Fox Run Management L.L.C. Acquires 44,508 Shares of Upstart Holdings, Inc. $UPST

Key Points

• Fox Run Management L.L.C. has increased its stake in Upstart Holdings, Inc. by 859.9%, now owning 49,684 shares valued at approximately $2.29 million.
• Upstart reported $0.36 earnings per share for the quarter, exceeding expectations, with a 101.6% year-over-year revenue increase to $257.29 million.
• Several analysts upgraded their price targets for Upstart, with a consensus target now at $77.85 and the stock receiving an overall "Hold" rating.

Fox Run Management L.L.C. lifted its position in Upstart Holdings, Inc. (NASDAQ:UPST - Free Report) by 859.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 49,684 shares of the company's stock after buying an additional 44,508 shares during the period. Upstart comprises 0.4% of Fox Run Management L.L.C.'s portfolio, making the stock its 20th largest holding. Fox Run Management L.L.C. owned about 0.05% of Upstart worth $2,287,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in shares of Upstart by 23.3% during the first quarter. GAMMA Investing LLC now owns 1,662 shares of the company's stock valued at $77,000 after purchasing an additional 314 shares during the last quarter. Oppenheimer Asset Management Inc. raised its holdings in shares of Upstart by 1.3% during the first quarter. Oppenheimer Asset Management Inc. now owns 24,352 shares of the company's stock valued at $1,121,000 after purchasing an additional 322 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Upstart by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,518 shares of the company's stock valued at $162,000 after purchasing an additional 353 shares during the last quarter. Crestline Management LP raised its holdings in shares of Upstart by 3.8% during the fourth quarter. Crestline Management LP now owns 10,004 shares of the company's stock valued at $616,000 after purchasing an additional 364 shares during the last quarter. Finally, Ancora Advisors LLC raised its holdings in shares of 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 own 63.01% of the company's stock.

Insider Buying and Selling

In related news, insider Natalia Mirgorodskaya sold 6,533 shares of the company's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $70.06, for a total transaction of $457,701.98. Following the completion of the transaction, the insider owned 24,623 shares in the company, valued at approximately $1,725,087.38. This represents a 20.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 transaction of $634,658.64. Following the transaction, the chief financial officer owned 311,356 shares of the company's stock, valued at approximately $14,624,391.32. This represents a 4.16% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 151,650 shares of company stock worth $9,665,841. 16.67% of the stock is owned by insiders.

Upstart Stock Performance

Shares of NASDAQ UPST traded up $1.21 during midday trading on Monday, reaching $65.30. The stock had a trading volume of 3,434,898 shares, compared to its average volume of 6,325,336. The stock has a 50-day moving average of $70.11 and a 200-day moving average of $59.01. The company has a market capitalization of $6.28 billion, a price-to-earnings ratio of -816.25 and a beta of 2.39. Upstart Holdings, Inc. has a 12-month low of $31.40 and a 12-month high of $96.43.

Upstart (NASDAQ:UPST - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.36 earnings per share 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 firm had revenue of $257.29 million during the quarter, compared to analyst estimates of $225.35 million. During the same quarter in the prior year, the business earned ($0.17) earnings per share. Upstart's revenue for the quarter was up 101.6% on a year-over-year basis. As a group, analysts forecast that Upstart Holdings, Inc. will post -0.03 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on UPST. Stephens began coverage on shares of Upstart in a report on Thursday, June 12th. They set an "equal weight" rating and a $55.00 target price for the company. The Goldman Sachs Group raised shares of Upstart to a "sell" rating and set a $71.00 target price for the company in a report on Monday, July 14th. Needham & Company LLC reaffirmed a "buy" rating and set a $82.00 target price (up from $70.00) on shares of Upstart in a report on Wednesday, August 6th. Piper Sandler upped their target price on shares of Upstart from $75.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. Finally, Barclays upped their target price on shares of Upstart from $42.00 to $47.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. One investment 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. According to data from MarketBeat, Upstart presently has a consensus rating of "Hold" and an average price target 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.