Upstart (NASDAQ:UPST) Price Target Cut to $87.00 by Analysts at Bank of America

Key Points

• Bank of America has cut Upstart's stock price target from $88.00 to $87.00, maintaining a "neutral" rating, indicating a potential upside of 5.30% based on previous close.
• Analysts have mixed ratings on Upstart, with one analyst assigning a "sell" rating, eight holding, and five giving a "buy" rating, resulting in a consensus rating of "Hold" with an average price target of $74.23.
• Despite recent earnings results showing a profit of $0.36 EPS, Upstart's stock has a P/E ratio of -110.16, reflecting ongoing challenges in profitability.

Upstart (NASDAQ:UPST - Free Report) had its price target decreased by Bank of America from $88.00 to $87.00 in a research report sent to investors on Wednesday,Benzinga reports. Bank of America currently has a neutral rating on the stock.

Several other analysts have also recently commented on UPST. Morgan Stanley decreased their price target on shares of Upstart from $70.00 to $50.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 7th. Barclays boosted their target price on Upstart from $42.00 to $47.00 and gave the stock an "equal weight" rating in a research report on Monday, May 12th. The Goldman Sachs Group upgraded Upstart to a "sell" rating and set a $71.00 target price for the company in a research report on Monday, July 14th. Stephens assumed coverage on Upstart in a research report on Thursday, June 12th. They set an "equal weight" rating and a $55.00 target price for the company. Finally, Piper Sandler upgraded Upstart to an "overweight" rating and set a $75.00 target price for the company in a research report on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $77.85.

Upstart Stock Down 1.1%

NASDAQ:UPST traded down $0.77 during mid-day trading on Wednesday, reaching $68.76. 5,515,381 shares of the company were exchanged, compared to its average volume of 6,664,257. Upstart has a 12 month low of $31.40 and a 12 month high of $96.43. The company has a fifty day moving average of $68.78 and a 200 day moving average of $59.20.

Upstart (NASDAQ:UPST - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.09. Upstart had a negative net margin of 0.75% and a negative return on equity of 5.95%. The company had revenue of $257.29 million for the quarter, compared to analyst estimates of $225.35 million. During the same period in the prior year, the business earned ($0.17) earnings per share. Upstart's quarterly revenue was up 101.6% on a year-over-year basis. As a group, research analysts forecast that Upstart will post -0.03 EPS for the current fiscal year.

Insider Buying and Selling at Upstart

In related news, CFO Sanjay Datta sold 13,512 shares of Upstart stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $46.97, for a total value of $634,658.64. Following the sale, the chief financial officer owned 311,356 shares of the company's stock, valued at approximately $14,624,391.32. This trade represents a 4.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Dave Girouard sold 41,667 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $75.07, for a total value of $3,127,941.69. Following the transaction, the chief executive officer directly owned 52,614 shares of the company's stock, valued at approximately $3,949,732.98. This trade represents a 44.19% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 151,650 shares of company stock valued at $9,665,841. Company insiders own 16.67% of the company's stock.

Hedge Funds Weigh In On Upstart

Large investors have recently bought and sold shares of the company. Virtus Fund Advisers LLC acquired a new position in Upstart during the 4th quarter worth approximately $32,000. Ameritas Advisory Services LLC acquired a new position in Upstart during the second quarter valued at approximately $34,000. Mackenzie Financial Corp acquired a new position in Upstart during the fourth quarter valued at approximately $62,000. Bogart Wealth LLC boosted its position in Upstart by 140.0% during the second quarter. Bogart Wealth LLC now owns 1,200 shares of the company's stock valued at $78,000 after purchasing an additional 700 shares during the last quarter. Finally, Ancora Advisors LLC boosted its position in Upstart by 31.3% during the fourth quarter. Ancora Advisors LLC now owns 1,575 shares of the company's stock valued at $97,000 after purchasing an additional 375 shares during the last quarter. Institutional investors and hedge funds own 63.01% of the company's stock.

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.