Virtu Financial LLC Has $701,000 Stake in Upstart Holdings, Inc. (NASDAQ:UPST)

Key Points

• Virtu Financial LLC increased its stake in Upstart Holdings, Inc. by 93% in Q1, bringing its total holdings to 15,238 shares worth approximately $701,000.
• Despite a negative net margin of 0.75%, Upstart reported a revenue of $257.29 million for the last quarter, significantly exceeding analysts' expectations of $225.35 million.
• According to analyst ratings, Upstart currently holds an average rating of "Hold" with a price target of $77.85, amidst various upgrades and downgrades from multiple investment firms.

Virtu Financial LLC increased its holdings in shares of Upstart Holdings, Inc. (NASDAQ:UPST - Free Report) by 93.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,238 shares of the company's stock after acquiring an additional 7,343 shares during the quarter. Virtu Financial LLC's holdings in Upstart were worth $701,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Teacher Retirement System of Texas acquired a new position in shares of Upstart in the first quarter valued at $550,000. Cerity Partners LLC acquired a new position in shares of Upstart in the fourth quarter valued at $209,000. Rakuten Securities Inc. increased its holdings in shares of Upstart by 482.3% in the first quarter. Rakuten Securities Inc. now owns 2,888 shares of the company's stock valued at $133,000 after purchasing an additional 2,392 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Upstart by 175.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 12,712 shares of the company's stock valued at $585,000 after purchasing an additional 8,098 shares during the last quarter. Finally, Simplicity Wealth LLC acquired a new position in shares of Upstart in the first quarter valued at $1,712,000. Institutional investors own 63.01% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Bank of America decreased their price objective on shares of Upstart from $88.00 to $87.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. Barclays upped their price objective 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. Needham & Company LLC reiterated a "buy" rating and issued a $82.00 price objective (up from $70.00) on shares of Upstart in a report on Wednesday, August 6th. Morgan Stanley restated an "equal weight" rating on shares of Upstart in a research note on Wednesday, August 6th. Finally, Stephens initiated coverage on shares of Upstart in a research note on Thursday, June 12th. They issued an "equal weight" rating and a $55.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $77.85.

Upstart Stock Down 0.1%

UPST opened at $63.41 on Wednesday. Upstart Holdings, Inc. has a twelve month low of $31.40 and a twelve month high of $96.43. The company has a 50-day simple moving average of $69.34 and a 200 day simple moving average of $59.09. The stock has a market capitalization of $6.10 billion, a price-to-earnings ratio of -792.63 and a beta of 2.39.

Upstart (NASDAQ:UPST - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $257.29 million during the quarter, compared to analysts' expectations of $225.35 million. During the same quarter in the prior year, the business posted ($0.17) earnings per share. Upstart's revenue was up 101.6% compared to the same quarter last year. Sell-side analysts anticipate that Upstart Holdings, Inc. will post -0.03 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Sanjay Datta sold 13,512 shares of the stock in a transaction dated 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Dave Girouard sold 41,667 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 52,614 shares of the company's stock, valued at $3,949,732.98. This trade represents a 44.19% decrease in their position. 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. 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.

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