Man Group plc Purchases New Shares in Upstart Holdings, Inc. (NASDAQ:UPST)

Man Group plc purchased a new stake in Upstart Holdings, Inc. (NASDAQ:UPST) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 592,243 shares of the company’s stock, valued at approximately $36,464,000.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Upstart by 5.0% in the fourth quarter. Vanguard Group Inc. now owns 7,793,452 shares of the company’s stock valued at $479,843,000 after buying an additional 369,640 shares during the last quarter. Fred Alger Management LLC raised its holdings in shares of Upstart by 53.6% in the fourth quarter. Fred Alger Management LLC now owns 1,915,121 shares of the company’s stock valued at $117,914,000 after buying an additional 668,282 shares during the last quarter. Geode Capital Management LLC raised its holdings in Upstart by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 1,846,438 shares of the company’s stock worth $113,711,000 after purchasing an additional 29,664 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Upstart by 28.8% during the 4th quarter. Renaissance Technologies LLC now owns 1,379,900 shares of the company’s stock worth $84,960,000 after purchasing an additional 308,200 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in Upstart by 300.2% during the 4th quarter. Marshall Wace LLP now owns 1,061,512 shares of the company’s stock worth $65,357,000 after purchasing an additional 796,252 shares during the last quarter. 63.01% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Dave Girouard sold 4,524 shares of Upstart stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $79.01, for a total transaction of $357,441.24. Following the completion of the sale, the chief executive officer now owns 52,614 shares of the company’s stock, valued at approximately $4,157,032.14. This trade represents a 7.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Sanjay Datta sold 16,070 shares of Upstart stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $79.02, for a total value of $1,269,851.40. Following the sale, the chief financial officer now directly owns 295,537 shares of the company’s stock, valued at $23,353,333.74. This represents a 5.16% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,395 shares of company stock valued at $2,638,828. 16.67% of the stock is owned by insiders.

Upstart Stock Down 4.4%

Shares of UPST opened at $51.32 on Thursday. The stock has a market capitalization of $4.88 billion, a P/E ratio of -35.15 and a beta of 2.39. Upstart Holdings, Inc. has a twelve month low of $20.60 and a twelve month high of $96.43. The company has a 50 day moving average of $46.07 and a 200-day moving average of $60.31.

Upstart (NASDAQ:UPST) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.19 by $0.11. The company had revenue of $213.37 million during the quarter, compared to the consensus estimate of $201.08 million. Upstart had a negative return on equity of 25.87% and a negative net margin of 20.20%. The firm’s revenue for the quarter was up 67.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.31) EPS. On average, sell-side analysts anticipate that Upstart Holdings, Inc. will post -0.03 earnings per share for the current fiscal year.

Analyst Ratings Changes

UPST has been the subject of several recent research reports. Needham & Company LLC dropped their price objective on Upstart from $108.00 to $70.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Barclays boosted their price objective on Upstart from $42.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday. Bank of America upgraded Upstart from an “underperform” rating to a “neutral” rating and set a $53.00 target price for the company in a research report on Tuesday, April 29th. Morgan Stanley decreased their target price on Upstart from $70.00 to $50.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 7th. Finally, Citigroup increased their target price on Upstart from $87.00 to $108.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Upstart has an average rating of “Hold” and an average target price of $63.81.

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.