Upstart (NASDAQ:UPST) Price Target Cut to $28.00 by Analysts at The Goldman Sachs Group

Key Points

• Goldman Sachs cut Upstart’s price target from $39 to $28 while maintaining a “neutral” rating, implying approximately 17.9% upside from the stock’s current price.
• Analyst sentiment remains mixed, with eight Buy, seven Hold, and two Sell ratings; the consensus rating is “Hold” with a $43.06 price target.
• Upstart opened at $23.75 and recently reported revenue growth of 41.9% year over year, though quarterly EPS of $0.16 fell short of the $0.18 consensus estimate.

Upstart (NASDAQ:UPST - Get Free Report) had its price objective cut by equities researchers at The Goldman Sachs Group from $39.00 to $28.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a "neutral" rating on the stock. The Goldman Sachs Group's price objective would suggest a potential upside of 17.89% from the stock's current price.

A number of other research firms also recently commented on UPST. Weiss Ratings downgraded shares of Upstart from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday, September 28th. Piper Sandler upped their price target on shares of Upstart from $46.00 to $51.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. BTIG Research reaffirmed a "buy" rating and issued a $43.00 price target on shares of Upstart in a research report on Tuesday, September 22nd. Wall Street Zen raised shares of Upstart from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Finally, Citigroup lowered their target price on Upstart from $80.00 to $61.00 and set a "buy" rating for the company in a report on Wednesday, July 22nd. Eight analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $43.06.

Upstart Trading Down 1.5%

UPST opened at $23.75 on Tuesday. Upstart has a 12-month low of $22.56 and a 12-month high of $55.22. The business's fifty day simple moving average is $27.06 and its 200-day simple moving average is $29.18. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of 48.47, a PEG ratio of 0.85 and a beta of 2.43.

Upstart (NASDAQ:UPST - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.02). Upstart had a net margin of 4.84% and a return on equity of 7.13%. The firm had revenue of $364.71 million for the quarter, compared to analysts' expectations of $354.74 million. During the same quarter in the prior year, the business posted $0.36 EPS. The business's quarterly revenue was up 41.9% on a year-over-year basis. On average, equities research analysts predict that Upstart will post 0.72 EPS for the current year.

Insider Activity

In other news, CEO Paul Gu purchased 50,000 shares of the firm's stock in a transaction on Thursday, September 10th. The stock was acquired at an average cost of $25.55 per share, with a total value of $1,277,500.00. Following the completion of the transaction, the chief executive officer owned 130,000 shares in the company, valued at $3,321,500. This represents a 62.50% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Natalia Mirgorodskaya sold 913 shares of the firm's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $30.03, for a total transaction of $27,417.39. Following the completion of the sale, the insider owned 35,875 shares in the company, valued at $1,077,326.25. This represents a 2.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 148,652 shares of company stock valued at $4,133,720. Company insiders own 17.29% of the company's stock.

Institutional Trading of Upstart

Hedge funds and other institutional investors have recently made changes to their positions in the business. Versant Capital Management Inc lifted its position in Upstart by 26.7% during the 2nd quarter. Versant Capital Management Inc now owns 2,905 shares of the company's stock worth $103,000 after acquiring an additional 612 shares during the period. State of Wyoming raised its stake in shares of Upstart by 10.8% during the 1st quarter. State of Wyoming now owns 6,901 shares of the company's stock valued at $177,000 after buying an additional 674 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in Upstart by 25.7% during the third quarter. Farther Finance Advisors LLC now owns 4,307 shares of the company's stock worth $99,000 after acquiring an additional 881 shares during the period. Pictet Asset Management Holding SA raised its position in Upstart by 7.5% during the first quarter. Pictet Asset Management Holding SA now owns 14,528 shares of the company's stock valued at $373,000 after acquiring an additional 1,018 shares in the last quarter. Finally, KBC Group NV raised its position in Upstart by 45.5% during the first quarter. KBC Group NV now owns 3,510 shares of the company's stock valued at $90,000 after acquiring an additional 1,097 shares in the last quarter. Hedge funds and other institutional investors own 63.01% of the company's stock.

Upstart Company Profile

Upstart Holdings, Inc NASDAQ: UPST operates an artificial intelligence-powered lending platform that connects consumers seeking credit with banks and credit unions. Its technology is designed to evaluate a broader range of borrower information than traditional credit-scoring methods, with the goal of helping lending partners assess risk and automate portions of the application and underwriting process.

The company's platform supports lending products including personal loans, automotive loans and refinancing, and home equity lines of credit.

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