Comerica Bank Raises Holdings in Upstart Holdings, Inc. (NASDAQ:UPST)

Comerica Bank increased its stake in shares of Upstart Holdings, Inc. (NASDAQ:UPST - Free Report) by 885.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,196 shares of the company's stock after buying an additional 19,046 shares during the quarter. Comerica Bank's holdings in Upstart were worth $1,305,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in UPST. Rakuten Securities Inc. bought a new stake in Upstart during the fourth quarter worth about $31,000. Farther Finance Advisors LLC raised its holdings in Upstart by 24.2% in the 4th quarter. Farther Finance Advisors LLC now owns 882 shares of the company's stock worth $54,000 after purchasing an additional 172 shares in the last quarter. GAMMA Investing LLC boosted its position in Upstart by 19.9% during the 4th quarter. GAMMA Investing LLC now owns 1,348 shares of the company's stock valued at $83,000 after acquiring an additional 224 shares in the last quarter. Blue Trust Inc. raised its holdings in Upstart by 49.1% in the fourth quarter. Blue Trust Inc. now owns 1,475 shares of the company's stock worth $91,000 after purchasing an additional 486 shares in the last quarter. Finally, R Squared Ltd purchased a new position in Upstart during the 4th quarter valued at about $96,000. 63.01% of the stock is currently owned by hedge funds and other institutional investors.

Upstart Stock Performance

NASDAQ:UPST traded down $2.36 during midday trading on Wednesday, reaching $51.32. 6,910,157 shares of the stock traded hands, compared to its average volume of 6,741,124. The stock has a market capitalization of $4.88 billion, a PE ratio of -35.15 and a beta of 2.39. The business has a 50-day moving average of $46.12 and a two-hundred day moving average of $60.38. Upstart Holdings, Inc. has a 12-month low of $20.60 and a 12-month high of $96.43.

Upstart (NASDAQ:UPST - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.11. Upstart had a negative return on equity of 25.87% and a negative net margin of 20.20%. The firm had revenue of $213.37 million during the quarter, compared to analysts' expectations of $201.08 million. During the same period last year, the business posted ($0.31) earnings per share. The company's revenue for the quarter was up 67.0% compared to the same quarter last year. Research analysts anticipate that Upstart Holdings, Inc. will post -0.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

UPST has been the subject of several analyst reports. Citigroup raised their price target on shares of Upstart from $87.00 to $108.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Piper Sandler reduced their price target on Upstart from $105.00 to $69.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. The Goldman Sachs Group increased their price target on Upstart from $15.00 to $16.50 and gave the stock a "sell" rating in a research note on Thursday, May 8th. JPMorgan Chase & Co. raised Upstart from an "underweight" rating to a "neutral" rating and lifted their target price for the stock from $57.00 to $79.00 in a report on Wednesday, February 12th. Finally, Needham & Company LLC lowered their price target on shares of Upstart from $108.00 to $70.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $63.81.

Insiders Place Their Bets

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

Upstart 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.