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.
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.
This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]
Should you invest $1,000 in Upstart right now?
Before you consider Upstart, you’ll want to hear this.
MarketBeat tracks Wall Street’s top-rated, top-performing research analysts daily and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and Upstart wasn’t on the list.
While Upstart currently has a “Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
See the 5 actions here