’s shares from a “weighted” rating to an “underweight” rating and lowered its target price for the stock from $124.00 to $28.00 in a report released Tuesday. Piper Sandler downgraded Upstart shares from an “overweight” rating to a “neutral” rating and lowered its target price for the stock from $230.00 to $44.00 in a report released Tuesday. Barclays cut its price target on Upstart shares from $285.00 to $180.00 in a Thursday, February 17 report. Finally, FBN Securities launched a hedge on Upstart shares in a Tuesday, April 12 report. They set an “outperform” rating and a price target of $150.00 on the stock. Two investment analysts have assigned a sell rating to the stock, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $157.14.

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NASDAQ:UPST shares traded at $43.52 during Tuesday’s trading, hitting $33.61. The company had a trading volume of 68,711,386 shares, against an average volume of 11,136,945. The company’s fifty-day moving average is $100.45 and its 200-day moving average is 146, $54. Upstart has a 12-month low of $29.02 and a 12-month high of $401.49. The company has a market capitalization of $2.85 billion, a PE ratio of 23.84 and a beta of 1.14.

Upstart (NASDAQ:UPST – Get Rating) last released its results on Monday, May 9. The company reported EPS of $0.61 for the quarter, beating analyst consensus estimates of $0.53 by $0.08. Upstart had a net margin of 15.96% and a return on equity of 21.33%. The company posted revenue of $310.14 million for the quarter, versus a consensus estimate of $300.13 million. During the same period of the previous year, the company achieved EPS of $0.12. The company’s revenue for the quarter increased 155.6% year over year. On average, research analysts expect Upstart to post 1.02 EPS for the current year.

In related news, CEO Dave Girouard sold 83,333 shares of the company in a trade that took place on Friday, April 1. The shares were sold at an average price of $108.39, for a total transaction of $9,032,463.87. As a result of the transaction, the CEO now directly owns 87,114 shares of the company, valued at $9,442,286.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC’s website. Additionally, General Counsel Alison Nicoll sold 7,500 shares of the company in a transaction that took place on Wednesday, March 2. The shares were sold at an average price of $146.64, for a total transaction of $1,099,800.00. The disclosure of this sale can be found here. Insiders sold 215,208 shares of the company worth $22,072,293 in the past ninety days. 18.87% of the shares are currently held by insiders.

A number of hedge funds have recently bought and sold shares of the company. Vulcan Value Partners LLC increased its position in Upstart by 14.0% in the fourth quarter. Vulcan Value Partners LLC now owns 4,845,315 shares of the company worth $733,096,000 after acquiring an additional 594,854 shares in the last quarter. BlackRock Inc. increased its position in Upstart by 19.2% in the fourth quarter. BlackRock Inc. now owns 2,113,533 shares of the company worth $319,779,000 after acquiring an additional 340,491 shares last quarter. Renaissance Technologies LLC increased its position in Upstart by 34.2% in the fourth quarter. Renaissance Technologies LLC now owns 1,238,437 shares of the company worth $187,376,000 after acquiring 315,537 additional shares in the last quarter. State Street Corp increased its position in Upstart by 15.9% in the fourth quarter. State Street Corp now owns 788,272 shares of the company worth $119,266,000 after acquiring an additional 108,404 shares last quarter. Finally, Geode Capital Management LLC increased its position in Upstart by 11.0% in the fourth quarter. Geode Capital Management LLC now owns 663,677 shares of the company worth $100,361,000 after acquiring an additional 65,978 shares in the last quarter. 59.65% of the shares are held by institutional investors.

About Upstart (Get a rating)

Upstart Holdings, Inc operates a cloud-based artificial intelligence (AI) lending platform in the United States. The company’s platform aggregates consumer loan demand and connects it to its network of company-enabled AI banking partners. Its platform connects consumers, banks and institutional investors through a shared AI lending platform.

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Analyst Recommendations for Upstart (NASDAQ:UPST)

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