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Connor Clark & Lunn Investment Management Ltd. Has $31.17 Million Stock Position in Upstart Holdings, Inc. (NASDAQ:UPST)

Upstart logo with Finance background

Key Points

  • Connor Clark & Lunn Investment Management Ltd. increased its stake in Upstart Holdings by 48.7%, acquiring 221,881 additional shares to own approximately 0.71% of the company worth $31.17 million.
  • Insider transactions include Natalia Mirgorodskaya selling 4,000 shares at $80.07, reducing her ownership by 13.97%, and CFO Sanjay Datta selling 13,512 shares at $46.97, reflecting a 4.16% decrease in his ownership.
  • Analyst ratings for Upstart show mixed sentiments, with one analyst rating a "sell", eight assigning a "hold", and five giving a "buy", resulting in a consensus rating of "Hold" and a target price of $77.85.
  • Looking to Export and Analyze Upstart Data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Connor Clark & Lunn Investment Management Ltd. lifted its stake in Upstart Holdings, Inc. (NASDAQ:UPST - Free Report) by 48.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 677,049 shares of the company's stock after acquiring an additional 221,881 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.71% of Upstart worth $31,165,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of UPST. Virtus Fund Advisers LLC acquired a new stake in shares of Upstart in the fourth quarter valued at about $32,000. Mackenzie Financial Corp acquired a new stake in shares of Upstart in the fourth quarter valued at about $62,000. GAMMA Investing LLC increased its position in shares of Upstart by 23.3% in the first quarter. GAMMA Investing LLC now owns 1,662 shares of the company's stock valued at $77,000 after acquiring an additional 314 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Upstart by 385.1% in the first quarter. PNC Financial Services Group Inc. now owns 1,950 shares of the company's stock valued at $90,000 after acquiring an additional 1,548 shares during the last quarter. Finally, Asset Management One Co. Ltd. increased its position in shares of Upstart by 71.2% in the first quarter. Asset Management One Co. Ltd. now owns 2,010 shares of the company's stock valued at $93,000 after acquiring an additional 836 shares during the last quarter. Institutional investors and hedge funds own 63.01% of the company's stock.

Insiders Place Their Bets

In other Upstart news, insider Natalia Mirgorodskaya sold 4,000 shares of the company's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $80.07, for a total transaction of $320,280.00. Following the completion of the sale, the insider directly owned 24,623 shares in the company, valued at $1,971,563.61. This represents a 13.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sanjay Datta sold 13,512 shares of the company's 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 owned 311,356 shares of the company's stock, valued at $14,624,391.32. The trade was a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 151,650 shares of company stock worth $9,665,841 over the last three months. Insiders own 16.67% of the company's stock.

Analyst Upgrades and Downgrades

UPST has been the topic of a number of recent analyst reports. Morgan Stanley reissued an "equal weight" rating on shares of Upstart in a research report on Wednesday. The Goldman Sachs Group raised Upstart to a "sell" rating and set a $71.00 price target on the stock in a research report on Monday, July 14th. Piper Sandler boosted their price target on Upstart from $75.00 to $90.00 and gave the stock an "overweight" rating in a research report on Wednesday. Needham & Company LLC reaffirmed a "buy" rating and issued a $82.00 target price (up previously from $70.00) on shares of Upstart in a research report on Wednesday. Finally, Barclays upped their target price on Upstart from $42.00 to $47.00 and gave the company an "equal weight" rating in a research report on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $77.85.

View Our Latest Stock Report on UPST

Upstart Trading Down 1.1%

Shares of UPST stock opened at $68.76 on Friday. The stock has a market cap of $6.62 billion, a P/E ratio of -859.50 and a beta of 2.39. The stock has a 50 day simple moving average of $68.78 and a 200 day simple moving average of $59.16. Upstart Holdings, Inc. has a 1 year low of $31.40 and a 1 year high of $96.43.

Upstart (NASDAQ:UPST - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.09. Upstart had a negative return on equity of 5.95% and a negative net margin of 0.75%. The business had revenue of $257.29 million during the quarter, compared to analysts' expectations of $225.35 million. During the same period in the previous year, the company posted ($0.17) earnings per share. The firm's revenue for the quarter was up 101.6% compared to the same quarter last year. Analysts forecast that Upstart Holdings, Inc. will post -0.03 EPS for the current year.

Upstart Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding UPST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Upstart Holdings, Inc. (NASDAQ:UPST - Free Report).

Institutional Ownership by Quarter for Upstart (NASDAQ:UPST)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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