Upstart (NASDAQ:UPST) Shares Gap Down – What’s Next?

Upstart Holdings, Inc. (NASDAQ:UPST)’s share price gapped down prior to trading on Monday . The stock had previously closed at $78.79, but opened at $74.66. Upstart shares last traded at $68.88, with a volume of 4,118,967 shares trading hands.

Analysts Set New Price Targets

Several research analysts recently weighed in on UPST shares. Piper Sandler raised Upstart from a “neutral” rating to an “overweight” rating and raised their target price for the company from $31.00 to $85.00 in a research note on Friday, November 8th. Citigroup upgraded shares of Upstart from a “neutral” rating to a “buy” rating and raised their price objective for the company from $56.00 to $87.00 in a research report on Friday, November 8th. Needham & Company LLC reiterated a “hold” rating on shares of Upstart in a report on Thursday, August 8th. Barclays raised their target price on shares of Upstart from $25.00 to $35.00 and gave the stock an “equal weight” rating in a report on Monday, August 12th. Finally, Redburn Atlantic upgraded shares of Upstart from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $37.00 to $95.00 in a research report on Tuesday. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $57.56.

Upstart Price Performance

The company’s 50-day moving average is $56.03 and its 200 day moving average is $38.97.

Insider Activity

In other Upstart news, Chief Legal Officer Scott Darling sold 7,190 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $39.15, for a total value of $281,464.77. Following the completion of the sale, the insider now owns 176,870 shares in the company, valued at $6,923,876.83. This represents a 3.91 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Paul Gu sold 58,786 shares of Upstart stock in a transaction on Monday, November 25th. The shares were sold at an average price of $75.93, for a total transaction of $4,463,620.98. Following the sale, the chief technology officer now directly owns 863,065 shares of the company’s stock, valued at $65,532,525.45. This trade represents a 6.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 451,439 shares of company stock worth $26,781,220 over the last quarter. Corporate insiders own 18.06% of the company’s stock.

Institutional Trading of Upstart

Several hedge funds and other institutional investors have recently modified their holdings of the company. Fred Alger Management LLC grew its stake in shares of Upstart by 153.2% in the 3rd quarter. Fred Alger Management LLC now owns 1,246,839 shares of the company’s stock valued at $49,886,000 after buying an additional 754,416 shares in the last quarter. Two Sigma Advisers LP raised its position in shares of Upstart by 689.5% in the third quarter. Two Sigma Advisers LP now owns 589,000 shares of the company’s stock valued at $23,566,000 after purchasing an additional 514,400 shares during the period. Tidal Investments LLC lifted its stake in shares of Upstart by 1,413.7% in the third quarter. Tidal Investments LLC now owns 333,463 shares of the company’s stock worth $13,342,000 after buying an additional 311,434 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings 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 period. Finally, Millennium Management LLC grew its position in shares of Upstart by 1,792.9% in the second quarter. Millennium Management LLC now owns 262,396 shares of the company’s stock valued at $6,190,000 after purchasing an additional 277,896 shares during the last quarter. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

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.