Bank of New York Mellon Corp Sells 33,271 Shares of Upstart Holdings, Inc. (NASDAQ:UPST)

Bank of New York Mellon Corp lowered its holdings in Upstart Holdings, Inc. (NASDAQ:UPST - Free Report) by 12.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 241,211 shares of the company's stock after selling 33,271 shares during the quarter. Bank of New York Mellon Corp owned 0.25% of Upstart worth $11,103,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Upstart by 5.0% in the fourth quarter. Vanguard Group Inc. now owns 7,793,452 shares of the company's stock worth $479,843,000 after purchasing an additional 369,640 shares during the last quarter. Two Sigma Investments LP grew its holdings in shares of Upstart by 20.1% in the fourth quarter. Two Sigma Investments LP now owns 1,922,770 shares of the company's stock worth $118,385,000 after acquiring an additional 321,366 shares during the period. Fred Alger Management LLC grew its holdings in shares of Upstart by 53.6% in the fourth 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 during the period. Geode Capital Management LLC grew its holdings in shares of Upstart by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 1,846,438 shares of the company's stock worth $113,711,000 after acquiring an additional 29,664 shares during the period. Finally, Two Sigma Advisers LP grew its holdings in shares of Upstart by 190.2% in the fourth quarter. Two Sigma Advisers LP now owns 1,709,300 shares of the company's stock worth $105,242,000 after acquiring an additional 1,120,300 shares during the period. Hedge funds and other institutional investors own 63.01% of the company's stock.

Insider Buying and Selling

In other Upstart news, CEO Dave Girouard sold 41,667 shares of the company's 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 in the company, valued at $3,949,732.98. This represents a 44.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Natalia Mirgorodskaya sold 4,000 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $80.07, for a total value of $320,280.00. Following the sale, the insider owned 24,623 shares in the company, valued at approximately $1,971,563.61. This trade represents a 13.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 151,650 shares of company stock worth $9,665,841. Corporate insiders own 16.67% of the company's stock.

Upstart Trading Down 1.7%

Shares of NASDAQ:UPST traded down $1.43 during mid-day trading on Thursday, reaching $82.70. The stock had a trading volume of 3,754,985 shares, compared to its average volume of 5,498,288. The company has a market cap of $7.87 billion, a P/E ratio of -110.27 and a beta of 2.37. Upstart Holdings, Inc. has a 1 year low of $20.60 and a 1 year high of $96.43. The business's 50 day moving average price is $61.74 and its 200 day moving average price is $57.86.

Upstart (NASDAQ:UPST - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.30 EPS for the quarter, topping analysts' consensus estimates of $0.19 by $0.11. The company had revenue of $213.37 million for the quarter, compared to the consensus estimate of $201.08 million. Upstart had a negative return on equity of 15.27% and a negative net margin of 9.20%. The firm's revenue for the quarter was up 67.0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.31) earnings per share. Analysts predict that Upstart Holdings, Inc. will post -0.03 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on the company. Morgan Stanley cut their price objective on Upstart from $70.00 to $50.00 and set an "equal weight" rating for the company in a report on Wednesday, May 7th. Bank of America raised Upstart from an "underperform" rating to a "neutral" rating and set a $53.00 price target for the company in a report on Tuesday, April 29th. Needham & Company LLC reissued a "buy" rating and set a $70.00 price target on shares of Upstart in a report on Monday, May 19th. Barclays boosted their price target on Upstart from $42.00 to $47.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. Finally, Stephens began coverage on Upstart in a report on Thursday, June 12th. They set an "equal weight" rating and a $55.00 price target for the company. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $71.62.

Upstart Company 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.