Upstart (NASDAQ:UPST) Shares Gap Up – Here’s What Happened

Upstart Holdings, Inc. (NASDAQ:UPST)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $77.08, but opened at $80.21. Upstart shares last traded at $84.55, with a volume of 1,616,423 shares changing hands.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Citigroup upgraded shares of Upstart from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $56.00 to $87.00 in a research report on Friday, November 8th. BTIG Research upgraded shares of Upstart from a “sell” rating to a “neutral” rating in a research report on Monday, November 11th. Mizuho lifted their price objective on shares of Upstart from $33.00 to $48.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. Needham & Company LLC upgraded shares of Upstart from a “hold” rating to a “buy” rating and set a $100.00 price objective on the stock in a research report on Friday. Finally, Wedbush lifted their price objective on shares of Upstart from $60.00 to $75.00 and gave the company a “neutral” rating in a research report on Monday, December 2nd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Upstart has an average rating of “Hold” and a consensus target price of $61.80.

Upstart Stock Up 7.2 %

The firm’s 50-day moving average price is $61.82 and its two-hundred day moving average price is $41.61. The firm has a market capitalization of $7.54 billion, a PE ratio of -43.81 and a beta of 2.19.

Insider Transactions at Upstart

In related news, Director Kerry Whorton Cooper sold 500 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $74.59, for a total transaction of $37,295.00. Following the transaction, the director now directly owns 17,961 shares of the company’s stock, valued at approximately $1,339,710.99. The trade was a 2.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Sanjay Datta sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $79.54, for a total transaction of $119,310.00. Following the transaction, the chief financial officer now directly owns 331,093 shares in the company, valued at $26,335,137.22. The trade was a 0.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 534,868 shares of company stock valued at $32,864,764 over the last ninety days. Corporate insiders own 18.06% of the company’s stock.

Institutional Trading of Upstart

A number of institutional investors have recently added to or reduced their stakes in UPST. Fred Alger Management LLC lifted its stake in Upstart by 153.2% in the third quarter. Fred Alger Management LLC now owns 1,246,839 shares of the company’s stock valued at $49,886,000 after acquiring an additional 754,416 shares during the last quarter. Two Sigma Advisers LP raised its stake in shares of Upstart by 689.5% in the 3rd quarter. Two Sigma Advisers LP now owns 589,000 shares of the company’s stock valued at $23,566,000 after buying an additional 514,400 shares in the last quarter. Tidal Investments LLC lifted its stake in Upstart by 1,413.7% during the third quarter. Tidal Investments LLC now owns 333,463 shares of the company’s stock worth $13,342,000 after purchasing an additional 311,434 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Upstart by 63.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 725,582 shares of the company’s stock valued at $29,031,000 after purchasing an additional 282,481 shares during the period. Finally, Millennium Management LLC raised its holdings in shares of Upstart by 1,792.9% in the 2nd quarter. Millennium Management LLC now owns 262,396 shares of the company’s stock worth $6,190,000 after buying an additional 277,896 shares in the last quarter. 63.01% of the stock is currently owned by institutional investors and hedge funds.

About Upstart

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.