Maxi Investments CY Ltd Sells 5,200 Shares of Upstart Holdings, Inc. (NASDAQ:UPST)

Key Points

• Maxi Investments CY Ltd reduced its stake in Upstart Holdings by 17.6%, selling 5,200 shares, resulting in holdings valued at approximately $1.12 million.
• Despite institutional selling, several investors, including PNC Financial Services Group, increased their positions in Upstart, with ownership by institutional investors at 63.01%.
• Upstart's stock has shown a significant range in the past year, reaching a 52-week high of $96.43 and a low of $20.60, with the latest EPS recorded at $0.30, exceeding expectations.

Maxi Investments CY Ltd reduced its position in Upstart Holdings, Inc. (NASDAQ:UPST - Free Report) by 17.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,400 shares of the company's stock after selling 5,200 shares during the period. Maxi Investments CY Ltd's holdings in Upstart were worth $1,123,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in UPST. Two Sigma Investments LP grew its position in Upstart by 20.1% during the 4th quarter. Two Sigma Investments LP now owns 1,922,770 shares of the company's stock worth $118,385,000 after purchasing an additional 321,366 shares in the last quarter. Fred Alger Management LLC lifted its stake in Upstart by 53.6% in the 4th quarter. Fred Alger Management LLC now owns 1,915,121 shares of the company's stock worth $117,914,000 after acquiring an additional 668,282 shares in the last quarter. Geode Capital Management LLC grew its stake in Upstart by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 1,846,438 shares of the company's stock valued at $113,711,000 after acquiring an additional 29,664 shares in the last quarter. Two Sigma Advisers LP grew its stake in Upstart by 190.2% during the 4th quarter. Two Sigma Advisers LP now owns 1,709,300 shares of the company's stock valued at $105,242,000 after acquiring an additional 1,120,300 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of Upstart by 28.8% in the 4th quarter. Renaissance Technologies LLC now owns 1,379,900 shares of the company's stock valued at $84,960,000 after purchasing an additional 308,200 shares during the period. Institutional investors and hedge funds own 63.01% of the company's stock.

Insider Buying and Selling

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

Upstart Stock Down 18.1%

UPST traded down $14.94 during trading on Wednesday, reaching $67.68. 23,628,812 shares of the company's stock were exchanged, compared to its average volume of 5,620,911. The company has a market capitalization of $6.44 billion, a P/E ratio of -846.01 and a beta of 2.39. The business has a 50 day moving average price of $67.88 and a 200 day moving average price of $59.12. Upstart Holdings, Inc. has a fifty-two week low of $28.84 and a fifty-two week high of $96.43.

Upstart (NASDAQ:UPST - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.30 EPS for the quarter, topping analysts' consensus estimates of $0.19 by $0.11. Upstart had a negative net margin of 0.75% and a negative return on equity of 6.16%. The company had revenue of $213.37 million during the quarter, compared to the consensus estimate of $201.08 million. During the same period last year, the firm earned ($0.31) EPS. The firm's revenue for the quarter was up 67.0% compared to the same quarter last year. As a group, research analysts forecast that Upstart Holdings, Inc. will post -0.03 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on UPST shares. Morgan Stanley reaffirmed an "equal weight" rating on shares of Upstart in a research report on Wednesday. Needham & Company LLC lifted their price objective on Upstart from $70.00 to $82.00 and gave the company a "buy" rating in a research report on Wednesday. Bank of America reduced their price target on Upstart from $88.00 to $87.00 and set a "neutral" rating for the company in a report on Wednesday. Stephens began coverage on shares of Upstart in a research report on Thursday, June 12th. They set an "equal weight" rating and a $55.00 price objective on the stock. Finally, Piper Sandler raised their price target on shares of Upstart from $75.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, Upstart has an average rating of "Hold" and an average target price of $77.85.

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.