37,197 Shares in Upstart Holdings, Inc. (NASDAQ:UPST) Purchased by Simplicity Wealth LLC

Simplicity Wealth LLC acquired a new stake in shares of Upstart Holdings, Inc. (NASDAQ:UPST - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 37,197 shares of the company's stock, valued at approximately $1,712,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in UPST. Rakuten Securities Inc. purchased a new position in shares of Upstart in the fourth quarter valued at $31,000. Virtus Fund Advisers LLC purchased a new position in Upstart in the 4th quarter worth about $32,000. Farther Finance Advisors LLC lifted its holdings in shares of 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 buying an additional 172 shares during the period. Mackenzie Financial Corp bought a new position in Upstart during the 4th quarter worth about $62,000. Finally, Blue Trust Inc. raised its stake 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 buying an additional 486 shares in the last quarter. 63.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

UPST has been the subject of several recent analyst reports. The Goldman Sachs Group raised their target price on shares of Upstart from $15.00 to $16.50 and gave the company a "sell" rating in a research note on Thursday, May 8th. Stephens initiated coverage on Upstart in a research report on Thursday. They set an "equal weight" rating and a $55.00 price target for the company. Citigroup upped 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. Needham & Company LLC reissued a "buy" rating and issued a $70.00 price objective on shares of Upstart in a research note on Monday, May 19th. Finally, Morgan Stanley cut their price target on Upstart from $70.00 to $50.00 and set an "equal weight" rating for the company in a report on Wednesday, May 7th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $66.96.

Upstart Price Performance

Shares of NASDAQ:UPST traded down $1.78 during midday trading on Thursday, reaching $56.10. The company had a trading volume of 2,038,975 shares, compared to its average volume of 6,758,881. The stock has a market capitalization of $5.34 billion, a P/E ratio of -38.42 and a beta of 2.29. The stock's fifty day moving average price is $46.55 and its 200-day moving average price is $58.53. Upstart Holdings, Inc. has a one year low of $20.60 and a one year high of $96.43.

Upstart (NASDAQ:UPST - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.19 by $0.11. Upstart had a negative net margin of 20.20% and a negative return on equity of 25.87%. The business had revenue of $213.37 million during the quarter, compared to analyst estimates of $201.08 million. During the same quarter in the prior year, the firm earned ($0.31) earnings per share. The company's quarterly revenue was up 67.0% on a year-over-year basis. As a group, sell-side analysts forecast that Upstart Holdings, Inc. will post -0.03 earnings per share for the current year.

Insider Activity

In other Upstart news, insider Natalia Mirgorodskaya sold 764 shares of Upstart stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $46.96, for a total transaction of $35,877.44. Following the completion of the sale, the insider now owns 25,963 shares of the company's stock, valued at approximately $1,219,222.48. The trade was a 2.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sanjay Datta sold 13,512 shares of Upstart stock in a transaction 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 now directly owns 311,356 shares of the company's stock, valued at approximately $14,624,391.32. This trade represents a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 16,116 shares of company stock valued at $753,211. 16.67% of the stock is owned by company insiders.

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.